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The Best Money Market Account Rates in November 2019


Written by Lauren Perez and Ken Tumin

Editorial note: Any opinions, analyses, statements, reviews or recommendations expressed in this article are those of the authors' alone, and have not been reviewed, approved or otherwise endorsed by any provider of the products listed below.

Money market accounts (MMAs) are unique savings vehicles that operate like a hybrid of savings and checking accounts. While there are exceptions, money market accounts typically earn at much higher rates than traditional savings accounts. In October 2019, money market account rates averaged 0.392%, while savings accounts averaged 0.278%.

Because of their competitive rates, money market accounts are a great option for those who are focused on maximizing savings. They’re also good accounts for people with high balances, as MMAs tend to require high deposits and balances. Plus, an extra feature that often distinguishes MMAs from savings accounts is the presence of a debit or ATM card or the ability to write checks with your account. Not all money market accounts have this feature, however, while others offer it upon request. This makes some money market accounts more convenient than a traditional savings account, for easier access to funds.

Whether you’re looking for the highest rates, easy access or both, we’ve found the best money market accounts below.


All rates are current as of 11/5/2019


The best national money market accounts


How we chose the best national money market accounts

To find the best money market accounts, we looked at a few important factors:

  • High interest rate: We found the accounts with the highest APY from nationally available banks.
  • ATM access: ATM/debit card abilities set money market accounts apart from regular savings accounts. We looked for accounts that offered this feature for increased convenience.
  • Low to no fees: We also wanted to ensure you don’t pay exorbitant fees that can decrease your earnings on your accounts.

#1 All America Bank

All America Bank offers its competitive Mega Money Market® interest rate to balances of $50,000 and below. If you have a high balance over that amount, you’ll earn at a much lower rate. You’ll need to open the account with at least $500. You also need to enroll in electronic statements to earn your rewards. Paper statements cost $3 anyways, so you’ll do better to go paperless. Still, All America Bank makes wallet style checks available to customers.

Also labeled as a checking account by the bank, the account is still limited to six withdrawals or transfers per statement cycle just like a savings account. Each transaction over that limit will cost you a fee of $5.

Family-run All America Bank has been around since 1927. Its branch locations are limited to Oklahoma, but you can access thousands of ATMs worldwide.

2.25% APY

MIN TO EARN: $500

Learn More

#2 MemoryBank

Online-only MemoryBank continues to offer a solid interest rate on its money market account. You’ll need at least $50 to open the Online Money Market Account. After that, all balances up to $1 million can earn interest at the account’s competitive rate. Balances over $1 million, however, will earn 0.01% APY. The account does not charge a monthly fee.

The Online Money Market Account does not include a debit/ATM card or check-writing abilities. You can fund your money market account via credit card, mobile deposit, wire transfer or check. You’re allowed unlimited withdrawals or transfers in person at a Republic Bank & Trust Company banking center. Outside of these branches, however, you’re limited to six withdrawals or transfers each month.

MemoryBank is a division of Republic Bank & Trust Company, which provides FDIC insurance for your deposits.

2.25% APY

MIN TO OPEN: $50

Learn More

#3 MECU Credit Union

MECU Credit Union offers big savings through its Money Market Special account. It requires $10,000 in new money (money not on deposit at MECU within the last 90 days) to open. The competitive 2.25% APY applies to balances between $10,000 and $1 million. Any balances outside of that range earn 0.05% APY. There is no monthly fee on the account.

MECU allows you to access its Money Market Special account online, by check, at 30,000 free ATMs and at MECU locations. Mobile banking is also available with MECU.

MECU Credit Union was founded in 1936, known then as Municipal Employees Credit Union. Headquartered in Baltimore, Md., MECU membership is open to anyone who lives, works, worships or attends school in Baltimore City, works at a partner company or is related to a current or eligible member. You may also join if you support the American Consumer Council, whose one-time support payment MECU will pay for.

2.25% APY

MIN TO OPEN: $10,000

Learn More

#5 UFB Direct

The UFB Direct Premium Money Market account earns at a high interest rate reserved for high balances, specifically on balances of $25,000 and over. Accounts with less than $25,000 will earn at a 0.50% APY instead. You’ll need at least $5,000 to open the account. Maintaining this balance daily will also waive the $10 monthly fee.

