Bankrate’s picks for the top jumbo money market rates
Note: Annual percentage yields (APYs) shown are as of Feb. 19, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
First Internet Bank – 5.48% APY, $1,000,000.01 minimum balance for APY
First Internet Bank has been around since 1999. According to its website it was the first state-chartered online bank with FDIC insurance.
First Internet Bank offers a Money Market Savings account. This account rewards you for having a daily balance of more than $1 million. It also pays a competitive 3.76 percent APY for balances $1 million or under.
You’ll need to keep at least $4,000 in this account to avoid paying the $5 monthly service fee.
America First Credit Union – 4.60% APY, $1,000,000 minimum balance for APY
America First Credit Union was founded in 1939. Its money market account offers different yields depending on your balance.
Members with $1 million or more in a money market account qualify for the top interest tier. And members with between $250,000 and $999,999 earn the second highest APY of 4.25 percent.
You can qualify for America First Credit Union membership in many ways, including living, working, regularly doing business in, worshiping, volunteering or going to school in Salt Lake county in Utah.
Discover Bank – 4.20% APY, $100,000 minimum balance for APY
Discover Bank may be known for its credit cards, but it also offers a selection of banking products. In addition to money market accounts, Discover also has a savings account and many terms of certificates of deposit. CDs range in terms from three months to 10 years.
Savers need at least $100,000 to earn the Money Market account’s top yield. Balances under $100,000 earn a slightly lower, albeit still competitive yield. There’s no monthly service fee.
Suncoast Credit Union – 3.00% APY, $500,000 minimum deposit for APY
Suncoast Credit Union was started in 1934 as Hillsborough County Teachers Credit Union. Suncoast Credit Union is the largest credit union in Florida and in early 2022 it surpassed one million members.
People who attend school, live, work or worship in a county in Florida that Suncoast Credit Union serves are welcome to join. In addition to meeting that requirement, you’ll also need to deposit at least $5 in a Suncoast savings account to become a member.
Navy Federal Credit Union – 2.25% APY, $1,000,000 minimum balance for APY
Navy Federal Credit Union has nearly 13 million members and is the world’s largest credit union. It has a global network of 350 branches. Navy Federal Credit Union has its headquarters in Vienna, Virginia.
Membership at Navy Federal Credit Union is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families.
The Jumbo Money Market Savings account requires $100,000 to open, but you’ll need $1 million to earn the highest APY. In addition to money market accounts, Navy Federal Credit Union also offers checking and savings accounts, CDs, loans and credit cards.
