Compare Jumbo Savings Accounts
Jumbo savings accounts pay a higher interest than a regular savings account, making these accounts more attractive to serious savers. To benefit from high interest jumbo savings accounts, institutions typically require a high minimum deposit to open, usually $2,500, and require you to maintain that balance. Savings accounts with the jumbo label have deposits greater than $100,000.
Jumbo accounts are often money market accounts and while big banks are known to have large deposits, jumbo savings accounts are also commonly offered by credit unions.
Deposits are insured by the Federal Deposit Insurance Corporation and the National Credit Union Share Insurance Fund up to $250,000 per depositor, per institution.
The national rate for jumbo savings accounts is 0.06%, according to the FDIC's update on August 15, 2016.
Money market vs. savings accounts for jumbo deposits
To get the most out of their deposits, consumers should understand the differences between money market accounts and savings accounts.
Withdrawals on money market accounts may be limited to a certain number per month, typically between three and six, and check-writing ability is also limited. Account holders can make unlimited withdrawals per month on a savings account. But if you're depositing a large sum into a jumbo savings account to earn higher bank rates, you probably aren't going to be making a lot of withdrawals.
Check out our rates for savings and money market accounts to find the best bank for you.
Minimum to earn APY $0
Rates as of 9/1/2016
Rates / APY terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit union deposits are insured by the FDIC or NCUA. Contact the bank for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.