In addition to free online and mobile access, you may also receive a free Visa® debit card upon request. You can use this card at any ATM in the country, but UFB Direct won’t refund you for ATM surcharges. The UFB Direct Premium Money Market account includes check-writing abilities. The bank will even provide free postage-paid envelopes. You’re still limited to six transfers and withdrawals on this account each month.

UFB Direct is a branchless division of Axos Bank, which is also entirely digital. Axos Bank, founded in 1999, provides FDIC insurance for your UFB Direct deposits.

2.15% APY

MIN TO EARN: $25k

Learn More

#5 earn.bank

Requiring a hefty $10,000 opening deposit, the earn.bank Money Market Account earns the best money market interest rate on all balances. You can fund your account through online transfers and mobile check deposits. The account does not include a debit/ATM card, or the ability to write checks. You can download the bank’s app for free in the Apple App Store and on Google Play. In fact, it helps to keep your account management online, especially by enrolling in free eStatements since paper statements will cost a whopping $25 fee. There is also a $10 monthly maintenance fee that you can waive with a $10,000 minimum average daily balance.

Established entirely online, earn.bank is a division of Silvergate Bank, which provides FDIC insurance on your earn.bank deposits.

2.05% APY

MIN TO OPEN: $10,000

Learn More

Ken’s top money market accounts

Ken’s methodology for choosing the top money market accounts

Even though there is no official definition of a money market account, I consider check writing to be an important feature that sets it apart from a savings account. Both money market accounts and savings accounts have the same withdrawal limitation as defined by federal regulation. That limits withdrawals (including checks) to no more than six per statement period except for ATM cash withdrawals and a few other types of withdrawals.

To be included in my top money market list, the account must offer check writing. In addition, the money market account must have a history of competitive rates.


#1 All America Bank

This bank’s Mega Money Market Account has offered competitive rates for more than ten years. The account is often the rate leader. However, the top rate only applies to balances up to $50k. The portion of the balance over $50k earns a much smaller rate.

The Mega Money Market Account has no monthly maintenance fees or minimum balance requirements. The minimum opening deposit is $500, with a limit of one account per individual. There is a $3 monthly charge for paper statements, with eStatements available at no charge.

All America Bank’s online division, Redneck Bank, also offers the Mega Money Market Account with the same rates and features.

2.25% APY

MIN TO EARN: $500

Learn More

#2 Sallie Mae Bank

The Sallie Mae Bank Money Market Account has offered competitive rates since 2016. The Money Market Account rates often exceed the rates of online savings accounts at the well-established internet banks. The Account has no rate tiers or maximum balance. There are no monthly service fee and no minimum balance requirements.

Sallie Mae Bank offers a bank-to-bank ACH transfer service that allows customers to initiate large transfers. One downside with the transfer service is a long hold time. When an ACH deposit of over $5k is made via Sallie Mae Bank's transfer service, the hold time for the amount over $5k is 10 business days.

1.85% APY

MIN TO EARN: $0

Learn More

#3 Bank7

This bank’s High Rate Online Money Market Account is fairly new, but from the time it was launched in early 2018, the Account has offered competitive rates. The top rate applies to balances up to $1 million. A $5k minimum balance is required to avoid a $15 monthly fee.

In addition to check writing, bill pay and debit/ATM cards are available for making withdrawals. However, a bank-to-bank ACH transfer service is not available.

2.01% APY

MIN TO EARN: $5,000

Learn More

#4 BankUnitedDirect

This is a new online division of BankUnited which has been operating since the summer of 2018. The Money Market Account rate has remained competitive since BankUnitedDirect began operation. Minimum initial deposit is $2.5k, and a minimum balance of $2.5k is required to avoid a $15 monthly maintenance fee. Maximum balance per account is $250k.

In addition to check writing, a debit/ATM card is available for making withdrawals. Also, the bank offers a bank-to-bank ACH transfer service with no limits on the dollar amounts that can be transferred.

2.00% APY

MIN TO EARN: 2,500

Learn More

#5 Discover Bank

Discover Bank’s Money Market Account has a long history. I first wrote about the account in 2008. We’ve been tracking the rate since 2009, and during that time, the rate has always been competitive, even after Discover added the Online Savings Account in late 2009. Unlike other banks, the Money Market Account rate has consistently moved higher as interest rates have risen.

