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Best Money Market Rates & Accounts – April 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

If you’re looking to save more money beyond your regular savings account, consider adding a money market account to the mix. A money market account can earn at a higher rate than a savings account, especially if you have a larger balance to deposit. Many MMAs tier their rates as well, rewarding higher balances with higher rates.

Like most deposit accounts, the rate on money market accounts has grown over the past few years, up from 0.188% APY in 2016 to 0.394% APY in Apr. 2019. Savings account rates have also increased, but still averaged only 0.272% APY in Apr. 2019.

You can do much better than a 0.391% APY on a money market if you’re willing to break with traditional brick and mortar banks. Opening an MMA at the bank around the corner, for example, may not yield more than 1% APY, while an internet-only bank might offer a rate of 2% APY or higher. With a rate like that, you can boost your savings by a wide margin.

If you were to put $50,000 into an MMA earning 0.04%, you would earn only $20 in interest over a year. Put that same starting amount into an online bank account at 2%, and you’d earn $1,000 in interest over a year.

With so many options out there, it can seem daunting to search for a new bank account with a potentially new bank. We’ve made it it easier for you by rounding up the best money market accounts out there. We searched through over 12,000 banks and credit unions to find the money market accounts paying the highest interest rates. We also looked at an account’s minimum requirements and fund accessibility.

Overall, we found that internet banks consistently beat the competition. You might not recognize all their names — new online banks are continuing to crop up — but if it’s high interest rates you’re looking for, it might be good to branch out since online banks are the way to go. Here are the best rates for April 2019:

1. High Rate: earn.bank – 2.46% APY, $100 to open, $0 minimum balance, $10k to avoid $10 monthly fee

Money Market Account from earn.bankearn.bank is a division of Silvergate Bank, a state-chartered bank headquartered in San Diego, CA. The state-chartered bank has over $1 billion in assets, and your deposit would be FDIC insured up to the legal limit. Silvergate Bank created earn.bank to provide “a transparent, powerful savings vehicle that will help you meet your savings goals”. At 2.46% APY, the internet-only bank is certainly starting out strong. You only need $100 to open the account and there isn’t a minimum balance requirement to earn the high rate. A few downsides to this account include a $10 monthly maintenance fee that comes with a steep balance requirement if you want it waived. You would need to maintain an average daily balance of $10,000 to avoid the monthly fee. The account does not come with check-writing privileges and there is no ATM access. You’ll also want to make sure you’re enrolled in eStatements as you’ll be charged a $25 fee for each paper statement you receive. You can deposit your funds via ACH (electronic transfer), which can take a couple of days. Just remember: there is a limit of 6 withdrawals per calendar month.

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on earn.bank’s secure website

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2. Trusted Bank: Capital One – 2.00% APY, $10,000 minimum balance to earn APY

360 Money Market from Capital OneYou may think of credit cards when you think of Capital One, but don’t overlook their deposit accounts. The 360 Money Market account currently comes with a great 2.00% APY. While the bank doesn’t require you to have a minimum amount to open the account, you will have to maintain a balance of $10,000 or more to earn their high rate. If your balance falls below that amount, you’ll earn an APY of 0.85%. We really like that Capital One doesn’t impose any monthly fees, and while they don’t offer checks, they do provide you with an ATM card that you can use to withdraw up to $1,000 per day. While you’re able to make an unlimited amount of withdrawals from an ATM per month, remember that you’re limited to making six certain transfers and withdrawals per cycle due to Federal Law. To access this account, you may do so online, in person, or on-the-go through Capital One’s mobile app.

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on Capital One’s secure website

Member FDIC

3. Favorite Online Package: Ally – 0.90% APY, no minimum deposit and link to free checking

Online Savings Account from Ally BankAlly Bank is a very popular internet-only bank. If you keep a daily balance of $5,000 or less, you will earn the 0.90% APY. If you’re able to keep a minimum daily balance of $25,000 the APY increases to 1.00%. Although the interest rate on the money market account is not the highest, Ally does offer a very competitive overall package – particularly if you link the account to an Ally checking account. The checking account has no minimum balance and no monthly fee. You can link your money market account to your checking account to provide overdraft protection. Money would be transferred to your checking account with no transaction fee if you ever made a mistake. You would be able to access your money market account with your Ally ATM card, which has free AllPoint access and up to $10 of non-Ally ATM fees reimbursed every month. This money market account is a nice way to provide yourself with overdraft protection while earning interest. If you don’t need check-writing capabilities on your savings, you would still be better off with Ally’s savings account.

