If you have at least $100,000 that you want to keep accessible, you can earn a competitive rate with a jumbo money market account. Jumbo money market accounts combine the best features of high-yield savings accounts and traditional checking accounts. You’ll earn a better-than-average return in exchange for a higher minimum deposit. Plus, you’ll have the flexibility to access your money when needed.
CNET’s picks for the top jumbo money market accounts
| Bank | APY | Min. deposit for APY | Monthly fee |
|---|---|---|---|
| EverBank | 4.30% | $100,000 | $0 |
| Discover | 4.20% | $100,000 | $0 |
| Connexus Credit Union | 3.25% | $100,000 | $0 |
| Landmark Credit Union | 3.15% | $100,000 | $10 for balances below $2,500 |
| Luana Savings Bank | 3.04% | $100,000 | $10 for balances below $2,500 |
Alternatives to jumbo money market accounts
| Bank | APY | Minimum deposit for APY | Monthly fee |
|---|---|---|---|
| UFB Direct | 5.25% | $100,000 | $10 for balances under $5,000 |
| First Internet Bank | 3.76% | $100,000 | $5 for balances under $4,000 |
The top jumbo money market accounts explained
EverBank
- APY APY = Annual Percentage Yield.
- 4.30%
- Min. deposit for APY APY = Annual Percentage Yield.
- $100,000
- Monthly fee
- $0
EverBank (formerly TIAA Bank) offers the Yield Pledge Money Market Account -- a tiered, variable interest rate account with a Yield Pledge promise. If the yield is below the top 5% of competitive accounts, EverBank will adjust the APY. A money market account can be opened with $500. A $10 monthly fee is applied to the account when you make more than six withdrawals in a month.
Minimum deposit for APY: $100,000
- ATM fees: Unlimited ATM reimbursements with balances of more than $5,000, otherwise up to $15 per month.
- Monthly fee: $0
- Foreign transaction fee: 2%
- Overdraft fee: $0
EverBank (formerly TIAA Bank) offers the Yield Pledge Money Market Account -- a tiered, variable interest rate account with a Yield Pledge promise. If the yield is below the top 5% of competitive accounts, EverBank will adjust the APY. A money market account can be opened with $500. A $10 monthly fee is applied to the account when you make more than six withdrawals in a month.
Minimum deposit for APY: $100,000
- ATM fees: Unlimited ATM reimbursements with balances of more than $5,000, otherwise up to $15 per month.
- Monthly fee: $0
- Foreign transaction fee: 2%
- Overdraft fee: $0
Discover
- APY APY = Annual Percentage Yield.
- 4.20%
- Min. deposit for APY APY = Annual Percentage Yield.
- $100,000
- Monthly fee
- $0
Discover Bank is an online financial services company that offers products such as deposit accounts, credit cards, personal loans and student loans. It eliminated fees on deposit accounts in June 2019. The jumbo money market account has two tiers and pays the highest interest on balances over $100,000. Discover customers aren’t charged fees for anything other than outgoing wire transfers and ATM fees charged by out-of-network providers. The minimum balance to open a money market account is $2,500 and is limited to six withdrawals per calendar month.
Minimum deposit for APY: $100,000
- ATM fees: 60,000 fee-free ATMs
- Monthly fee: $0
- Foreign transaction fee: $0
- Overdraft fee: $0
Discover Bank is an online financial services company that offers products such as deposit accounts, credit cards, personal loans and student loans. It eliminated fees on deposit accounts in June 2019. The jumbo money market account has two tiers and pays the highest interest on balances over $100,000. Discover customers aren’t charged fees for anything other than outgoing wire transfers and ATM fees charged by out-of-network providers. The minimum balance to open a money market account is $2,500 and is limited to six withdrawals per calendar month.
Minimum deposit for APY: $100,000
- ATM fees: 60,000 fee-free ATMs
- Monthly fee: $0
- Foreign transaction fee: $0
- Overdraft fee: $0
Connexus Credit Union
- APY APY = Annual Percentage Yield.