Unlike Discover Bank’s Online Savings Account, the Money Market Account has additional withdrawal options which include check writing, online bill pay and a debit/ATM card. The trade-off is a slightly lower rate and a minimum balance requirement to open the account and to avoid a monthly maintenance fee. A little higher rate is available for balances of at least $100k. However, even that rate has typically been below the Online Savings Account rate.

The Money Market Account benefits from Discover Bank’s mature online account management system which makes bank-to-bank ACH transfers easy, even for large amounts.

1.70% APY

MIN TO EARN: $100k

Learn More

The highest money market rates


The highest money market rates may not offer check writing capabilities or ATM access and may charge monthly fees that require high balances in order for the fee to be waived. However, if you’re just looking for a savings account with a high rate, these high rate money market accounts may be exactly where you want to place your money. Please keep in mind that the list below just shows accounts that are considered to be money market accounts. There are no savings accounts listed below. If you'd like to see a comprehensive list of high-yield money market and savings accounts, please see Ken's Bank Account Survey.

The highest money market account rates

InstitutionRatesAccount Name
All America Bank2.25% (up to $50k), 0.50% ($50k+)Mega Money Market AccountLearn More
Redneck Bank2.25% (up to $50k), 0.50% ($50k+)Mega Money Market AccountLearn More
Northpointe Bank2.30% ($25k - $1m)
0.50% ($1m+)
0.25% ($2.5k - $25k)
0.20% (up to $2.5k)
Ultimate Money MarketLearn More
State Bank of India (IL)2.25%Money Market Deposit - US Based ConsumerLearn More
Customers Bank2.25% ($25k+)Ascent Money Market - Online OnlyLearn More
MECU2.25% ($10k - $1m)
0.05% (any amount)
Money Market Special - New MoneyLearn More
Prime Alliance Bank2.22% ($10k+)
1.97% ($1 - $10k)
Personal Money MarketLearn More
Sun East FCU2.20% ($5k - $250k)Max-Yield Money Market Account Promotional - New Money (13 Month Intro Rate)Learn More
Virtual Bank2.15% ($100+)eMoney Market SpecialLearn More
Quontic Bank2.20% (100k+)
2.10% ($5k - $100k)
1.85% (up to $5k)
Personal Money MarketLearn More

Conclusion

The best money market accounts are those that set themselves apart from traditional savings accounts. While it’s not a formal definition, DepositAccounts founder Ken Tumin highly values those accounts that provide check-writing abilities or debit/ATM card access. These features, he maintains, are a step up from a savings account. Without them, an account is more of a savings account than anything, despite its name.

Money market accounts are also a step up from savings accounts, in regards to their interest rates. You can typically earn at a more competitive rate with a bank’s money market account than with its savings account. The trade-off here, however, is often a much higher opening deposit, minimum balance requirement or both.

Luckily, along with savings accounts, CDs and checking accounts, money market account rates have been on the gradual incline since Dec. 2016 when they averaged at 0.188% APY. In Jan 2019, that percentage had risen to 0.366% APY, with a promising outlook on savings accounts for the new year.

With the average savings account rate (0.281% APY) not far behind money market accounts, it can be a toss-up deciding which kind of account to open.

