Jumbo savings accounts
By Ellen Cannon
Jumbo savings accounts require a high minimum deposit to open, usually $2,500, and require you to maintain that balance. In return for that high balance, jumbo savings accounts pay a higher interest rate than a regular savings account. Jumbo accounts are often money market accounts and are commonly offered by credit unions. Deposits are insured by the FDIC or NCUSIF up to $250,000 per account.
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 the highest interest rate, 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 1/28/2015
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.