Lemmata Savings Bank Money Market Account Review for 2024

Lemmata Savings Bank offers money market accounts with a competitive APY. Learn how this account works to help decide if it's right for you.
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Written by Rebecca Lake
Financial Expert
Managing Editor
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A young woman uses her laptop computer to bank from home while her dog sits next to her on the couch

Money market accounts can offer convenient access to your money while paying a little interest in the bargain.

If you’re hoping to get the best rates on money market accounts, then you might shop around for online options.

Lemmata Savings Bank is one possibility if you’re interested in opening a money market account that pays a competitive rate.

You can open and fund an account online in minutes to start earning a solid APY on your savings.

This Lemmata Savings Bank money market account review offers a closer look at what you can expect when you save here.

Lemmata Savings Bank MMA At a Glance

  • Account types offered: Money market savings accounts, high-yield certificate of deposit accounts
  • FDIC-insured: Lemmata Savings Bank accounts are FDIC-insured through the California Bank of Commerce
  • Fees: No monthly maintenance fee; no excess withdrawal fee
  • Minimum deposit: $1 for money market savings and CD accounts
  • Access: Manage accounts online or through the Raisin.com website

Where to Find the Best Money Market Accounts

Finding the bank with the best money market account to meet your goals is as easy as using our money market explore tool. Give it a try and find the best money market account for you.

Compare to Others

Lemmata Savings Bank offers a great deal on money market savings accounts but you might be wondering what else is out there. Here are a few other online banking options you might consider if you’re looking for high-yield money market accounts.

Salem Five Direct

Salem Five Direct offers the Gold Star Money Market account and the Advantage Money Market account, both of which require just $10 to open.

In terms of rates, the Gold Star account offers a better APY than the Advantage account, though you’ll need at least $500,000 in savings to get the highest rate.

Overall, rates are less than what Lemmata Savings Bank pays.

First Internet Bank

First Internet Bank features a money market savings option that earns an APY well above the national average.

However, it’s still not quite as high as what you could get with Lemmata Savings Bank.

This account also charges a $5 monthly maintenance fee, and you’ll need at least $100 for the minimum opening deposit.

CIT Bank

The CIT Bank money market account splits the difference with a rate that’s somewhere between what you could get at Salem Five Direct and what First Internet Bank pays.

However, it’s still less than what you could get with Lemmata, and you’ll need to meet a higher minimum deposit requirement of $100..

Who Is Lemmata Savings Bank’s MMA For?

Lemmata Savings Bank’s money market account is best suited for people who want to earn an outstanding rate on their savings balances and don’t mind banking online.

You might consider opening an account here if you:

  • Want an account with a low opening deposit requirement
  • Don’t want to pay high banking fees
  • Are comfortable with keeping your savings at an online bank vs. a brick-and-mortar bank
  • Want to get a highly competitive rate for your money

Your money is safe and secure at Lemmata since it’s FDIC-insured through the California Bank of Commerce.

You don’t need a lot of money to open the account, so it may be ideal for beginning savers. And there’s no limit on the number of withdrawal transactions you can make per month.

Top Features of Lemmata Savings Bank

If you’ve never heard of Lemmata Savings Bank, you might be wondering why you should consider it over other banks.

Taking a closer look at the features can help you to better understand what you might expect should you decide to bank here.

Account types

Lemmata Savings Bank currently offers high-yield money market accounts and high-yield CD accounts through Raisin.com, both of which allow you to save money at impressive rates.

If you’re looking for a checking account option or another type of savings account, you, unfortunately, won’t find those here.

Competitive rates

Like other online banks, Lemmata Savings Bank stands out where the interest rate and APY are concerned.

Savers can earn one of the highest rates among online banks for money market accounts and for Lemmata’s high-yield CDs.

Low minimums

It’s possible to open a money market account or a CD account at Lemmata through Raisin.com with just $1.

That’s much lower than the $100+ you might be required to deposit at other traditional banks or online banks.

Convenient access

When you open a Lemmata Savings Bank money market account, you’ll have access to your money through the Raisin.com website. You can link your account to an external bank account for quick and easy ACH transfers should you need to deposit or withdraw money.

