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122 Results
Displaying 1-40 of 122 Results
Jumbo Money Market
Jumbo Money Market Accounts come with higher minimum initial deposit and minimum balance requirements, but can sometimes be a great way to safely reach for extra yield on your cash. Jumbo Money Market Account interest rates are regularly twice as much (on average) as standard, non-Jumbo, Money Market rates. The Money Market instrument is very similar to a savings account in that it serves as an easily accessible account that bears interest and is insured by the financial institution (every institution listed on DepositAccounts is backed by the FDIC or NCUA).
Jumbo MMA Features
Jumbo MMAs usually come with personal checks, online banking and bill pay, and tiered interest rates that increase with your balance (there is usually a minimum balance requirement needed to be met in order earn interest). The names of MMAs you will find in the rate table above vary and include Premium Money Market, Elite Money Market, and Executive Money Market accounts. Our listings for this product include some high yield Money Market rates.
Money Market Accounts vs. Money Market Funds
Money Market Accounts are not the same as Money Market Funds. One main difference is what the financial institution is able to do with funds deposited to a MMF versus those deposited to a Money Market Account. Funds in a Money Market Fund are usually invested by the bank or credit union in funds or instruments, like U.S. Treasury Notes, that will provide a somewhat predictable and potentially higher rate of return than consumer lending (this is not always the case, however, and is why it is not a bad idea to ask about where Money Market Funds are typically invested by the financial institution). Money Market Funds are also not insured by the FDIC or NCUA.