  • If you just want the highest rates: A money market account could be the way to go. It’s important to check for the best rates first. This is especially true with the rise of online banks which continue to amp up the competition for high-yield accounts.
  • If you have a high deposit: Money market accounts typically require high minimum deposits. This not only means a high balance to earn interest, but a high deposit to open the account in the first place. So if you’re just starting to get into saving, a savings account with a lower minimum would work better for you.
  • If you want more access: If you’ve found yourself wishing you could more easily access your savings account at an ATM, then a money market account is the answer. Many MMAs include either an ATM or debit card which you can use at an ATM to withdraw or deposit funds. Some accounts also include check-writing abilities which, although slightly outdated, offer a way to make purchases with your money market account.
Comments
Simon
Simon   |     |   Comment #1
Most of the MM accounts advertise up to $3 millions to earn the stated rate, but when I try to read who insures the account after the first FDIC $250K, most are giving me run around anywhere from state, private, government and so on, but no specific facts.
Does anyone knows for certain how are they insured after the FDIC stops?
Deep Thoughts
Deep Thoughts   |     |   Comment #2
Why would you assume that they are insured beyond FDIC or NCUA?
CPA
CPA   |     |   Comment #3
Massachusetts DIF covers unlimited amounts after the FDIC insurance. Open account there or at the 50 other banks covered by that DIF that do business there.
Second, you can buy CDARS, they insure over the $250K to about $10 Millions.
Third, Wintrust financial, insures about 15 banks in Illinois and Wisconsin after the FDIC limit up to $10 millions.
Fourth, get your CD from a brokerage account, they insure well over the $250 K ($1-5 millions variable) and the CD rates are competitive with the banks.

#2, please educate yourself first, before posting misinformation.
deplorable 1
deplorable 1   |     |   Comment #5
@CPA: Agreed but everything you mention does not guarantee a top rate. If you would like a top rate it is still best to stay within the FDIC/NCUA limits. This will require multiple ownership categories and several different financial institutions to boot. Sure there are some exceptions like DIF insurance and the rare brokered CD that beats those from regular banks.
RRR
RRR   |     |   Comment #8
In most cases you don't need to use multiple ownership categories and/or multiple institutions simply to increase your FDIC/NCUA coverage limits. Nor do you need to limit your choices to Massachusetts institutions, CDARS or other such limited programs. Most banks and credit unions will allow you to name POD (payable on death) beneficiaries on your account (s). For each beneficiary named you will have $250,000 of FDIC or NCUA coverage. Total coverage will be $250,000 times the number of beneficiaries named.
deplorable 1
deplorable 1   |     |   Comment #18
@RRR: Yes that's part of what I meant by staying under the FDIC/NCUA coverage limits.
Jane
Jane   |     |   Comment #9
deplorable 1, it is very difficult, if not impossible to do those tricks when a widower or a widow who has $10 millions plus accounts and can not put on the account anyone she/he trusts. They do not need every penny squeezed out of the MM accounts, security is worth 10 times more than few extra dollars in savings.
Putting someone on the account can create estate and tax problems down the road and the WILL can be compromised with PODs or joint accounts if there are siblings involved. Your idea works when the family consists of 2-4 different SS numbers, for a single person it is impractical, having 50 different bank accounts, it is also impractical.
Deep Thoughts
Deep Thoughts   |     |   Comment #11
$10 million for a single person is not hard. A few PODs and a few banks, a money market fund, some IRAs. Not too complicated, and a good "problem."
Limmy
Limmy   |     |   Comment #13
#11, did you read the reply before you answered? PODs are not available, IRA is not available, multi MM accounts are to cumbersome, what is left?
Deep Thoughts
Deep Thoughts   |     |   Comment #16
Limmy, of course PODs are available, IRAs are common, nobody needs more than one money market fund, because there is no insurance limit.

My reply was to the comment that $10 million is hard to insure, when it isn't.
deplorable 1
deplorable 1   |     |   Comment #15
@Jane: Well all I can say is I wish I had that problem. I don't have 10 million so I do need to earn a top rate on all my savings and investments. I can't figure out how you could have 10 million and can't come up with a few POD beneficiaries, friends, relatives you can trust. Honestly even If I was In that situation I would just split it up into $250,000 increments and just have all the interest flowing into savings and MMA's. Then I would spend all the interest and live a little. Life is too short to have all your cash locked up in long term low interest accounts.
Jennifer
Jennifer   |     |   Comment #19
Most single people that I know list charitable organizations as POD's on many of their accounts to increase the NCUA/FDIC coverage.
RRR
RRR   |     |   Comment #27
Regarding #9. You are correct. If you use a method of increasing your insurance coverage such as adding POD beneficiaries, you must take into account its effect on your estate planning provisions whether a will or a trust.

POD beneficiary designations will supercede any provisions in a will. So therefore if you make such designations, the assets may be distributed in a way that is different than your will designated. You should carefully consider whether you want that to happen.