- 3.25%
- Min. deposit for APY APY = Annual Percentage Yield.
- $100,000
- Monthly fee
- $0
Connexus is part of the Co-op Shared Branch network, which offers members 5,600 shared branch networks. Membership is open to anyone based on criteria listed on Connexus. You can open money market accounts with a $1,000 initial deposit and there is no fee incurred after opening if the balance falls below the initial minimum. You’ll be charged a monthly fee of $6 if you make more than four withdrawals in a calendar month.
Minimum deposit for APY: $100,000
- ATM fees: 67,000 surcharge-free ATMs in the Co-op and MoneyPass ATM networks
- Monthly fee: $0
- Foreign transaction fee: 1.5%
- Overdraft fee: $4
Connexus is part of the Co-op Shared Branch network, which offers members 5,600 shared branch networks. Membership is open to anyone based on criteria listed on Connexus. You can open money market accounts with a $1,000 initial deposit and there is no fee incurred after opening if the balance falls below the initial minimum. You’ll be charged a monthly fee of $6 if you make more than four withdrawals in a calendar month.
Minimum deposit for APY: $100,000
- ATM fees: 67,000 surcharge-free ATMs in the Co-op and MoneyPass ATM networks
- Monthly fee: $0
- Foreign transaction fee: 1.5%
- Overdraft fee: $4
Landmark Credit Union
- APY APY = Annual Percentage Yield.
- 3.15%
- Min. deposit for APY APY = Annual Percentage Yield.
- $100,000
- Monthly fee
- $10 for balances below $2,500
Landmark Credit Union has 35 branches located across Wisconsin and Northern Illinois. Membership is open to all residents or people who work in eligible counties in those two states. The Signature Money Market Account has a tiered APY payment structure, paying the best rate for accounts with balances containing $100,000 or more. There is a $10 a month fee, and the APY drops to 0% if the account balance falls below $2,500.
Minimum deposit for APY: $100,000
- ATM fees: 34,000 fee-free ATMs through the Alliance One network
- Monthly fee: $10 for balances below $2,500
- Foreign transaction fee: 1%
- Overdraft fee: $30
Landmark Credit Union has 35 branches located across Wisconsin and Northern Illinois. Membership is open to all residents or people who work in eligible counties in those two states. The Signature Money Market Account has a tiered APY payment structure, paying the best rate for accounts with balances containing $100,000 or more. There is a $10 a month fee, and the APY drops to 0% if the account balance falls below $2,500.
Minimum deposit for APY: $100,000
- ATM fees: 34,000 fee-free ATMs through the Alliance One network
- Monthly fee: $10 for balances below $2,500
- Foreign transaction fee: 1%
- Overdraft fee: $30
Luana Savings Bank
- APY APY = Annual Percentage Yield.
- 3.04%
- Min. deposit for APY APY = Annual Percentage Yield.
- $100,000
- Monthly fee
- $10 for balances below $2,500
Luana Savings Bank’s money market account offers five tiers paying better APYs for accounts with the highest balance. To receive an APY of 3.09%, an account must maintain a balance of at least $100,000. The highest APY that Luana pays for its money market accounts is 3.40% for balances of $750,000 and higher. Launa doesn’t provide debit card access for money market accounts and withdrawals are limited to six transactions per month.
Minimum deposit for APY: $100,000
- ATM fees: N/A
- Monthly fee: $10 for balances below $2,500
- Foreign transaction fee: N/A
- Overdraft fee: $14
Luana Savings Bank’s money market account offers five tiers paying better APYs for accounts with the highest balance. To receive an APY of 3.09%, an account must maintain a balance of at least $100,000. The highest APY that Luana pays for its money market accounts is 3.40% for balances of $750,000 and higher. Launa doesn’t provide debit card access for money market accounts and withdrawals are limited to six transactions per month.