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on Ally Bank’s secure website

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The rest of these accounts are listed by APY regardless of minimum balance.

4. Highest Overall Rate: Western State Bank – 2.50% APY, no minimum balance to earn APY

High Yield Money Market from Western State BankWestern State Bank was chartered in 1902 as the Bank of Webster due to its location in Webster, North Dakota. In 1966, a group of people purchased the Bank of Webter and in 1968, this group of individuals moved the bank’s headquarters to another part of North Dakota and changed its name to Western State Bank. At that time, the bank had $600,000 in assets. Today, the bank has over $1 billion dollars in assets and serves customers nationwide.

Western State Bank is currently offering a remarkable 2.50% APY on its High Yield Money Market account. The bank does not require a minimum deposit amount to open the account nor do they require a minimum balance to earn the high rate. They do, however, place a limit on the how large of a balance the account can hold. If your balance exceeds $2,000,000, the APY will drop to 2.25%. While this account has an excellent rate, it does lack in features. Western State Bank will not provide checks or a debit card to go along with this account. You can only withdraw money via ACH, wire transfer, or the bank can mail you a cashier’s check if you call and ask for this method. The bank does have ACH limitations to keep in mind. You can only transfer $25,000 at a time and you can only do so six times per month (not exceeding $100,000). If you’re looking for a money market account with check-writing capabilities or ATM access, then this account may not be for you. If you’re looking for a high-yield savings account, then this account is a great place to deposit your money and earn interest.

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on Western State Bank’s secure website

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5. High Rate: BankPurely – 2.45% APY, $25,000 minimum balance, ATM access

BankPurely
BankPurely, a division of Flushing Bank, currently offers a 2.45% APY on their money market account. You’ll have to either deposit a minimum amount of $25,000 or grow your balance to that amount in order to earn interest. If you’re not able to deposit that amount, you may want to go with Sallie Mae since they have a great rate for a lower deposit amount. However, BankPurely does provide an ATM card, which gives you access to surcharge-free ATMs within the Allpoint Network. Just keep in mind that you’ll be limited to withdrawing $1,000 per business day. Per Federal law, you’ll also be restricted to making six transfers per month. You’ll have access to online banking as well as to their mobile banking app to manage your account. Plus, if you open an account with BankPurely, they’ll plant a tree.

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on BankPurely’s secure website

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6. High Rate: Virtual Bank – 2.36% APY, no minimum balance to earn APY

eMoneyMarket from Virtual BankVirtual Bank, a division of IBERIABANK, is currently offering an introductory rate on their money market account that is the highest available. This rate is guaranteed for 12 months and will adjust to the standard rate that is in effect at the time. New customers can earn the 2.36% APY by depositing a minimum of $100. While there isn’t a minimum balance requirement to earn the APY, there is a balance requirement to avoid incurring the $5 monthly service fee. All you’ll have to do is maintain a daily minimum balance of $100 and they’ll waive the monthly fee. While this account doesn’t have any check writing capabilities, you can easily move money in and out of the account via ACH. Virtual Bank has a mobile app, that has the mobile check deposit feature, in addition to their online banking platform.

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on Virtual Bank’s secure website

Member FDIC

7. High Rate: Bay State Savings Bank – 2.35% APY, $5,000 minimum to open and avoid $7 monthly fee

Smile Worcester County Consumer Money Market from Bay State Savings BankBay State Savings Bank opened its doors in 1895 with a commitment to “be the community bank of choice” for its community. As time has gone on, this community bank has evolved to include digital banking and welcomes all U.S. residents to apply for an account. The bank has also grown to acquire over $400 million in assets. Currently, it’s offering a high rate on a money market account that does more than just hold your money. The money that you deposit helps Bay State Savings Bank support the economic growth of areas in need within Worcester County. So, not only will you be earning an outstanding APY 2.35%, but you’ll also be helping to an area in need of support. There are a few items to be aware of prior to opening the account: there is a $7 monthly fee if you can’t maintain a $5,000 balance and outgoing ACH transfers are limited to $10,000 per transaction. This account does come with check-writing capabilities and online bill payment services. Bay State Savings Bank is not only insured by the FDIC, but they are also insured by the Depositors Insurance Fund (DIF).

