Best Jumbo Money Market Rates in July 2025
Written by Tara Mastroeni
A jumbo money market account is similar to a traditional money market account, except that it may offer a higher annual percentage yield (APY) and require a larger minimum balance to earn the top-tier rate. If you’re looking for the best jumbo money market rates available, use this guide to help you get started with your search.
DepositAccounts strives to produce high-quality content that meets your needs and exceeds your expectations. Content is fact-checked to ensure accuracy and objectivity. DepositAccounts monitors hundreds of jumbo money market accounts from banks and credit unions across the country to identify the best daily rates. Here’s more about our methodology.
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What are some of the best jumbo money market rates available?
Here’s a look at some of the highest jumbo money market rates available today.
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- What are some of the best jumbo money market rates available?
- Best jumbo money market rates
- Summary: Best jumbo money market rates
- What is a jumbo money market account?
- How to choose a jumbo money market account
- Pros and cons of jumbo money market accounts
- How to get a jumbo money market account
- Should I get a jumbo money market account?
- Alternatives to jumbo money market accounts
- Methodology
Best jumbo money market rates
| Best jumbo money market rates | ||||||
| Bank | Account name | Best for | APY | Minimum balance required to earn APY | Monthly maintenance fee | |
First Internet Bank |
Money Market Savings | ATM reimbursement | 4.42% | $1,000,000.01 | $5 |
|
FNBO Direct |
Online Money Market Account | Fee-free banking | 3.90% | $2,500,000 | $0 |
|
America First Credit Union |
Money Market Savings | People who live in the West | 4.10% | $1,000,000 | $0 |
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EverBank |
Performance Money Market | Low balance holders | 4.00% | $10,000 | $0 |
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Patelco Credit Union |
Money Market Plus | Anyone interested in joining a credit union | 3.75% | $100,000 | $0 |
|
Summary: Best jumbo money market rates
Here’s a closer look at the best jumbo money market rates on the market today.
First Internet Bank: Best for ATM reimbursement
| APY | 4.42% |
| Minimum balance required to earn APY | $1,000,000.01 |
| Monthly maintenance fee | $5; can be waived by maintaining a balance of $4,000 or more |
Why we picked it
First Internet Bank’s Money Market Savings account can be opened with just a $100 deposit. While you’ll need to maintain a balance of over $1 million to earn its impressive 4.42% APY, balances below that amount will still earn a respectable 3.61% yield.
The account offers up to $10 in foreign ATM fee reimbursements per month, but you’ll be limited to a total of six transfers or withdrawals per statement cycle. If you exceed that amount, you’ll be charged a $5 fee for each additional transaction.
Pros and cons
PROS
- Allows you to open account with $100 deposit
- Earns a 3.61% yield on lower balances
- Reimburses foreign ATM fees
CONS
- Requires a balance of over $1 million to earn the highest APY
- Charges a monthly maintenance fee, although it can be waived
- Imposes monthly transaction limits
FNBO Direct: Best for fee-free banking
| APY | 3.90% |
| Minimum balance required to earn APY | $2,500,000 |
| Monthly maintenance fee | $0 |
Why we picked it
FNBO Direct’s Online Money Market Account doesn’t charge monthly service fees or set minimum balance requirements. On balances of $2.5 million or above, the bank offers a generous 3.90% APY. However, even if your balance is significantly lower, you’ll still earn at least a 3.50% APY, which is well above the national average.
Some limitations will apply to the account. For starters, you’ll be restricted to six transfers or withdrawals per statement cycle. Withdrawals are capped at up to $100,000 per day and $500,000 per month.
Pros and cons
PROS
- Offers a competitive APY on lower balances
- Charges no monthly service fees
- Sets no minimum balance requirements
CONS
- Requires a high balance to earn the highest possible APY
- Limits transactions each statement cycle
- Restricts how much you can withdraw from your account at any given time (although limits are quite high)
Money Market Savings: Best for people who live in the West
| APY | 4.10% |
| Minimum balance required to earn APY | $1,000,000 |
| Monthly maintenance fee | $0 |
Why we picked it
America First Credit Union’s Money Market Savings offers an impressive 4.10% APY on balances of $1 million or more. What’s more, the account is relatively fee-free, advertising no monthly maintenance fees, minimum balance requirements, or limitations on transfers or withdrawals. A $2.50 monthly fee applies if your account is inactive for a year or more, however.