Minimum deposit for APY: $100,000
- ATM fees: N/A
- Monthly fee: $10 for balances below $2,500
- Foreign transaction fee: N/A
- Overdraft fee: $14
What is a jumbo money market account?
A traditional money market account offers the accessibility of a checking account with the interest-earning benefits of a savings account. MMAs generally provide check-writing privileges and debit card access. A jumbo money market account is similar to a traditional MMA but accommodates larger amounts of money -- typically $100,000 or more, though some have lower minimum requirements.
“Jumbo MMAs typically offer higher interest rates compared to accounts with lower minimum balance requirements,” said Baruch Silvermann, CEO and founder of The Smart Investor. “There is generally a minimum deposit for jumbo MMAs of $25,000 to $100,000. The exact requirement varies between banks and financial institutions.”
How to choose the right jumbo money market account
When comparing accounts, check the current interest rate of the bank or credit union. Money market accounts often pay variable interest rates, making your return less predictable because rates fluctuate due to market conditions.
The Yield Pledge offered by EverBank (formerly TIAA Bank) is an attractive feature that ensures your account’s APY remains competitive. EverBank reviews its monthly MMA rates to ensure they’re among the top 5% of competitive accounts.
Pay attention to fees for various services and the number of monthly withdrawals allowed. Despite having checking account-like features, money market accounts often limit the withdrawals you can make each month before you incur an excessive withdrawal fee. Like savings accounts, money market accounts aren’t meant for everyday transactions. Consider a high-yield checking account if you need an account for regular withdrawals or paying bills.
A checklist of features to consider includes:
- APY: The annual percentage yield is the rate you earn over a year. It includes compound interest, making it a more accurate measure of yield than the interest rate alone.
- Minimum balance requirement: You must deposit at least a minimum amount when opening the account. A minimum balance requirement is also the amount of money you must keep in the account to avoid monthly service fees or account closure.
- ATM fees: These are charges you’ll incur if you withdraw money from an ATM, and they can vary depending on your bank and the ATM. Some banks belong to a network of surcharge-free ATMs and provide locators to find the nearest free ATM. Other banks may reimburse you for ATM fees up to a certain limit each month.
- Monthly or maintenance fees: These are regular charges applied to an account. Sometimes, fees are imposed if your balance falls below a certain threshold. Many money market accounts don’t charge any monthly fees.
- Foreign transaction fees: Your bank or credit card issuer might charge you foreign transaction fees when you initiate a purchase outside the US or in a currency other than the US dollar. These fees are generally a percentage of the transaction amount. If you regularly travel internationally, these fees can add up quickly.
- Overdraft fees: Overdraft fees are fees charged if a purchase or transaction exceeds the available balance in the account. Some banks may decline the transaction instead of charging an overdraft fee.
- Excessive transaction fees: These are charges incurred if the number of withdrawals in a given month exceeds the limit set by the bank or credit union. The fee amount varies per institution and is commonly found on savings and money market accounts, but not checking accounts.
Pros and cons of jumbo money market accounts
Pros
Potential for high APYs: Jumbo money market accounts typically offer competitive APYs. And some banks offer tiered accounts with higher yields in exchange for higher balances.
Federal protection: Balances are insured up to $250,000 per person, per institution if the account is held at an FDIC-insured bank or NCUA-insured credit union.
Accessibility: Most MMAs provide convenient access to your funds through check-writing privileges and debit card access.
No fees on higher balances: Jumbo money market accounts often have no monthly service charges for higher balances.
Cons
Higher APYs may be available: Jumbo MMA rates may not be significantly higher than high-yield savings accounts or regular money market accounts, which have much lower minimum deposit requirements.
High deposit requirements: You’ll need to make a large deposit to access the highest rates available in this product class. There are other deposit accounts with lower minimum deposit requirements that offer competitive rates.