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on Bay State Savings Bank’s secure website

Member FDIC

8. Top Choice: Sallie Mae – 2.30% APY, no minimum balance and checks available

Money Market from Sallie Mae BankIf you have student loan debt, you probably are not very excited to see Sallie Mae at the top of this list. However, many people are unaware that Sallie Mae also operates an internet-only FDIC-insured bank with some of the best interest rates in the country. You can earn 2.30% APY, compounded daily and paid monthly. There is no minimum balance and no monthly maintenance fees. You will have check-writing capabilities (although the standard money market limit of six per month applies to this account). The easiest (and best) way to fund and access your funds is via electronic transfer from your existing checking account. If you want a simple account with no fees and check access – this is a good bet. Sallie Mae has just recently increased the APY, making this one the best rates in the country.

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on Sallie Mae Bank’s secure website

Member FDIC

9. High Rate: Northpointe Bank – 2.30% APY, $25,000 minimum balance, checks and debit card available

Liquid Money Market from Northpointe BankNorthpointe Bank, is a fairly large bank located in Grand Rapids, MI. They have over $1 billion in assets and have only been around since 1999. Currently, they’re offering a 2.30% APY on their money market account. While you’ll only need $1,000 to open the account, you’ll have to have a minimum balance amount of $25,000 to earn the high APY. If you have a balance between $1,000 and $2,500, you’ll earn an APY of 0.20%. If your balance is between $2,500 and $25,000, you’ll earn 0.25% APY. Once your balance exceeds $1 million, the APY will drop to 0.50%. This account comes with a debit card and checks. Northpointe Bank does not charge a monthly maintenance fee, but will charge a $15 Excess Transaction Fee each time you exceed six certain transactions a month. The offer online banking and have a mobile banking app.

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on Northpointe Bank’s secure website

Member FDIC

10. High Rate: Pacific National Bank – 2.25% APY, $5,000 minimum balance to earn APY

MMDA Online Special (New Money Only) from Pacific National BankPacific National Bank has quite an interesting history. In 1982, Banco Del Pacifico Ecuador (BPE) decided to establish Banco Del Pacifico International in Miami, FL as an Edge Act bank. The Edge Act allowed national banks to do international banking through divisions chartered by the Federal Reserve Bank. By 1985, Banco Del Pacifico International decided to become a national bank charter and changed its name to Pacific National Bank. Since this change, the bank has acquired over $454 million in assets. The bank initially offered its services to South Florida residents, but decided to expand to all U.S. residents with a valid Social Security Number in 2016.Today, Pacific National Bank is offering an online special on its money market account. With a minimum deposit of $5,000, you could earn an APY of 2.25%. You’ll need to maintain that amount in the account on a daily basis to waive the monthly maintenance fee of $25 and to continue earning the high rate. Check writing is available with this account, but keep in mind that you can only make six certain transaction within a month due to federal law. If you exceed six certain transactions within a month, Pacific National Bank will charge a fee of $20 per additional transaction. You may also make ACH transfers, free of charge, without any limits after the initial funding. In addition to banking online, the bank offers a mobile banking app for your convenience.

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on Pacific National Bank’s secure website

Member FDIC

11. High Rate: Self-Help Credit Union – up to 1.89% APY, $500 minimum deposit and minimum balance

Money Market from Self-Help Credit UnionSelf-Help is a credit union that anyone can join. If you don’t live, work or worship in one of their eligible counties, you can join by donating $5 to the Center for Community Self-Help. The contribution is tax deductible and will make you eligible for credit union membership. (You can learn more about how to join the credit union here.) At a credit union, your funds are insured up to $250,000 – but it is by the NCUA instead of the FDIC. The money market offers an APY of 1.89% on balances from that are at least $500. You also need to maintain the balance during the month – otherwise you will be charged a monthly maintenance fee. You are allowed 6 free withdrawals or transfers from the account each month (including checks).

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NCUA Insured

Special Mention: Great Rate for Small Deposits: Premier Members Credit Union – 4.00% APY up to $2k

Premier Members Credit Union

Premier Members Credit Union is open to anyone willing to make a $5 donation Impact on Education, a charity for the Boulder Valley School District. This credit union is currently offering an incredible rate of 4.00% with only $5 to open the account. You can earn this APY on balances up to $2,000. Amazingly, even if you grow the balance up to $5,000, you’ll earn 1.49% APY. As the balance increases, the APY decreases to the following:

  • $5,000.01-$10,000: 0.75%
  • $10,000.01-$50,000: 0.50%
  • $50,000.01-$100,000: 0.40%
  • $100,000.01-$250,000: 0.35%
  • $250,000.01+: 0.30%

Premier Members Credit Union rewards low balance savers by placing the highest rate with the lowest deposit, but if the balance grows they start using a reverse tier system where they blend the APY as the balance grows. Checks are available with this account, but you can only make six withdrawals per month. Each additional withdrawal will be assessed a $10 fee.

