The Best Jumbo Money Market Accounts of March 2023

Compare Jumbo Money Market Rates at MoneyRates. We regularly monitor more than 400 banks, featuring some of the Best Jumbo Money Market Accounts for easy comparison.
By Ellen Cannon

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Couple talking to financial advisor at home regularly monitors more than 400 money market account products, featuring some of the best jumbo money market rates for easy comparison. Learn more about our methodology.

What Is a Jumbo Money Market Account?

Jumbo money market accounts can be effective for savers who want to earn higher interest rates while maintaining some measure of liquidity.

Historically, jumbo money market accounts required a minimum opening deposit of $100,000 in exchange for their best interest rate — hence the term “jumbo.”

But more recently, some banks have relaxed this requirement, making them more competitive with high yield savings accounts.

If you don’t have quite that much money in the bank, regular money market accounts are also offering some good interest rates that are much higher than the average account.

Money market accounts typically offer limited check-writing ability or debit-card access to funds, making liquidity a chief advantage over other types of savings accounts and CDs.

And while jumbo MMAs are not meant to be used as a checking account, sometimes liquidity is important.

It is critical to do your research before opening a jumbo money market account, because interest rates, account features, and fees vary widely from one financial institution to another.

Search for the best jumbo money market rate possible — but also compare minimum opening deposit requirements, whether interest is compounded daily, and fee structure.

Best Jumbo Money Market Rates

Jumbo Money Market Accounts vs. Jumbo CDs

One advantage a jumbo money market account has over a jumbo CD is liquidity – your money is available at any time whereas money invested in a jumbo CD has to remain there for the term of the CD (6 months, 1 year, 5 years, or longer) in order to avoid early withdrawal penalties.

If you do withdraw money from a jumbo account, though, you may be subject to fees if the balance goes below $100,000.

Accessibility to your funds is another reason to choose a jumbo money market account for your deposits.

A jumbo money market account may come with the ability to write checks – although not all banks offer this.

As with any financial vehicle, be sure to look at all of the terms and conditions of an account before you deposit your money.

About Author
Ellen Cannon has covered personal finance topics as a magazine editor for more than 20 years, including nearly 10 at Bloomberg. Prior to joining QuinStreet Inc., she was the managing editor of, where she covered the range of personal finance issues, and specialized in credit cards. She’s been widely quoted in the national media, including The Wall Street Journal, USA Today and Real Simple, has been interviewed on many ratio stations nationwide, and has appeared on CNN and Bloomberg TV.