Best Jumbo Money Market Rates for July 2023

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Interest rates have been on the rise, which is good news for savers. But it can be challenging to know where to put your money to get the best rate. Savvy savers with lots of cash to stash are looking to jumbo money market accounts for good interest rates without a long-term commitment.

What Are the Best Jumbo Money Market Rates Today?

Interest rates are changing all the time, so be sure to check rates when you’re ready to open your account.

Here are the best jumbo money market rates for July 2023.

  • HarborOne Bank: Platinum Money Market account offers APY on balances of $50,000 to $499,999.99.
  • First Internet Bank: Money Market Savings account offers APY on balances over $1,000,000.
  • State Bank of Texas: Jumbo Money Market account offers APY on balances of $100,000 or more.
  • CFG Bank: High Yield Money Market account offers APY on balances of $1,000 or more.
  • Ponce Bank: High-Yield Money Market Deposit account offers APY on any balance.
  • All America Bank: Mega Money Market checking account offers APY on balances up to $100,000.
  • UFB Direct: UFB Premier Money Market account offers APY on any balance.

HarborOne Bank

HarborOne Bank’s Platinum Money Market account pays APY on daily balances between $50,000 and $499,999.99. The minimum opening deposit is $50,000 of “new money” so your funds will have to come from a different bank. You must have or open a HarborOne Bank checking account as well. HarborOne Bank has 30 locations in Massachusetts and Rhode Island and offers online banking as well.

First Internet Bank

First Internet Bank has a Money Market Savings account that pays APY on balances over $1,000,000. If you don’t have quite that much, lower balances pay APY and you can avoid the monthly maintenance fee with an average daily balance of just $4,000.

State Bank of Texas

State Bank of Texas has an interest rate of APY on its Jumbo Money Market account. There’s a $100,000 minimum deposit to open the account, and you must maintain that amount to earn interest. The monthly service charge of $20 is waived as long as you have an average daily balance of $25,000. Your deposit must be “new money,” meaning you can’t move funds from another State Bank of Texas account and get that rate.

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CFG Bank

CFG Bank offers APY on its High Yield Money Market account that you can open online or in one of their branches in Maryland. The minimum deposit and minimum daily balance to earn interest is just $1,000.

Ponce Bank

Ponce Bank powered by Raisin pays APY on its High-Yield Money Market Deposit accounts, with no minimum opening deposit. There are no transaction restrictions on this account, no minimum balance requirement and no fees.

All America Bank

All America Bank has a Mega Money Market checking account that pays APY on balances up to $100,000. The minimum opening deposit is $500. You are limited to six free withdrawals or transfers made in person or at ATMs per month. After that, you’ll be charged $5 for each transaction.

UFB Direct

The UFB Premier Money Market account pays APY on any balance. You can waive the $10 monthly maintenance fee by maintaining a $5,000 balance. UFB Direct is online only, so you’ll need to make your transactions electronically. Banking services are offered through Axos Bank, which is FDIC insured.  

What Is a Jumbo Money Market Account?

A money market account is a deposit account offered by most banks and credit unions. It is like a savings account, but you may be limited in the number of transactions you can conduct each month. You may be able to write checks on a money market account or use a debit card to withdraw cash at an ATM. ATM and in-person transactions may not be subject to the monthly transaction limit.

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The “jumbo” in “jumbo money market account” just refers to the size of your deposit. While you may be able to open a regular money market account with a deposit of $100 or even less, jumbo money market accounts often have a minimum deposit requirement of $10,000 or even $100,000. They may also require that you maintain that high balance in order to earn interest. And remember, the FDIC insurance limit per depositor per account type is $250,000, so you may want to spread your money around if you have more than that.

Good To Know

It’s important to understand the terms of your money market account. Be sure you know what minimum balance you need to maintain in order to earn interest and avoid a monthly fee. Make sure you know if there is a limit to the number of transactions you can make each month, and which transactions count toward that limit.

3 Alternatives To Jumbo Money Market Accounts

Some banks offer high-yield savings accounts with rates that rival jumbo money market options. These accounts may have lower minimum balances and fewer transaction restrictions but be sure to check the specific terms of the account you choose.

CIT Bank

CIT Bank offers a savings account called Savings Connect that pays APY on all balances, with a minimum opening deposit of just $100. There are no monthly service fees on this account. Make sure you’re opening a Savings Connect account, though – CIT Bank’s Money Market account pays just APY.

Citizens Access

Citizens Access is an internet-only bank that offers a High-Yield Online Savings account paying APY. There is a minimum deposit of $0.01, so it’s not technically a “jumbo” account, but the interest rate is good. There are no monthly fees. Since Citizens Access has no branches, you’ll need to link your savings account to an account at another financial institution and transfer electronically.

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LendingClub’s High-Yield Savings account pays APY on all balances. There are no minimum balances, no maintenance fees and no limit on the number of external transactions you can make.

Final Take

Jumbo money market rates can vary widely from bank to bank, and banks change their rates frequently, especially as interest rates change. Keeping an eye on rates when you’re ready to open a new account can pay off in the long run.


Here are the answers to some of the most frequently asked questions regarding jumbo money market rates.
  • Who has the highest money market rates right now?
    • Some of the highest money market rates can be found at:
      • HarborOne Bank
      • First Internet Bank
      • State Bank of Texas
      • CFG Bank
      • Ponce Bank
      • All America Bank
      • UFB Direct
  • What is the interest rate on a jumbo money market account?
    • Interest rates on jumbo money market accounts can range widely and change often. As of July 17, 2023, the best rates for money market accounts are around 5%.
  • Which bank is best for large sums of money?
    • If you have a large sum of money that you need to put in a bank, you might consider:
      • Bank of America Private Bank
      • Chase Private Client
      • Morgan Stanley CashPlus
      • HSBC Premier Checking
  • Where can I get 5% interest on my savings account?

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 17, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

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Lending Club: Rates from 5.99% to 35.96%* APR. Best APR is available to borrowers with excellent credit.

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