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on Premier Members Credit Union’s secure website

NCUA Insured

What to consider before opening a money market account

Before you get bogged down in the details, let’s take a look at some quick pros and cons of a money market account.

Pros:Cons:
  • Typically carry higher interest rates than savings accounts
  • Convenient access to your funds with check-writing abilities and a debit/ATM card (not offered on all accounts)

  • May carry monthly maintenance fees or a high balance to waive one
  • Still limited to six transfers and withdrawals per month like a savings account (or you’ll face a fee)
  • You’re better off using a higher yield product like CDs for money you won’t need in the immediate future

Who money market accounts are best for

Now that you know the basics of a money market account, should you get one? They’re a good choice if you have a big deposit you’d like to keep safe and growing at a high interest rate. Then when you need to access that money, perhaps for an upcoming purchase or in an emergency, you can often easily do so with an ATM/debit card or by writing a check.

Savings accounts vs. money market accounts

Money market accounts often earn a higher rate than standard savings accounts. The caveat is that MMAs often require higher opening deposits or higher balances than a standard savings account. Even so, you may also find that one bank’s top money market rate earns at the same rate (or lower) as a savings account at another bank.

For example, one of the best savings accounts, Ally’s Online Savings account, offers a 2.20% APY while its money market account earns at a mere 0.90% APY (on most balances). So if it’s high interest rates you’re after, be sure to compare accounts across the board rather than turning immediately to a money market account. Just be sure to keep your balance limits in mind when shopping around.

What often separates money market accounts from savings accounts is their check-writing abilities or issued ATM/debit cards. This provides easier access to your money especially if you have larger balances you’re saving for a bigger purchase. Not all money market accounts offer these features, though. Furthermore, money market accounts are still savings vehicles, so they’re also limited to six outgoing transactions per month, like transfers and withdrawals.

Read more about the differences between money market and savings accounts here.

CDs can offer higher rates than money market accounts

Savings accounts and money market accounts often pay much lower interest rates than CDs. Right now you can get a 1-year CD paying 2.70% APY (with only a $500 minimum). You can find the best CD rates here. If you build a CD ladder, you can take advantage of 5-year rates that are currently as high as 3.00%. Creating a CD ladder also allows you to protect your investments over the years by locking in today’s high rates in a long-term account while also staying flexible for any potential rate increases with your shorter-term accounts. The interest rate on a money market account can change right away, at the bank’s discretion.

If you need some savings more immediately, money market accounts are great places to keep that money— it’ll keep growing, while still remaining accessible. In contrast, should you need to access your CD funds before it matures, you’ll likely face a pretty heavy penalty, typically forfeiting three to six months of interest.

A money market account isn’t the same thing as a money market fund

Money market accounts, like deposit accounts, provide FDIC insurance on your deposits up to $250,000. Money market funds, on the other hand, are investment accounts, most likely sold by your broker, and are regulated by the Securities and Exchange Commission instead. Money market funds invest in highly liquid cash and cash equivalent securities that typically mature within 13 months.

As an example, Vanguard offers the Prime Money Market Fund. Like other money market funds, this one “invests in short-term, high-quality securities.” Its objective is to keep the fund trading at $1 and generate a decent return. Still, money market funds can end up with a lower return than those you see from the money market accounts listed in this article. Since money market fund returns are dependent on the market and the Federal Reserve Rate, it’s important to keep an eye on the current interest rate climate to see whether investing in these funds are worth your time and money.

Money market funds charge expense ratios, or management fees, that are charged as a percentage of your fund (Vanguard’s is currently 0.16% as of Dec. 2018). You can also end up paying some transaction fees. It’s important to watch out for an account’s fees which can often lessen your total investment in the end. Like money market accounts, money market funds can also require a high minimum balance to open an account.

Most people compare the return of a money market fund (sold by their broker) to the interest rate paid by a traditional bank (sold by their local bank teller). As a result, they are willing to take the risk of a money market fund. However, as you can see from the best money market accounts in this article, you can get FDIC insurance and beat the return of most funds without taking on the risk of market investments.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at [email protected]

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Top 10 Jumbo Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Jumbo money market accounts
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What is a jumbo money market account?

