Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Updated on Monday, April 12, 2021
The money market accounts that offer the highest returns are known as jumbo money market accounts. In the past, these high-yielding accounts could have minimum initial deposits as high as $100,000, but today, you can get these higher rates with a much lower initial investment and sometimes there’s no minimum at all. For this round-up, we included accounts that required a minimum deposit of $25,000 and up.
Explore the top jumbo money market rates below.
1. CFG Bank – 0.66% APY, $25,000 minimum to earn APY
Maryland-based bank CFG Bank is currently offering the highest APY on a jumbo money market account. The Online CFG High Yield Money Market account comes with a 0.66% APY.
This account requires a $1,000 minimum deposit to open. However, you’ll need a minimum daily balance of at least $25,000 to earn the 0.66% APY, and only new funds are eligible
2. Customers Bank – 0.60% APY, $25,000 minimum deposit
Customers Bank’s Ascent Money Market Savings Account is currently offering an impressive rate of 0.60% APY, launching it to the top of our list. In order to earn the high APY, though, there is a minimum deposit required of $25,000, and it’s worth noting that balances below $25,000 do not earn interest. This rate is only available for new money, and is only available for online accounts.
The Ascent Money Market account has no minimum balance fee, but withdrawals and transfers are limited to six per monthly statement cycle. Interest for this account is compounded and posted to your account monthly. Customers Bank is a Pennsylvania-based bank with locations also in New York and New Jersey.
3. Veridian Credit Union – 0.60% APY, $100,000 minimum to earn APY
Veridian Credit Union’s tiered money market account is currently featuring a robust rate of 0.60% on funds between $100,000 and $249,999. If you have at least $250,000 to deposit, you could score an even higher rate of 0.75% APY.
Membership to Veridian Credit Union is open to anyone who opens a Member Equity Savings Account for $5.
4. Federal Savings Bank – 0.60%, $100,000 minimum to earn APY
Federal Savings Bank boasts a noteworthy APY of 0.60% on balances of $100,000 or greater for its money market account. A minimum deposit of $1,000 is required to open this account, and balances below $100,000 will earn a lower APY. Interest for this account is compounded and credited on a monthly basis.
Headquartered in Chicago, Federal Savings Bank offers its products to consumers nationwide, online.
5. Service Credit Union – 0.55% APY, $25,000 minimum to earn APY
Currently, Service Credit Union offers a tiered-rate money market account, with the sweet spot being balances for those with at least $25,000, which earn an APY of 0.55%. Membership to Service Credit Union is open to anyone who also joins the American Consumer Council.
6. Premier America Credit Union – 0.55% APY, $100,000 minimum to earn APY
Premier America Credit Union boasts a competitive, tiered-rate money market account, rewarding depositors with big balances. All of the rates for its tiered money market are as follows:
- $2,500-$24,999: 0.40%
- $25,000-$99,999: 0.45%
- $100,000+: 0.55%
Membership to Premier America Credit Union is open to anyone who also joins the Thousand Oaks Alliance for the Arts.
7. iGObanking – 0.50%, $25,000 minimum to earn APY
Online bank iGObanking is currently offering a competitive rate of 0.50% on funds of at least $25,000 in its iGOmoneymarket account. This account allows you to make up to six transfers per month, and allows you to set up automatic monthly transfers from your checking account. There are no monthly maintenance fees associated with this account.
8. BankPurely – 0.50% APY, $25,000 minimum deposit
BankPurely is a division of Flushing Bank. Built to attract conscious consumers focused on an ethical lifestyle, this division attempts to build the “community” aspect of a community bank online rather than in person. One of their social initiatives is planting one tree for every new account opened.
To open a PurelyMoneyMarket account with BankPurely, you must have an initial deposit of $25,000. You will be required to keep your account balance at or above $25,000 to earn the account’s 0.50% APY. You will be able to withdraw money using online services and a debit card, but remember to keep it below the six withdrawal per month limit.
9. CNB Bank Direct – 0.49% APY, $25,000 minimum deposit to earn APY
CNB Bank Direct is currently featuring an impressive APY on its Premium Money Market account. With a minimum deposit of $25,000, you’ll unlock an APY of 0.49% on funds up to $2 million. The minimum deposit of $25,000 is also the amount required to earn interest, and there is a required $1 minimum balance required to keep the account open. For this account, CNB Bank Direct charges no monthly service fees.
Established in 2008, CNB Bank Direct operates as a division of Ohio-based Citizens National Bank. Citizens National Bank has roots dating back to 1920.
10. State Department Federal Credit Union, 0.45% APY, $25,000 minimum deposit to earn APY
State Department Federal Credit Union snags a spot on our list for its Premiere Money Market Account, which currently offers 0.45% APY. Like many CDs on this list, you will need to deposit a minimum of $25,000 to earn this APY. If you don’t have that much to stash in a CD, you can earn an only slightly lower rate of 0.40% by depositing at least $2,000. Balances above $50,000 and $100,000, respectively, earn slightly higher APYs.
Aside from being an employee of the Department of State, you can become a member of State Department FCU if you are a family or household member of an existing member, a member of one of the credit union’s associations, organizations or company partners or a member of American Consumer Council.
What is a jumbo money market account?
Jumbo money market accounts are typically called jumbo because they require a significant deposit to earn the top rate. Essentially, the bank or credit union rewards you with a higher rate for placing a hefty deposit at their institution. That makes jumbo money market account rates easily appealing. However, you often have to be able to meet the significant minimum to take advantage.
Jumbo money market accounts are still FDIC insured up to $250,000 for individuals, unlike money market funds.
How these jumbo money market accounts’ rates compare with regular money market rates
You may have noticed that many of these accounts do not necessarily have the label “jumbo” attached to them. This is because with the advent of online banking, more and more financial institutions are passing along the savings they incur from not having to maintain brick-and-mortar locations on to their customers via higher returns on products like money market accounts.
For that reason, you’ll notice that many of the highest-yielding accounts on this list can also be found on our Best Money Market Rates & Accounts lineup.