The higher your balance, the more savings options you have.
There are many money market accounts available for those with balances well below six digits. However, giant money market accounts are worth considering if you have a large amount of cash in the bank and want them to earn a competitive rate.
What is a jumbo money market account?
Like a jumbo CD, a giant money market account typically requires a minimum of $ 100,000. It is a money market account that can offer a higher Annual Percentage Return (APY) than accounts with lower balance requirements. But it’s not always the case. Compare rates on Bankrate to find the right account for your money.
A money market jumbo account can also reward you with a higher rate if your balance exceeds a certain level.
The best jumbo money accounts in April 2021
| Bank | Best-in-class performance | Minimum deposit for APY |
|---|---|---|
| Federal Navy Credit Union | 0.50% APY | $ 100,000 |
| Caisse populaire VyStar | 0.40% APY | $ 100,000 |
| Suncoast Credit Union | 0.40% APY | $ 250,000 |
| Delta Community Credit Union | 0.38% APY | $ 100,000 |
| Discover the bank | 0.35% APY | $ 100,000 |
| Golden 1 Credit Union | 0.25% APY | $ 100,000 |
| SchoolsFirst Federal Credit Union | 0.25% APY | $ 100,000 |
Note: APYs (Annual Percentage Returns) shown are as of April 1, 2021. APYs for some products may vary by region.
Compare: Jumbo Money Market Account Banking Overview
Navy Federal Credit Union – 0.50% APY, minimum balance of $ 100,000 for APY
The Navy Federal Credit Union has over 10 million members and is the largest credit union in the world. It has a global network of 345 branches. Navy Federal Credit Union is headquartered in Vienna, Virginia.
Membership in the Navy Federal Credit Union is open to all active departments of the Department of Defense and Coast Guard, civilians, contract personnel, veterans and their families.
In addition to CDs, the Navy Federal Credit Union also offers checking and savings accounts, loans, and credit cards.
VyStar Credit Union – 0.40% APY, minimum balance of $ 100,000 for APY
The VyStar Credit Union was founded in 1952. It was originally called the Jax Navy Federal Credit Union and was chartered from Naval Air Station in Jacksonville, Florida.
Membership in VyStar Credit Union is open to anyone who works or lives in the 49 counties of Florida or the four counties of Georgia listed on its website.
VyStar Credit Union offers 10 CDs with a duration ranging from three months to five years. It also offers a one-year CD for Kid’s, VyTeen, Bravo and Achieve members only.
Suncoast Credit Union – 0.40% APY, minimum balance $ 250,000 for APY
Suncoast Credit Union was founded in 1934 as the Hillsborough County Teachers Credit Union. Suncoast Credit Union now has 69 branches with approximately 918,000 members.
Suncoast Credit Union is the eighth largest credit union in the United States by membership. It is also the 10th largest in terms of assets. People who go to school, live, work, or worship in a Florida county served by the Suncoast Credit Union are welcome.
Delta Community Credit Union – 0.38% APY, minimum balance of $ 100,000 for APY
The Delta Community Credit Union began as the Delta Employees Credit Union in 1940. It was created by eight employees of Delta Air Lines. Delta Community Credit Union has over 400,000 members and has 26 branches in the Metro Atlanta area and three branches outside of Georgia.
Anyone living or working in the Atlanta Metro and employees of more than 150 companies are welcome to the Delta Community Credit Union. Delta Air Lines, Chick-fil-A and UPS are among the eligible companies.
Discover Bank – 0.35% APY, minimum balance of $ 100,000 for APY
Discover Bank may be known for its credit cards. But it also offers a wide selection of banking products. It has been offering online filing products since 2007.
Discover Bank offers CDs ranging from three months to 10 years.
It also offers a checking account, money market account and savings account.
Golden 1 Credit Union, 0.25% APY, $ 100,000 minimum deposit for APY
The 1 million Golden 1 Credit Union members have access to 72 branches in California. Membership in Golden 1 Credit Union is open to all Californians.
Non-Californians can join this credit union, which has been in existence since 1933, if they are a registered domestic partner or a family member of a member. They can also join if they are members of one of the selected employee groups.
In addition to CDs, it also offers money market account, checking accounts, and savings accounts.
First Federal Credit Union Schools – 0.25% APY, minimum balance of $ 100,000 for APY
SchoolFirst Federal Credit Union was formed during the Great Depression in 1934. The credit union, created by school employees, has 50 branches.
SchoolsFirst serves the California educational community. Certain school employees, certain retired school employees, and immediate family members of SchoolsFirst’s current federal credit union are eligible for membership.
Jumbo or traditional money market account
Jumbo money market accounts may have a higher minimum balance requirement, or they may reward savers with high level returns when savers maintain a certain balance. The possibility of being rewarded with a higher rate when your balance exceeds a certain point may appeal to some savers.
Savers are therefore rewarded for putting more money into their large money market savings account. But you have to compare the rates because some banks have much lower balance requirements and higher rates on money market accounts.
Pros and Cons of a Jumbo Money Market Account
Benefits of a Jumbo Money Market Account
- Some reward you with higher returns for higher balances, if it is a tiered account.
- The ability to potentially earn a higher APY than a regular money market account.
- Be in an account intended for larger balances.
Disadvantages of a giant money market account
- Regular money market accounts can earn a higher APY.
- You may want to divide your money between different bank accounts.
- Jumbo Money Market Accounts might not have a higher yield than other savings accounts, regular money market accounts, and CDs.
- Longer term money can generate a higher return on a CD.
- People who have a giant money market account should know the FDIC limits and guidelines. The standard FDIC insurance amount is $ 250,000 per depositor, per insured bank, for each category of account ownership.
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