Best jumbo money market rates for November 2024

Written by
Matthew Goldberg
Edited by
Marc Wojno
Reviewed by
Kenneth Chavis IV

Rates updated between Nov. 9, 2024 and Nov. 15, 2024

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Jumbo money market accounts are worth considering if you have at least $100,000 in cash that you wish to keep liquid and want to earn a competitive rate.

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Bankrate Partner average
3.74% APY
National average
0.42% APY
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Bankrate’s picks for the top jumbo money market rates

Note: Annual percentage yields (APYs) shown are as of Oct. 7. Bankrate's editorial team validates this information regularly, typically biweekly. 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 – 4.95% 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 – 4.50% 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 4.15 percent.

You can qualify for America First Credit Union membership in many ways, including living, working, regularly doing business in, worshiping, volunteering or going to school in Salt Lake county in Utah, as well as other locations.

Discover Bank – 3.95% APY, $100,000 minimum balance for APY

Discover Bank may be known for its credit cards, but it also offers a selection of banking products. 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.

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.

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.

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 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.

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.

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.

What is a jumbo money market account?

Like a jumbo certificate of deposit (CD), a jumbo money market account may require a higher minimum deposit and typically offers a higher APY than accounts with lower balance requirements. 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 if your balance exceeds a certain tier.

A standard money market is a money market account that usually requires a balance/minimum opening deposit below $95,000 or $100,000.

Pros and cons of jumbo money market accounts

Pros

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    Possible higher APYs — A jumbo money market account might offer a higher yield than a regular money market account.

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    Insurance — A jumbo money market account is insured if it’s at an FDIC bank or NCUA credit union, and it’s following the rules for federal insurance.

Cons

  • Regular money market accounts and savings accounts might offer higher yields. Just because the account has “jumbo” in its name, that doesn’t mean you’re getting a higher APY than you would with a regular money market account.

  • Depending on your balance, some of your money in a jumbo money market account might not be insured under FDIC guidelines. The standard insurance amount for FDIC coverage is $250,000 per depositor, per insured bank, for each account ownership category.

Jumbo money market account FAQs

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.