Similarly, if you have a living trust, it can interfere with the provisions of the trust. Commonly, if an account is titled in the name of a revocable living trust, the maximum insurance available would be the FDIC or NCUA limit of $250,000. So you are correct that amounts larger than that would require multiple accounts at different institutions in order to be insured.

So if you're going to use such a method for the purpose of increasing your insurance coverage, which still might be feasible if you understand the implications and carefully plan it, you should consult an expert first to avoid making costly mistakes.

Using accounts with POD beneficiaries is sometimes called a poor man's trust. It is one way to assure that the assets of those accounts is distributed according to your wishes after you are disceased without having to draw up a formal trust. But you are correct that you must consider the effect of this method on your estate plan.
deplorable 1
deplorable 1   |     |   Comment #39
@RRR: I'm poor compared to some folks on here and I love the idea of using POD beneficiaries as a $0 cost trust! It bypasses probate and you don't even need to have a will drawn up.
Banks
Banks   |     |   Comment #44
#39, if there are siblings excluded from the POD or there is a survival spouse, a POD beneficiary can be removed with court order, nothing is 100% sure in the US laws. The survivor(s) only need to prove that the POD was created to insure the funds only and not the funds to go to someone in the POD. Mental capacity can play a crucial role too.
RRR
RRR   |     |   Comment #60
#39

Correct. You can designate POD beneficiaries and have the proceeds of your account(s) distributed to them upon your death without having to go through probate and without a will or formal trust. However, keep in mind that wills and trusts often include other provisions on assets that cannot be handled in this way and other matters such as real estate, privately owned business, who takes care of minor children, disposition of personal property, etc. You still need those documents if you want to ensure that those things are handled according to your wishes. But for some people, the "poor man's trust" might be all they need. It's a great tool.
Sue
Sue   |     |   Comment #29
deplorable 1 #5, there is always a reason of why some banks and CUs are at the top rates, either they have been told the deposits are to low to substantiate long term viability as business or they have an urgent project to finance or previously issued CD are due and they are short on cash.
Nothing else can make a bank or CU to raise the rates and they count on the ignorant savers to renew it at a lower rate at maturity. If insurance is your priority, never buy the top rate CDs, stay couple of notches bellow the top rate and the default at such banks or CUs is much lower. Look for stability in their financial report(s).
RRR
RRR   |     |   Comment #31
"If insurance is your priority, never buy the top rate CDs"

Why not? Top rate CDs are often offered by highly sound financial institutions. The fact that they are offering a high rate is not necessarily indicative of financial distress. I don't even think there is a high positive correlation between top rate offerings and poor financial health.
Banks
Banks   |     |   Comment #46
RRR #31, please name one!
111
111   |     |   Comment #50
#46 - I can do you one better - I'll let you name them yourself! On this website, simply go to the "CD Rates" tab, and look at the highest 5 rates for 1, 2 and 3 years. 1-yr: 2 are A, 1 is B+, 2 are unrated. 2-yr: 3 are A or A+, 2 are unrated. 3-yr: 3 are A, 2 are unrated. In every single case, ALL of the "unrated" CDs are from a single bank, "State Bank of India". I don't know whey they're unrated, but the point is, it's clear that there are plenty of high-rated choices among the top-rate CDs.
RRR
RRR   |     |   Comment #64
#63

Since 111 did such a thorough job responding to your request for help, I saw no need to add anything further.