Monthly withdrawal limits: Accounts with monthly withdrawal limits provide less flexible access to your money than a checking account.
Less predictable returns: Money market accounts often pay variable interest rates, making your return less predictable because rates fluctuate in reaction to market conditions.
How much money should you keep in a jumbo money market account?
If you want easy access to your money while earning a competitive APY, a money market account can be an excellent place to store your cash. Most banks don’t have upper limits on how much money you can hold in your account, but you should keep your balance within the FDIC limit. If you exceed the $250,000 cap, diversify your funds across multiple banks and credit unions or open a joint bank account with another person.
You should never put all your savings in a jumbo money account or another savings account. A jumbo money market account is suitable for an emergency fund for unforeseen expenses -- such as medical expenses, a job loss or car repairs -- or a sinking fund to save for short- and medium-term goals, such as buying a house.
Once you set aside money for savings and other important goals, consider investing the rest. Investing is most likely to generate higher average returns over time than even the best money market account, as long as you keep your money invested long enough to ride out any short-term volatility.
Tax-advantaged retirement accounts, such as 401(k)s and IRAs, are good places to store and invest money you won’t need for a long time. Remember that some of these options have tax implications and rules about when you can withdraw your money and how much you can put in per year.
How to open a jumbo money market account
Opening a jumbo money market account is a straightforward process. Depending on the bank or credit union, you can open a jumbo MMA online or in person. You’ll need to complete an application with your personal information, including your full name, date of birth, Social Security number or Individual Taxpayer Identification Number, address and contact information.
Once the account is open, you must deposit the minimum amount required to qualify for the top APY.
Money market account vs. savings account
Money market accounts and high-yield savings accounts share several similar features and benefits. But how you access your money is slightly different.
Most money market accounts have ATM access and a debit card to make transactions and transfers. Some may also come with check-writing privileges. Savings accounts usually require you to transfer funds between a linked bank account, rather than making transactions directly with a merchant. Usually, you won’t have the same convenient access.
Money market and savings accounts tend to have monthly transaction limits, making them unsuited for everyday spending compared to a checking account.
If you’re chasing yield, many money market account APYs are on par with high-yield savings accounts, though some are higher or lower depending on the bank. Some of the best money market accounts offer APYs over 5%, as do some of the best high-yield savings accounts, based on the banks we track at CNET. APYs vary widely, so it’s better to look at the APYs offered by specific banks rather than focusing on general trends among different account types.
The choice between savings and money market accounts boils down to how often you want to access your money. Choosing a money market account is best if you need to write checks, make purchases or withdraw cash. On the other hand, if you’re storing your emergency savings or money you won’t need immediately, you may benefit from a high-yield savings account with a competitive APY.
FAQs
Jumbo money market accounts are considered a safe, low-risk investment when they’re issued by banks and credit unions that are insured by the FDIC and NCUA, respectively. That means the government will guarantee your deposits for up to $250,000 in the event of a bank failure.
A jumbo money market account provides check-writing privileges and debit card access to deposited funds, which most savings accounts don’t offer. However, most money market accounts limit the number of monthly withdrawals allowed before imposing a monthly fee. Historically, the number of withdrawals has been limited to six.
Jumbo money market accounts also require a larger balance to earn the higher APYs offered by the bank or credit union.
You can access funds in a jumbo money market account in one of the following ways:
- In-person for banks and credit unions with physical branches
- Online transfers or mobile check deposits through bank and credit union websites or mobile apps
- Debit card access at ATMs for banks or credit unions that support those services
More banking advice
Methodology
CNET reviewed jumbo money market accounts based on the latest APY information, fees charged and services offered from issuer websites. We evaluated accounts from among more than 50 banks, credit unions and financial companies. We selected the accounts with the highest APY and were insured up to $250,000 from among the organizations we surveyed.
The banks, credit unions and neobanks we reviewed include: Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank and Wells Fargo.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
