Best Jumbo Money Market Rates for October 2024
Written by
Karen Doyle
Edited by
Elizabeth Constantineau
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Interest rates have been on the rise over the past couple of years, which is good news for savers. But as the interest rate environment changes, it can be challenging to know where to put your money to get the best rate. Savvy savers with lots of cash to stash are looking to jumbo money market accounts for good interest rates without a long-term commitment.
What Are the Best Jumbo Money Market Rates Today?
Interest rates are changing all the time, so be sure to check rates when you’re ready to open your account.
Here are some of the best jumbo money market rates for October 2024:
- HarborOne Bank: Platinum Money Market account offers APY on balances of $250,000 to $499,999.99.
- First Internet Bank: Money Market Savings account offers APY on balances over $1,000,000.
- State Bank of Texas: Jumbo Money Market account offers APY on balances of $100,000 or more.
- CFG Bank: High Yield Money Market account offers APY on balances of $1,000 or more.
- All America Bank: Mega Money Market checking account offers APY on balances up to $100,000.
- UFB Direct: UFB Portfolio Money Market account offers APY on any balance.
HarborOne Bank
HarborOne Bank’s Platinum Money Market account pays APY on daily balances between $250,000 and $499,999.99. The rate applies to new money, so your funds will have to come from a different bank. You must have or open a HarborOne Bank checking account as well.
HarborOne Bank has 30 locations in Massachusetts and Rhode Island and offers online banking.
First Internet Bank
First Internet Bank has a Money Market Savings account that pays APY on balances over $1,000,000. If you don’t have quite that much, lower balances earn APY, and you can avoid the monthly maintenance fee with an average daily balance of $4,000. The account also comes with an ATM card and ATM fee rebates of up to $10 per month.
State Bank of Texas
State Bank of Texas has an interest rate of APY on its Jumbo Money Market account. There’s a $100,000 minimum deposit to open the account, and you must maintain that amount to earn interest.
The monthly service charge of $20 is waived as long as you have an average daily balance of $25,000. Your deposit must be new money, meaning you can’t move funds from another State Bank of Texas account and get that rate.
CFG Bank
CFG Bank offers APY on its High Yield Money Market account that you can open online or in one of its branches in Maryland. The minimum deposit and minimum daily balance to earn interest is just $1,000. This account is a bit limited as it does not come with check-writing privileges.
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All America Bank
All America Bank has a Mega Money Market checking account that pays APY on balances up to $100,000. Balance amounts over $100,000 earn a much lower rate. The minimum opening deposit is $500. You are limited to six free withdrawals or transfers made in person or at ATMs per month. After that, you’ll be charged $5 for each transaction.
UFB Direct
The UFB Portfolio Money Market account currently pays APY on any balance amount. You can waive the $10 monthly maintenance fee by maintaining a $5,000 balance. UFB Direct is online only, so you’ll need to make your transactions electronically. Banking services are offered through Axos Bank, which is FDIC insured.
What Is a Jumbo Money Market Account?
A money market account is a deposit account offered by most banks and credit unions. It is like a savings account, but you may be limited in the number of transactions you can conduct each month. You may be able to write checks on a money market account or use a debit card to withdraw cash at an ATM. ATM and in-person transactions may not be subject to the monthly transaction limit.
The “jumbo” in “jumbo money market account” refers to the size of your deposit. While you may be able to open a regular money market account with a deposit of $100 or even less, jumbo money market accounts often have a minimum deposit requirement of $100,000. They may also require that you maintain that high balance in order to earn interest. And remember, the FDIC insurance limit per depositor, per account ownership category, is $250,000, so you may want to spread your money around if you have more than that.
Good To Know
It’s important to understand the terms of your money market account. Be sure you know what minimum balance you need to maintain in order to earn interest and avoid a monthly fee. You should also check if there’s a limit on monthly transactions and which ones apply to that limit.
How Do Jumbo Accounts Differ from Regular Money Market Accounts?
Both jumbo and regular money market accounts offer high interest rates on deposits and may also offer additional features — such as check-writing privileges and ATM card access. But while most regular money market accounts have low minimum balance requirements (as low as $100 in some cases), jumbo money market accounts usually have a high minimum deposit.
Most jumbo money market accounts require depositing at least $25,000 or more and may come with a high minimum balance that you need to maintain. The higher deposit requirements usually result in higher interest rates paid on your account.