When you’re saving money, you want to make sure you’re stashing it in the right place. Ideally, that will be in an account with a high rate of return. While savings accounts tend to offer a higher return than checking accounts, money market accounts  — which are FDIC-insured up to $250,000, unlike money market funds — may yield an even higher rate of return.

That’s if you know where to find the best rates.

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 much 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.

In this roundup, we’ll explore the top rates.

earn.bank, 2.46% APY, $100 Minimum Deposit

Money Market Account from earn.bankearn.bank, a division of Silvergate Bank, was created around the idea of offering premium rates on bank accounts. Taking a look at the rate the bank is offering on its money market account makes it hard to argue with this idea. For a small minimum deposit of $100, you can receive an APY of 2.46%. While the rate is outstanding and you can earn it with a small deposit amount, you may have to pay a $10 monthly maintenance fee if you have an average daily balance below $10,000. Another downside to this account is that it doesn’t come with check-writing capabilities or even a debit card to withdraw money. If you’re okay with having your money in a complete online bank account, then you may not mind the lack of these two features. You are able to transfer money via ACH online. earn.bank also has a mobile app that allows you to manage this account on the go.

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on earn.bank’s secure website

Member FDIC

Capital One 360, 2.00% APY, $10,000 Minimum Deposit

Capital One
Capital One offers savings accounts, checking accounts, certificates of deposit (CDs), individual retirement accounts (IRAs) and, of course, money market accounts.

If you open a 360 Money Market Account and deposit at least $10,000, your money will earn 2.00% APY. While there is technically no minimum amount required to open one of these accounts, if you have less than $10,000, you will only earn 0.85% APY. You can find higher paying basic savings accounts elsewhere or another good option to consider would be their 360 Savings Account which earns 1.00% APY regardless of balance, until you are able to hit the $10,000 threshold.

While 360 Money Market Account does not come with any fees, it also does not come with any checks. It does come with a debit card, which you can get after the account has been opened. You may withdraw money through an ATM. Just keep in mind that you’ll be restricted to six certain transfers and withdrawals per month due to federal law. You can easily access your account through Capital One’s online portal, mobile app, or you can call to speak to one of their representatives.

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on Capital One’s secure website

Member FDIC

BankPurely, 2.45% APY, $25,000 Minimum Deposit

BankPurely
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 2.45% 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.

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on BankPurely’s secure website

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UFB Direct, 2.45% APY, $25,000 Minimum Deposit

UFB Premium Money Market - New Money from UFB DirectUFB Direct is an online bank and a division of Axos Bank. While you may not readily recognize either of these brands, the overall company has acquired over $9 billion in assets. UFB Direct, specifically, has strived to offer its customers competitive rates and this is evident with its new Premium Money Market Account. While you only need a minimum deposit of $5,000 to open the account, you’ll need to have a minimum balance of $25,000 to earn the 2.45% APY. If your balance is less than $25,000, you’ll end up earning an APY of 0.50%. This account does come with a $10 monthly fee, but if you have an average daily balance of $5,000 or more in the account, UFB Direct will waive the fee. Checks and Visa® Debit Card are available upon request. There is also a mobile banking app that will allow you to manage your account on-the-go conveniently. All deposits held with UFB Direct are FDIC-insured.

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on UFB Direct’s secure website

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VirtualBank, 2.36% APY, $100 Minimum Deposit to Open

eMoneyMarket from Virtual BankVirtualBank is based in Louisiana but mainly offers access to its deposit products online nationwide.

To open a high-yielding money market account at VirtualBank, you must have a minimum opening deposit of at least $100. From there, your account will earn 2.36% APY for the first year. Then, the APY will drop to 0.80%. If your daily balance drops below $100, you will be charged a $5 fee per month.

To take money out of your account, you can conduct an online transfer. As with all of the accounts on our list, you will only be able to make six withdrawals/transfers per month. If you make more than six withdrawals in a monthly statement cycle, VirtualBank will charge you a $15 fee each time you take out more money.

