earn.bank Money Market Account Leads With 2.41% APY


Deal Summary: Money Market Account, 2.41% APY on all balances, $100 minimum opening deposit

Availability: Nationwide (internet bank)

Less than three months ago, earn.bank made its debut in the internet banking world, offering a Money Market Account (MMA) and two CDs. The MMA offered an initial (and respectable) 2.02% APY on all balances. Within one month, the rate jumped to 2.31% APY, securing a place as the top-rated nationally available money market account. As of today, the MMA now earns 2.41% APY on all balances and is still the rate leader.

2.46%--earn.bankMoney Market Account
Rates as of April 17, 2019.

While the earn.bank brand is new to most of us, California-based Silvergate Bank had been developing earn.bank for about two years before it was launched. This independently operating online division of Silvergate Bank is the organic outgrowth of the Bank’s online banking platform.

Funding and Accessing the Money Market Account

The MMA requires a minimum $100 opening deposit. The initial deposit can be by credit card ($500 maximum), or through an external checking account or savings account. Once the MMA is established, deposits can be made through checks (including mobile deposits limited to $2.5k per each deposit), ACH and wire transfers, and online transfers. Unlimited external bank accounts can be linked, and transactions to/from those accounts can be done via earn.bank’s online banking platform.

There is no check writing ability, ATM/debit card, or Bill Pay services with earn.bank’s MMA.

Withdrawals from this account can be completed by transfers to linked external accounts
in online banking, or by initiating a request by sending an email to [email protected]

While there is a $1k per day limit on outgoing ACH transfers initiated through earn.bank’s online banking platform to unlinked accounts, outgoing ACH transfers to the original funding and/or linked accounts have no dollar limit.

The following restriction applies to newly opened MMAs:

Requests to withdraw funds within the first 90 days will be completed
by returning funds by the method in which they were received.

There May Be Fees

  • The $10 monthly maintenance fee can be avoided with a $10k minimum average daily balance.
  • Paper statements incur a $25 fee, but eStatements are free.
  • There is a $5 fee for each telephone transfers.
  • Each withdrawal in excess of six withdrawals allowed per statement cycle carries a $15 fee.
  • Beneficiaries

    Multiple payable-on-death (POD) beneficiaries are allowed and Social Security numbers are NOT required for beneficiaries. While there is no set limit on the number of beneficiaries permitted, the online application can only accommodate up to five beneficiaries being named.

    In-trust-for (ITF) accounts are also allowed, with the “Deposit Account Certification of Trust” form available as a download.


    Headquartered in La Jolla, in Southern California, earn.bank is an internet bank with no brick-and-mortar branches.

    To open any type of account at earn.bank, you must be a US citizen or full-time resident with a valid Social Security number. A link to the online application can be found on Money Market account page.

    Bank Overview

    As an online division of Silvergate Bank, earn.bank operates under Silvergate Bank’s FDIC Certificate and shares its financial history. “Deposits are insured by the FDIC up to the maximum allowed by law, with earn.bank and Silvergate Bank treated as the same entity for the purposes of calculating FDIC insurance limits on deposits.”

    earn.bank/Silvergate Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 4.51% (excellent), as of September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $977.66 million, an excellent annual growth rate of 99.22%. Please refer to our financial overview of earn.bank/Silvergate Bank (FDIC Certificate # 27330) for more details.

    Headquartered in San Diego, Silvergate Bank opened in 1988, specializing in meeting the needs of small businesses. A subsidiary of Silvergate Capital Corporation, Silvergate Bank’s charter was changed from an industrial bank to a commercial bank in 2009, allowing the Bank to offer demand deposit accounts. Silvergate Bank is known as a “crypto-friendly” bank, and according to a recent CCN.com article,

    California-based financial institution Silvergate Capital, the parent company of Silvergate Bank, is preparing to go public to raise $50 million in an initial public offering (IPO), according to documents filed with the US Securities and Exchange Commission (SEC).

    As the filing states, Silvergate’s focus has moved away from that of a traditional lender to providing non-interest bearing deposits for digital currency businesses. The financial institution estimates the market for cryptocurrency banking services to be between $30 billion and $40 billion.

    How the Money Market Account Compares

    When compared to 185 Money Market accounts tracked by DepositAccounts.com, which are available nationwide and have a minimum deposit requirement of $5k or less, earn.bank’s Money Market Account APY currently ranks first.

    The above rates are accurate as of 1/18/2018.

    Looking for the best MMA rates, either nationwide or in your state? Please refer to our Money Market Accounts rates table page.