Please see #50 for the information you requested. It appears you missed it.
Sue
Sue   |     |   Comment #63
#31, we are still waiting for the name of that financial institution, where is it?
deplorable 1
deplorable 1   |     |   Comment #40
@Sue: As long as you are within the FDIC/NCUA limits including the interest what do you have to lose when seeking the top rates? I'll take my chances with the highest yielding accounts every time. If the bank goes under which is unlikely you just get a check from the FDIC and life goes on no big deal. Also a high rate isn't necessarily a sign of a failing institution as I have seen many high rates at top rated FI's. The biggest hassle for most folks is managing multiple accounts when you have millions to spread around. To me that's a pretty good "problem" to have.
bank safe
bank safe   |     |   Comment #33
Be aware CDARS typically has a much lower interest rate than say ally bank.
Banks
Banks   |     |   Comment #47
If safety and insured funds are priority, CDARS are fine. If someone has that much money saved, the income is irrelevant.
RRR
RRR   |     |   Comment #61
#44
Yes, of course the distribution of funds from a bank or cu account to POD beneficiaries can be challenged the same way the distribution to beneficiaries of any will or trust can be challenged. The question is whether it can be *successfully* challenged. In general I think challenging a distribution through a bank account beneficiary is less likely to be to be successful than challenging a distribution from a will or a trust since the POD beneficiary designation legally supersedes a will and would be very difficult to overturn. All else being equal, it is at least as likely to survive a challenge as designating a beneficiary in a will. There are some caveats associated with using the POD method to distribute your assets compared to a will, but I don't see this as one of them.
111
111   |     |   Comment #65
#61 - Perfectly true. The general rule is that if there are discrepancies among will, trust and beneficiary designation forms, the trust trumps the will, but the beneficiary designation forms trump them both. I've heard of countless situations where a decedent or their guardian failed to keep a will, a beneficiary designation form and a trust (if present) "in sync", and therefore heirs were unpleasantly surprised about the outcome after their death.
David K
David K   |     |   Comment #70
111, it is not a "general rule" that "the trust trumps the will." Trust accounts are not included in an estate, and that includes Pay on Death accounts. At the moment of death, the property is owned by beneficiary, not the deceased.

It is not hard or complicated.
deplorable 1
deplorable 1   |     |   Comment #69
@Banks: I have never been rich enough where the income I earn from savings and/or investments is irrelevant. CDARS are for those who are too lazy to do a small amount of work in order to get a better yield IMHO. Banks love people like that.
deplorable 1
deplorable 1   |     |   Comment #6
No bank insures past the FDIC/NCUA coverage limits except those who also have DIF coverage. With different ownership categories it is still possible to increase coverage up to $2,500.000.
https://www.depositaccounts.com/blog/fdic-insurance.html
CD_Guy
CD_Guy   |     |   Comment #4
Do these banks and credit unions guarantee their rates for any period of time.
Setting up an account with an internet bank or an out of state bank is a hassle, and I don't want to do it and then have the bank/credit union lower the interest rate after 30 days. I want the rate to be guaranteed for at least 6 months.
HighYield
HighYield   |     |   Comment #10
CD_Guy, I think I've seen a couple places that say: Rate guaranteed for 6 months. But most say in fine print that rates can change at any time. I guess we takes our chances. That's why (in addition to liquid savings) I always keep 2 or 3 of the 6-month CDs going. They mature every 60 or 90 days or so. At least my rate is locked in for a sure period.
deplorable 1
deplorable 1   |     |   Comment #7
Nice to see AllAmerica/Redneck bank finally getting some much deserved respect. I just thought I would mention that the real cap is $100,000 if you open a Mega Money Market account at both divisions. I would recommend getting the checks when applying as I didn't think I would need them at the time but have since realized this was a mistake.
DCGuy
DCGuy   |     |   Comment #12
What annoys me is when MM accounts operate like Savings Accounts (with limited withdrawal options). Back before the advent of MM accounts, savings account rates were fixed and the MM account was seen as offering floating rates based on the market. Now many savings accounts offer floating rates, so the delineation between them are blurred.
bank safe
bank safe   |     |   Comment #32
Make sure you have cash or can get to your cash quickly if things go south. Really the way it looks right now have cash by sept. 2019. What will it cost to have cash not earning interest to be sure a banking shutdown will not catch you not being able to use your credit card with just limited access to you money. Cyprus, was a test when the bank just took their money first just allowing a few dollars per day withdrawals. You can go from 250000 to zero over night for example. There goes your house and car etc. So protect yourself if you are in a BIG BANK get all your money out and put it into a Weiss rated medium sized and A- rated bank all my banks are smaller and rated A- to B+. Good luck to you and yours.
Sue
Sue   |     |   Comment #62
#32, are the small banks excluded from any laws, NO, are the smaller banks secure, NO (all of the smaller banks cash is invested into the bigger banks). If something like that is to happen, nobody will be spared.
jenna
jenna   |     |   Comment #66
bank safe #32, our president is working 20 hours a day, seven days a week to prevent such event and I trust him with our money to be spared from your prediction.
https://www.youtube.com/watch?v=cg-7HsTskc0
Brokered
Brokered   |     |   Comment #67
#32
Fear mongering is not productive. Banks were profitable this year and there were NO failures (1st time since 2006). Are you aware the FED and Treasury backstop the FDIC? And, cash will not be useful in a society that processes the vast majority of transactions electronically. Ever been in a store when the power went out? Maybe the lawn service will accept your cash but few others know how to process a cash transaction without online access...something that will be the first thing to shutdown when "armageddon" arrives.

