The Best Jumbo Money Market Accounts of January 2024

MoneyRates 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.

Find the Best Jumbo Money Market Rates

Find the best and most up-to-date jumbo money market rates by using our search tool. Start earning more interest on your jumbo money market account today.

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.

Ellen Cannon has extensive editorial experience in personal finance journalism, including a nearly decade-long tenure at Bloomberg. Before joining QuinStreet Inc., Ellen served as the managing editor of Bankrate.com, where she delved deep into a variety of personal finance topics with an emphasis on credit cards. A voice that resonates in the industry, Ellen’s insights have been featured in national outlets such as The Wall Street Journal, USA Today, and Real Simple. She has been a sought-after voice on numerous radio stations nationwide and has made notable appearances on platforms like CNN and Bloomberg TV.

Ellen Cannon

Financial Analyst