    Related Pages: money market accounts, nationwide deals, Internet banks

    deplorable 1
    deplorable 1   |     |   Comment #1
    Not bad I'll keep a eye on this one just in case EBSB drops their rate. I like the unlimited linking for ACH transfers. They may as well say $10,000 minimum though. You would have to link it to a good hub account for that first 90 days.
    Mikey1   |     |   Comment #2
    I am definitely NOT deplorable but agree 100% with everything expressed. A good backup to EBSB, but the $10K minimum sure caught my eye as well. Isn’t there ANYONE out there who can step up with 2.6% or higher? You’ve got a captive audience here waiting to pounce.
    unmesh   |     |   Comment #4
    Why wouldn't this be a great candidate for a hub account after 90 days?  The 10K balance to avoid fees?
    Get Real
    Get Real   |     |   Comment #13
    And if EBSB drops their rates earn can do so at anytime. If they had a rate guarantee that would be a different story. It says "they are preparing to fo public" and maybe they are trying to boost their assets to make the offering more successful and then drop the rates.
    Trax   |     |   Comment #3
    meh.....yawn.....no worth my trouble
    QED   |     |   Comment #5
    At the very end of this writeup, in his chart of competing products, Ken mentions Virtual Bank at 2.36%. Be on notice that, when you ACH funds into Virtual bank, interest is not paid on those funds the day they arrive at the bank. Interest commences, instead, on the next BUSINESS day. This policy at Virtual Bank is completely concealed. They only admit to this when challenged.

    So for example, this being a holiday weekend, if your funds arrived via ACH yesterday (Friday) at Virtual Bank, you will begin earning interest on those funds next Tuesday!  Virtual Bank credits incoming ACH funds to your account on day of arrival.  There is no delay.  You can see the funds in your account, just as you would anticipate.  But nevertheless, those funds do not actually earn interest until the next business day.
    RichReg   |     |   Comment #6
    Agreed, QED and I find this very disingenuous.
    An online bank's ACH processing almost ALWAYS gives you same day interest when depositing with their service. And even though many here would call check-writing "old school", on the majority, THAT'S when you're almost guaranteed not to lose interest when withdrawing from said institution.

    That said, one has to wonder: Why are banks calling these accounts "money markets"?? I seem to recall when opening these in person, they were inherently high-yield CHECKING accounts. I think in some cases, by eliminating the check-writing often you find that little "skimming" off the ACH process.

    So if they have no check-writing they're only a savings account in my book. I've also found that banks that DO have check-writing (like Northern Direct or United Bank) also have a highly efficient ACH processing time.
    deplorable 1
    deplorable 1   |     |   Comment #7
    Good to know but that's nothing compared to igobanking who had the slowest ACH transfers I have ever seen. On a holiday weekend like this they could take 7-8 days to complete a ACH transfer from their website. It was so bad that the interest rate they offered became irrelevant.
    Trax   |     |   Comment #9
    Dep 1 just saw your comment after my post below......I totally agree........As you can see I had a horrible experience with them.......They will NEVER see a dime from me again.......all because they scammed me out of 7 days interest. Made me furious with their excuse......claimed it was somewhere in the never-never land of ach transfers.......all the while they had my money and were earning interest on it themselves. Infuriating!
    Svensk   |     |   Comment #10
    I Go Banking is a total rip off! ACH transfers outbound take several days. Limited to $15000/day 6x a month. Bye Bye IGB!!
    Trax   |     |   Comment #8
    Thanks.....Yes I absolutely despise banks that do this.......worst I ever ran into was IGO Bank.....They had my money for a week by ACH and did not pay interest. Made me furious as it was a lot of money....I kept the CD there but once it matured it was gone 5 minutes later and I will NEVER do business with them again.......NEVER!
    deplorable 1
    deplorable 1   |     |   Comment #14
    @Trax: They had some sort of "quick transfer" or "fast transfer" option which was capped at something like $2,000 and even that would take 2-3 days to complete a ACH transfer! Then the fast transfer option would disappear and when I called customer service they had no clue why it wasn't showing up. I had the Bank Purely version but I'm sure other igobanking customers had the same experience.
    dick THE WEASEL durbin
    dick THE WEASEL durbin   |     |   Comment #11
    $1k outgoing ACH...pass on this one
    Anonymous   |     |   Comment #12
    That limit only applies to UNLINKED external accounts.
    earn.bank Money Market Account Earns New APY
    Deal Summary: Money Market Account, 2.31% APY on all balances, $100 minimum opening deposit

    Availability: Nationwide (internet bank)

    In early November, earn.bank made its debut in the internet banking world, with a product line consisting of a 1-year and 2-year CDs and a Money Market Account. While the earn.bank brand is new to most of us, California-based Silvergate Bank has been developing earn.bank for about two years. This independently operating online division of Silvergate Bank is the organic outgrowth of the Bank’s online banking platform.

    Continue Reading

    The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.