People don't understand how large, global economies function. Do you really believe the powerful would jeopardize their safety by allowing a major economic collapse. Of course not. They'd be first on everyone's list. The real danger comes from cosmic forces no one controls.

Smile and be happy...you saw 4% rates for a time this year!
Luvcd
Luvcd   |     |   Comment #68
Cash will always be king for bad guys (including foreign drug lords) ...no traceability unless and until the Feds convert the current greenbacks to bluebacks, et al, on a periodic basis! And everyone better have traceability then!
deplorable 1
deplorable 1   |     |   Comment #71
Hording cash at 0% APY is a losing proposition. What would be funny is seeing all those folks hording gold coins trying to actually spend them as money. You can't even hand someone a $100 bill without them calling over a supervisor. As long as they take my cashback credit cards I have no use for actual cash anyway. Now if merchants stopped taking credit cards THAT would be a emergency for me! I think some of these guys are keeping the bunker builders and food prep guys in business.
deplorable 1
deplorable 1   |     |   Comment #72
Check out this savings account that earns 2.8% APY on up to $50,000:
https://www.varomoney.com/savings-account/
The thing that sets this account apart from other rewards checking type accounts is the high cap of $50,000 and the fact that the amount for over $50,000 is still 2.12%APY even if you fail to do the required DD and 5 debit card transactions. Too bad they don't have a website and force you to use a app. Other than that this looks like a pretty solid deal.
111
111   |     |   Comment #73
Maybe, but In addition to the 5 purchases each month, there seems to be another thing that sets it apart also. At

https://www.varomoney.com/savings-account/

Note the requirement for - "Receive payroll or government direct deposits totaling at least $1,000 each month into the Varo Bank Account"

Such a requirement may or may not be certifiable via an ACH initiated from an account at another FI.
deplorable 1
deplorable 1   |     |   Comment #74
Yeah it looks like a real direct deposit is required for this. I wish these type of accounts would come with no hoops.
RJM
RJM   |     |   Comment #75
Nah. I can't do a real DD and I am not doing forced debit card transactions for 2.8% with a limit of $50k.

Speaking of the supposed real direct deposit, would seem like there would be a way to fake that. I know many allow normal ACH when they say that.

How can banks distinguish the difference?
schooled?
schooled?   |     |   Comment #76
you should ask that ? in a Banking 101 class

eh?
???
???   |     |   Comment #79
#77
how is my remark ANY difference than your reply to another MEMBER?

RJM | 11 hours ago

jamesfsaunders

They told you that they will make you whole. What else do you want, their first born?
deplorable 1
deplorable 1   |     |   Comment #78
@RJM: Just for comparison purposes:
Orion FCU 4% on $30,000 = $1,200/yr. with 8 debit card "signature based" transactions and $500/mo. DD
Varo 2.8% on $50,000 = $1,400/yr. with 5 "any type" debit card transactions and $1,000/mo. DD
Tough call on which one presents the best value with the least work. Both are good deals.
RJM
RJM   |     |   Comment #82
Surprised that you did not add to the Orion deal the extra interest on the additional $20k.