Why Choose a Jumbo Money Market Account?
If you have a large sum of cash that you are saving for emergencies, toward a house down payment or for another large purchase, it’s a good idea to park that money in an interest-bearing account. Most regular savings and checking accounts don’t pay much interest, and you can earn nearly 10x more in a money market account.
Jumbo money market accounts pay higher rates than standard money market accounts, which reward you for depositing a high cash balance. The best accounts can earn you upwards of 5.00% APY, and with most accounts requiring around $100,000 or more, you could earn $5,000 in passive income just for choosing a jumbo money market account.
Who Can Benefit From a Jumbo Money Market Account?
Jumbo money market accounts are ideal for those with a large savings balance who want to earn more interest. Jumbo accounts need at least $25,000 (sometimes $100,000 or more) to earn the highest rates so these accounts are only for serious savers.
And if you’re a business owner with a large savings balance meant for payroll, business expenses and future investments, a jumbo money market account can earn extra interest on your cash balances.
3 Alternatives to Jumbo Money Market Accounts
Some banks offer high-yield savings accounts with rates that rival jumbo money market options. These accounts may have lower minimum balances and fewer transaction restrictions, but be sure to check the specific terms of the account you choose.
CIT Bank
CIT Bank offers a savings account called Savings Connect that pays APY on all balances, with a minimum opening deposit of just $100. There are no monthly service fees on this account. Make sure you’re opening a Savings Connect account, though – CIT Bank’s money market account pays just APY.
Citizens Access
Citizens Access is an internet-only bank that offers a high-yield online savings account paying APY. There are no monthly fees. Since Citizens Access has no branches, you’ll need to link your savings account to an account at another financial institution and transfer electronically.
LendingClub
LendingClub’s High-Yield Savings account pays APY on all balances. There are no minimum balances and no maintenance fees. And if you want a rate boost, you can earn APY by depositing at least $250 into the account each month.
Final Take
Jumbo money market rates can vary widely from bank to bank, and banks change their rates frequently, especially as interest rates change. Keeping an eye on rates when you’re ready to open a new account can pay off in the long run.
FAQ
Here are the answers to some of the most frequently asked questions regarding jumbo money market rates and more.- Who has the highest money market rates right now?
- Some of the highest money market rates can be found at:
- HarborOne Bank
- First Internet Bank
- State Bank of Texas
- CFG Bank
- All America Bank
- UFB Direct
- Some of the highest money market rates can be found at:
- What is the interest rate on a jumbo money market account?
- Interest rates on jumbo money market accounts can range widely and change often. As of Oct. 9, the best rates for money market accounts are 4.25% to 5.22%.
- Which bank is best for large sums of money?
- If you have a large sum of money that you need to put in a bank, you might consider:
- Bank of America Private Bank
- Chase Private Client
- HSBC Premier Checking
- If you have a large sum of money that you need to put in a bank, you might consider:
- Where can I get 5% interest on my savings account?
- Some banks and credit unions that offer 5% or more interest on savings accounts are:
- Varo
- Digital Federal Credit Union
- Blue Federal Credit Union
- Some banks and credit unions that offer 5% or more interest on savings accounts are:
- Can I withdraw funds from a jumbo money market account at any time?
- You can access funds in your jumbo money market account any time online or through an ATM. Some jumbo money market accounts do limit the number of outbound transfers and withdrawals per month — so you’ll want to check with your bank to ensure you don’t exceed the transaction limit.
- What fees are associated with jumbo money market accounts?
- Many jumbo money market accounts come with monthly maintenance fees. These fees are charged to keep the account open but in many cases, the fees can be waived by meeting a minimum balance requirement. There may also be an “excess transactions fee” assessed if you make too many withdrawals from the account in one month. Check with your bank for a specific fee schedule for your jumbo money market account.
- Which bank gives 7% interest on savings accounts?
- As of writing in October 2024, no financial institutions in the U.S. offer accounts with a 7% interest rate.
- What is the best interest rate on $100,000?
- If you have $100,000 to tuck away, the right money market account or high-yield savings account could help you score an interest rate of around 5%.
Jacob Wade and Sarah Sharkey contributed to the reporting of this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 9, 2024.
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- Consumer Financial Protection Bureau. 2023. "What is a money market account?"