Unfortunately, though, membership to this credit union is limited to those who live or work in certain geographic areas in the West. Plus, if you can’t maintain your $1 million-plus balance, the APY you’ll earn will drop significantly. For example, balances under $5,000 earn only a 1.00% APY.
Pros and cons
PROS
- Charges no monthly maintenance fees
- Requires no minimum balance
- Sets no transaction limits
CONS
- Earns a lower APY on lower balances
- Limits membership to those who live or work in certain geographic areas in the West
- Charges a fee of $2.50 monthly if your account is not active for 12 months or more
EverBank: Best for low balance holders
| APY | 4.00% |
| Minimum balance required to earn APY | $10,000 |
| Monthly maintenance fee | $0 |
Why we picked it
If you want to earn a high APY but need to keep a lower balance in your account, check out EverBank’s Performance Money Market. Although the account can hold much more, you need only a $10,000 balance to earn the top-tier rate of 4.00% APY. Additionally, the account boasts no monthly maintenance fees or minimum opening deposit requirements and offers unlimited fee reimbursements for using out-of-network ATMs. However, you must have at least $5,000 in the account to get this benefit. Those with lower balances can get $15 per month in reimbursements.
That said, you should also keep in mind that balances below $10,000 will earn a lower APY of 2.02%.
Pros and cons
PROS
- Charges no monthly maintenance fees
- Requires no minimum opening deposit
- Offers ATM fee reimbursement
CONS
- Earns a lower APY with lower balances
- Provides limited branches for in-person banking (Florida and California)
- Requires at least $5,000 on deposit for unlimited ATM fee reimbursements
Patelco Credit Union : Best for anyone interested in joining a credit union
| APY | 3.75% |
| Minimum balance required to earn APY | $100,000 |
| Monthly maintenance fee | $0 |
Why we picked it
Like all credit unions, accounts at Patelco Credit Union are solely for established members. However, even if you don’t live in California, where the credit union is based, you can become a member by joining the Financial Fitness Association. Just be mindful that you’ll have to make at least $500 in deposits into a Patelco Credit Union checking account each month to take advantage of the Money Market Plus’s higher savings rate.
But if you can meet those requirements, you’ll be able to earn 3.75% on balances of at least $100,000. You’ll also benefit from having no monthly maintenance fees, no minimum balance requirements and no limits on the amount of withdrawals you can make from the account.
Pros and cons
PROS
- Charges no monthly maintenance fees
- Sets no minimum balance requirement
- Places no limitations on withdrawals
CONS
- Earn a lower APY on lower balances
- Requires at least $500 in deposits into a Patelco Credit Union checking account per month required to earn higher savings rate
- Offers physical branches only in California (but a virtual branch for out-of-state members)
What is a jumbo money market account?
For the most part, a jumbo money market account works similarly to a standard money market account, meaning that it often offers the higher yields associated with high-yield savings accounts (HYSAs) alongside the flexibility of access offered by traditional checking accounts. These accounts typically come with debit card or check access.
However, what sets a jumbo money market account apart is the minimum balance required to earn the advertised APY. Generally, these requirements are much higher than you’ll find with a traditional money market account, commonly starting at $100,000 or more.
How to choose a jumbo money market account
When selecting a jumbo money market account, consider the following features:
- Annual percentage yield (APY): The APY is the rate at which the money in the account earns interest. As a rule of thumb, the higher the APY, the more interest you will earn. However, you may have to meet certain requirements to earn an advertised rate.
- Monthly service fee: Some financial institutions charge a monthly service fee — also called a monthly maintenance fee — in exchange for keeping your account up and running. If your bank or credit union charges this fee, look for ways it can be waived, such as maintaining a specific balance.
