Jumbo Money Market Accounts are worth considering if you have at least $ 100,000 in cash that you want to keep in cash and want to earn a competitive rate.
What is a jumbo money market account?
Like a jumbo certificate of deposit (CD), a jumbo money market account typically requires a minimum deposit of $ 100,000 and typically offers 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 jumbo money market account can also reward you with a higher rate if your balance exceeds a certain level.
Best Jumbo Money Market Accounts in December 2021
|Bank||Best in class performance||Minimum deposit for APY|
|Federal Navy Credit Union||0.50% APY||$ 100,000|
|VyStar Credit Union||0.40% APY||$ 100,000|
|Suncoast Credit Union||0.40% APY||$ 250,000|
|Discover the Bank||0.35% APY||$ 100,000|
|Delta Community Credit Union||0.32% APY||$ 100,000|
|SchoolsFirst Federal Credit Union||0.25% APY||$ 100,000|
|Golden 1 Credit Union||0.20% APY||$ 100,000|
Note: Annual Percentage Returns (APY) shown are as of December 1, 2021 and may vary by region for certain products.
Compare: Overview of Jumbo Money Market Bank Accounts
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. The 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, 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
VyStar Credit Union was founded in 1952. It was originally called Jax Navy Federal Credit Union and was chartered from Naval Air Station 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 CD terms ranging from three months to five years. It also offers a one-year CD for Kids, VyTeen, Bravo and Achieve members only.
Suncoast Credit Union – 0.40% APY, minimum balance of $ 250,000 for APY
The 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 in terms of assets. People who attend school, live, work, or pray in a Florida county served by Suncoast Credit Union are welcome.
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.
Delta Community Credit Union – 0.32% APY, minimum balance of $ 100,000 for APY
Delta Community Credit Union began as the Delta Employees Credit Union in 1940. It was founded 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 area and employees of more than 150 companies are welcome to Delta Community Credit Union. Delta Air Lines, Chick-fil-A and UPS are some of the eligible companies.
SchoolsFirst Federal Credit Union – 0.25% APY, minimum balance of $ 100,000 for APY
SchoolsFirst Federal Credit Union was formed during the Great Depression in 1934. The credit union, established by school employees, has 50 branches.
SchoolsFirst serves the educational community in California. Certain school employees, certain retired school employees, and immediate family members of existing members of the SchoolsFirst Federal Credit Union are eligible to join.
Golden 1 Credit Union – 0.20% APY, minimum balance of $ 100,000 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.
Jumbo account vs 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 a certain balance is maintained. The possibility of being rewarded with a higher rate when your balance exceeds a certain point may appeal to some.
Savers can be rewarded for placing a large amount of money in a jumbo money market account, but it is important to compare rates as some banks offer relatively high rates for a lower minimum balance.
Pros and Cons of a Jumbo Money Market Account
Benefits of a jumbo money market account
- Some tiered accounts reward you with higher returns for higher balances.
- A jumbo money market account can earn a higher APY than a regular money market account.
- Some banks and credit unions offer perks and perks over other products if you have a higher level of account.
Disadvantages of a Jumbo Money Market Account
- Regular money market accounts and savings accounts may earn a higher APY.
- You may want to divide your money between different bank accounts.
- Longer term money could earn a higher return in a CD or other investments.
- Jumbo money market account holders should be aware of the FDIC limits and guidelines. The standard FDIC insurance amount is $ 250,000 per depositor, per insured bank, for each category of account ownership.
- What is a money market account?
- 5 Ways To Get The Best Money Market Account Rate
- Pros and Cons of Money Market Accounts