FDIC coverage

The Federal Deposit Insurance Corporation (FDIC) insures deposits at member banks in the rare event that a bank fails.

As mentioned, Lemmata Savings Bank is FDIC-insured so your deposits are protected up to the allowed limit.

The current FDIC coverage limit is $250,000 per depositor, per account ownership type, and per financial institution.

How to Get Started

If you’d like to open a money market account at Lemmata Savings Bank, you can do so through the Raisin.com website. That’s the only way to get the high rate advertised for this account.

Opening your account with Raisin.com isn’t that different from opening a savings or money market account online anywhere else. You’ll need to tell Raisin your:

  • Name
  • Address and phone number
  • Date of birth
  • Social Security number

You’ll also need to verify your identity and link an external bank account so you can make your opening deposit. You need just $1 to start saving with Lemmata, but you can deposit more than that if you’d like. Just remember that any deposits over the FDIC coverage limits for your account ownership type may not be protected.

Rating the Features

When opening a new money market account, it’s helpful to review the features and benefits. Here’s how Lemmata Savings Bank’s features measure up.

User experience

You’ll need to visit Raisin to open a money market account with Lemmata Savings Bank, but overall, it’s an easy process.

You can get your account open and funded in just a few minutes, and there’s an extensive FAQ section if you have any questions.


There are no monthly maintenance fees and no excess withdrawal fees associated with Lemmata Savings Bank money market accounts.

That’s an advantage over money market accounts offered at traditional banks.


Lemmata offers an outstanding rate for money market savers and CD savers.

If your goal is to get the best rate possible on your savings, then Lemmata’s money market account delivers.

Rates apply across all balances, which is a plus if you’re hoping to avoid tiered rates.


Lemmata Savings Bank gives you two ways to save: Money market accounts and CDs.

While that may be enough to fund your goals, you may need to look elsewhere if you’d like to open a checking account or credit card account.

Customer Support

If you need help with your account, you can contact Raisin’s customer support.

Help is available via email, secure message, or phone. There is no live chat option at this time.


You can access your Lemmata Savings Bank account through the Raisin.com website. There is no mobile banking app. You don’t get checks, an ATM card, or a debit card with this account either.

Pros and Cons of Lemmata Savings Bank

Lemmata Savings Bank may be better suited for some savers than others. Here’s a quick rundown of the potential advantages and disadvantages to consider.

If you’re unsure whether Lemmata Savings Bank may be right for you, you consider what you’re looking for in a money market account.

The account’s main draw is its high APY, but if you’re not comfortable saving online, you might sacrifice higher rates for the convenience that brick-and-mortar banks can offer.

Bottom Line

Money market accounts can be used to fund short- and long-term financial goals, but they’re not all alike.

Finding the best savings option can depend on your needs, goals, how much you have to save, and what kind of rate you’re hoping to get.

Lemmata Savings Bank’s money market account features a stellar rate with no monthly fees. If that sounds like something you’re looking for, then you can take the next steps and open your account today.

Frequently Asked Questions (FAQs)

Is Lemmata Savings Bank a real bank?

Yes, Lemmata Savings Bank is a real bank. It’s the digital banking branch of California Commerce Bank. Lemmata is a legitimate banking option for opening money market accounts and CD accounts.

Are money market accounts better than savings or CD accounts?

Money market accounts, savings accounts and CDs can all help you to grow your money, but they don’t all have the same features. With CDs, for instance, you agree to leave your savings in place for a set maturity term. Withdrawing it early can trigger a penalty fee and cost you some of your interest earnings. A money market account, on the other hand, can allow you to withdraw money as needed via an ATM card, debit card, paper checks, or ACH transfers.

Why do I have to open my account through Raisin?

Lemmata Savings Bank partners with Raisin.com to offer its high-yield money market accounts and CD accounts. That partnership is what allows savers to get great rates with low minimum deposits and no monthly fees.

Is Lemmata Savings Bank safe?

Lemmata Savings Bank is a safe place to keep your money as your account is FDIC-insured. In the very rare case that the bank was to fail, your money would be protected up to the coverage limits. Additionally, Raisin implements various security measures to safeguard and protect your personal and financial data.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
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