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on Virtual Bank’s secure website

Member FDIC

Bay State Savings Bank, 2.35% APY, $5,000 Minimum Deposit to Open

Smile Worcester County Consumer Money Market from Bay State Savings BankBay State Savings Bank is based in Massachusetts but it available to all U.S. citizens and residents via its online platform. This bank was funded by the community of Worcester in 1895 with a comittment to serve its local community. In 2003, the bank marked this comittment by establishing a foundation that is meant to support non-profit organizations and programs within the community. Since this organization is fully funded by the bank, it has creatively come up with ways to give back. One example is the creation of the Smile Worcester County Consumer Money Market account.
This account was created to support the economic growth of areas in Worcester County that are in need. If you open this account and deposit a minimum of $5,000, you will be helping this effort. In turn, you’ll receive an APY of 2.35%. While you don’t need to maintain a specific balance to continue earning the APY, you will want to maintain the $5,000 to avoid being charge the $7 monthly service fee.
A couple other items to take into consideration is that outgoing ACH transfers are limited to $10,000 per transaction and, as with all other savings accounts, you’re limited to making six certain transactions per statement cycle. This account does offer check writing and the bank has a mobile banking app.

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on Bay State Savings Bank’s secure website

Member FDIC

Sallie Mae, 2.30% APY, No Minimum Deposit

Sallie Mae Bank
Sallie Mae is probably best known for underwriting mortgages and student loans. However, they also offer deposit accounts direct to consumers.

For example, their high-yield money market account pulls in 2.30% APY with no monthly maintenance fees and no minimum upfront deposit. You can write checks from this account, but keep in mind that you’ll have to stay below six withdrawals per month. If you don’t you’ll be charged a $10 excessive transaction fee. This fee will be applied for each withdrawal after six in a statement period, up to $70 per period. If you make more than seven excessive transactions, the additional $10 fees will be applied to the following month’s statement.

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on Sallie Mae Bank’s secure website

Member FDIC

Northpointe Bank, 2.30% APY, $25,000 Minimum Balance

Liquid Money Market from Northpointe BankNorthpointe Bank is based out of Grand Rapids, MI, but services customers nationwide. The founder of the Northpointe Bank envisioned that the bank would focus on customer service first and foremost, and would offer real value to its customers. Running on these values, Northpointe Bank tries to offer competitive rates to new and existing customers. Currently, the bank is offering a 2.30% APY on its money market account with a minimum balance amount of $25,000. You only need $1,000 to open the account, but you won’t earn the high rate unless you meet the balance requirement. If you decide to work your way up to the balance requirement here’s what you’ll get with each tier:

  • Up to $2,500: 0.20% APY
  • $2,500 – $24,999.99: 0.25% APY
  • $25,000 – $1m: 2.30% APY
  • $1m+: 2.30% APY

If you’re able to earn the high rate, you’ll be guaranteed this rate for 24 months. This account comes with checks and a debit card upon request. Northpointe Bank supports online banking and has a mobile banking app.

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on Northpointe Bank’s secure website

Member FDIC

Pacific National Bank, 2.25% APY, $5,000 Minimum Deposit

MMDA Online Special (New Money Only) from Pacific National BankPacific National Bank, headquartered in Miami, FL, provides banking services to customers nationwide through its online banking platform. Currently, the bank is offering a money market account with a high rate of 2.25%. You’ll need to deposit a minimum of $5,000 to earn that rate and waive the monthly maintenance fee of $25. This account does have checking writing capabilities and a mobile banking app is available to download.

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on Pacific National Bank’s secure website

Member FDIC

KeyBank, 2.25% APY, $25,000 Minimum Deposit

KeyBank
KeyBank offers one of the highest APY money market accounts — at least during the initial twelve-month promo period. During the first year, money market accounts with balances between $25,000 and $2,000,000 earn an APY of 2.25%. Unfortunately, this rate may not be available in all markets, so make sure you enter your zip code to get the rate that pertains to your location. Also, you must open a checking account with KeyBank to qualify for this promotion.

After the promotional period is over, your rates will drop to 0.13% APY for balances over $25,000 as long as you have an average of at least one deposit and eight withdrawals from your KeyBank checking account during the past three statement periods. At this point, amounts under $25,000 will earn 0.12% APY.

Whether you’re in the promotional period or not, you will be charged an $18 monthly maintenance fee. You will also be charged a $15 fee every time you make more than six withdrawals from your money market account in any given statement period.

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on KeyBank’s secure website

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How these jumbo money market accounts’ rates compare with regular money market rates

Jumbo money market accounts are typically called jumbo because they require a significant deposit to earn the top rate. 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.

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Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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