- Minimum opening deposit: This is the minimum amount required to open the account. The amount you may have to pay can vary by financial institution.
- Minimum balance requirement: Some institutions also impose a minimum balance requirement and charge a fee if your balance falls below the stated limit. If you think your balance might fluctuate, look for accounts that don’t have a stated minimum.
- Transaction limitations: Some accounts also have transaction limits, which restrict the number of transfers or withdrawals you can make from your account in a given statement cycle. Consider how often you’ll need to move your money before determining whether an account with these limitations is worth the cost.
- Additional fees: Make sure to consider other bank fees, such as wire transfer or overdraft fees.
- FDIC or NCUA insurance: Checking that your money is insured is important when you open any account, but it’s even more crucial for jumbo money market accounts. Standard FDIC insurance and NCUA insurance goes up to only $250,000 per depositor and per institution for each account type. If you plan to hold more in your account, consider a sweep account instead.
Pros and cons of jumbo money market accounts
PROS
- You may earn a higher APY than most other money market accounts or high-yield savings accounts (HYSAs).
- Unlike with HYSAs, many money market accounts come with check-writing privileges and debit card access.
- Not all accounts impose transaction limits.
CONS
- A higher-than-typical balance may be required to earn the advertised APY.
- You may need to meet certain account requirements to earn the advertised APY.
- FDIC and NCUA insurance traditionally cover $250,000 per institution and account type for each depositor, which may be below the required balance needed to earn the advertised APY.
How to get a jumbo money market account
Here’s a closer look at how to get a jumbo money market account:
- Research rates. Keep in mind that APYs are typically variable. Aim to choose the account with the highest APY for which you can meet all the requirements. Also, make sure the fee structure is acceptable to you.
- Read applicable account disclosures. Next, take some time to read the disclosures for any accounts you are considering. This will give you a better idea of any requirements you’ll need to fulfill and fees you may pay if you choose to open the account.
- Consider your insurance coverage limits. FDIC insurance and NCUA insurance secure up to $250,000 per depositor, per account type at most financial institutions. Some of these jumbo money market accounts require a much higher balance to earn top-tier rates. Consider whether you feel comfortable keeping deposits in your account that aren’t insured.
- Open an account. Once you’ve decided on the account that’s the best fit for you, it’s time to open it. In most cases, you’ll be able to open an account online. Sometimes, you may need to do so by calling the bank or by visiting a branch in person.
Should I get a jumbo money market account?
In general, opening a jumbo money market account may be a good idea if you have a large sum of money that you can afford to set aside and allow to earn interest. These accounts usually earn far higher interest rates than the national average.
Money market accounts are also typically a good idea if you need quick access to your money. Although some accounts limit withdrawals or transfers, many come with check-writing and debit card features.
In contrast, a jumbo money market account may not be a good fit if you are unable to meet the minimum balance requirements needed to earn a decent APY. Additionally, you may want to consider other options if you’re concerned about FDIC or NCUA insurance limits.
Alternatives to jumbo money market accounts
If you’ve decided that a jumbo money market account isn’t the right fit for you, here are some alternatives to consider:
- Sweep accounts: A sweep account automatically transfers money that exceeds the standard insurance limit to another investment vehicle, such as a money market fund.
- High-yield savings accounts, or HYSAs: As the name suggests, HYSAs offer higher APYs than standard savings accounts. However, these accounts typically don’t come with the same check-writing abilities and debit card access that you’ll find with a jumbo money market account.
- Traditional money market accounts: Traditional money market accounts will typically offer many of the same benefits as jumbo money market accounts, but they will usually have lower balance requirements. However, they may also feature lower APYs.
Methodology
To compile our list of best jumbo money market accounts, we analyzed 15 different jumbo money market accounts available at banks and credit unions across the country.
Accounts that made the list needed to have these features:
- The jumbo money market account has a competitive APY.
- The account charges few if any service fees.
- The financial institution functions as a bank or credit union.
- The bank provides FDIC or NCUA insurance coverage.