Best jumbo money market rates for January 2025

Bankrate’s picks for the top jumbo money market rates

Note: Annual percentage yields (APYs) shown are as of Jan. 7. Bankrate's editorial team validates this information regularly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes in its lists only banks that are members of the Federal Deposit Insurance Corp. (FDIC) or credit unions insured by the National Credit Union Administration (NCUA).

First Internet Bank – 4.42% APY, $1,000,000.01 minimum balance for APY

First Internet Bank has been around since 1999. According to its website it was the first state-chartered online bank with Federal Deposit Insurance Corp. (FDIC) insurance.

First Internet Bank offers a Money Market Savings account. This account rewards you for having a daily balance of more than $1 million. It also pays a competitive 3.77 percent APY for balances $1 million or under.

You’ll need to keep at least $4,000 in this account to avoid paying the $5 monthly service fee.

America First Credit Union – 4.10% APY, $1,000,000 minimum balance for APY

America First Credit Union was founded in 1939. Its money market account offers different yields depending on your balance.

Members with $1 million or more in a money market account qualify for the top interest tier. And members with between $250,000 and $999,999 earn the second-highest APY of 3.70 percent.

You have a variety of options for America First Credit Union membership, including living, working, regularly doing business in, worshiping, volunteering or going to school in Salt Lake county in Utah, as well as other locations such as Maricopa County, Arizona.

Discover Bank – 3.65% APY, $100,000 minimum balance for APY

Savers need at least $100,000 to earn the money market account’s top yield. Balances under $100,000 earn a slightly lower, albeit still competitive yield. There’s no monthly service fee.

In addition to a money market account, Discover has a savings account and many terms of certificates of deposit (CDs). CDs range in terms from three months to 10 years.

Suncoast Credit Union – 3.00% APY, $500,000 minimum deposit for APY

Suncoast Credit Union was started in 1934 as Hillsborough County Teachers Credit Union. Suncoast Credit Union is the largest credit union in Florida, and in early 2022 it surpassed one million members.

Savers need at least $500,000 to earn the top yield for Suncoast Credit Union’s money market account. Some advantages of this account include no minimum balance, free overdraft protection and no transaction restrictions.

People who attend school, live, work or worship in a county in Florida that Suncoast Credit Union serves are welcome to join. In addition to meeting that requirement, you’ll also need to deposit at least $5 in a Suncoast savings account to become a member.

Navy Federal Credit Union – 2.25% APY, $1,000,000 minimum balance for APY

Navy Federal Credit Union has nearly 13 million members and is the world’s largest credit union. It has a global network of more than 360 branches. Navy Federal Credit Union has its headquarters in Vienna, Virginia.

The Jumbo Money Market Savings account requires $100,000 to open, but you’ll need $1 million to earn the highest APY. In addition to money market accounts, Navy Federal Credit Union also offers checking and savings accounts, CDs, loans and credit cards.

Membership at Navy Federal Credit Union is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families.

Like a jumbo certificate of deposit (CD), a jumbo money market account may require a higher minimum deposit and may offer a higher APY than regular money market accounts. But that’s not always the case. Compare rates on Bankrate to find the right account for your money.

A jumbo money market account may also reward you with a higher rate for higher balances.

The minimum opening deposit and balance requirements for standard money market accounts vary depending on the institution. Some don’t require a minimum amount. Others could require fees starting at $25,000 in order to secure a higher APY. Most requirements fall around $2,500.

Research methodology

A money market account can be great for earning a high APY. Some accounts may let you write a limited number of checks and also offer a debit card.

Many online banks offer a more competitive yield than brick-and-mortar banks. This is because online banks don’t usually have as much overhead, since they don’t operate physical branches. Online banks need to attract your attention, and high yields are a way to do this, which is good for savers.

Choosing an FDIC-insured money market account at an online bank is a safe way to get these high-yielding APYs. Just make sure that you’re within the FDIC’s guidelines and limits.