If you did, it would add an additional $500 to make it an apples to apples comparison.
(Assuming the extra $20k sits at 2.50%) That makes it $1700 versus $1400 so Orion is clearly the better deal)

I have 2 at Heritage...$25k each at 3.33% and I'd rather bother with the 20 transactions than open another RCA right now. The price I pay for $50k in liquidity I guess.
And, as mentioned I cannot, to my knowledge fake a real direct deposit if a regular ACH will not work.
deplorable 1
deplorable 1   |     |   Comment #85
I actually did think of that RJM. Then I decided to go with that Hyperion Bank 3.5% CD instead. Much less work.
HarvF
HarvF   |     |   Comment #87
deplorable 1
The $500 monthly deposit for the Orion FCU Premium Checking account lists the following methods to fulfill this requirement in addition to a direct deposit:
"Minimum of $500 in monthly electronic deposits (includes direct deposit, mobile deposit, and electronic transfers from another institution)." An ACH from an external bank account fulfills this requirement. I used this method and received 4% interest this past February.
DCGuy
DCGuy   |     |   Comment #81
On my pay statement, I have seven financial allotments set up (besides the bank that receives the amount minus the financial allotments. All eight of them are noted as Direct Deposit from the US Government (Treasury) on all of the bank statements. When I transfer an ACH amount between external bank accounts, there is no direct deposit term shown on the bank statements.
DCGuy
DCGuy   |     |   Comment #83
I just checked my payroll office menu regarding allotments. I can designate up to 16 banks on the menu, so I can have direct deposit up to 16 banks.
RJM
RJM   |     |   Comment #84
I have never done a direct deposit because I have not had a paycheck in 30+ years and I didn't do it back then.

So maybe its banking 101 to someone who has done it but not to me.
deplorable 1
deplorable 1   |     |   Comment #86
@RJM: That's what I keep the wife around for! lol.............just kidding.
HarvF
HarvF   |     |   Comment #88
RJM
This may answer you question regarding how banks determine what's a true direct deposit. I got this explanation from a CSR at Greater Nevada Credit Union regarding this very subject:
"An external deposit,,,will not always register as a direct deposit in our system, unless the funds specifically move to and from the Federal Reserve. External Deposits and/or Automatic Clearing House transactions do not always move through the Federal Reserve, which is why we encourage our members to use an employee payroll, retirement benefits, or something quite similar as a direct deposit. Funds coming from an employee payroll or retirement benefits, or similar are guaranteed to move through the Federal Reserve, which guarantees that your direct deposit will qualify for the month. You can however initiate that transaction every month if you wish as long as you are providing your other institution the full routing and account number for your Greater Nevada account, but be aware that we will not know how that transaction will process until it has been received."
I was informed by another Greater Nevada CSR that the bank can distinguish between an "ordinary" ACH and a direct deposit by the description of the deposit when it reaches your account: "The description "External DP" will be the indicator that it is registered as a direct deposit." So, when I see the deposit labelled as External DP or External DP Web in my online account, I know it is a Direct Deposit.
HarvF
HarvF   |     |   Comment #90
What I did not make clear is that I did not use my retirement benefits as the source of the direct deposit. I just moved funds from an external bank account via ACH into my account at Greater Nevada Credit Union, whose RSA requires a direct deposit. I knew it was a Direct Deposit because it showed in my online account as an External DP Web.
RJM
RJM   |     |   Comment #91
As far as I can tell, all my ACHs go thru the federal reserve. I mean, it's not like they are via paypal or something.

I have not had a paycheck in 30 years nor does the government give me money.

With all my RCAs, regular ACH has always worked but none have ever demanded a payroll of government direct deposit.

I think Discover savings had a direct deposit promo years ago and it turned out a regular ACH qualified but we did not know for sure at the time if it would.
DCGuy
DCGuy   |     |   Comment #94
"With all my RCAs, regular ACH has always worked but none have ever demanded a payroll of government direct deposit."

When you say ACH, are you referring to automated transfers )such as monthly) between external banks or manual entries (sporadic) requests to use ACH between banks?
RJM
RJM   |     |   Comment #95
I usually transfer out the interest from the prior month via an external bank account.

I think either transfers in or out will work.

I have done them both pre-scheduled and randomly, But, none of my requirements were as specific as : "Receive payroll or government direct deposits totaling at least $1,000 each month into the Varo Bank Account"
DCGuy
DCGuy   |     |   Comment #96
I have one checking account that requires at least $200 in Direct Deposit each month. I asked the bank what would happen if that requirement was not met for any given month. The response was that I should resume the minimum deposit amount as reasonably possible.
RJM
RJM   |     |   Comment #97
With the RCAs that I have had, if you do not meet the exact requirements in a given month for any reason, you don't get the good rate. And its automated.

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