Jumbo Savings Accounts April 2019
Compare jumbo savings accounts and interest rates from hundreds of banks to help maximize your earnings.
What are jumbo savings account rates?
Traditionally, the term "jumbo account" has applied to a deposit of $100,000 or more. However, some banks are relaxing these standards and special rates may apply at account thresholds of less than $100,000. In fact, smart shoppers may be able to find a regular savings account paying the equivalent of jumbo savings account rates with little or no minimum deposit or balance requirement.
Best savings & MMA accounts for April 2019 : Summary of our picks
- TAB Bank : 2.40% APY , $1 minimum balance for APY
- BBVA MMA : 2.40% APY , $25 minimum balance for APY
- WebBank : 2.45% APY , $1000 minimum balance for APY
- Goldman Sachs Bank USA : 2.25% APY , $0 minimum balance for APY
- American Express National Bank : 2.10% APY , $1 minimum balance for APY
- Sallie Mae Bank : 2.30% APY , $0 minimum balance for APY
- Barclays : 2.20% APY , $0 minimum balance for APY
- Capital One : 2.00% APY , $10000 minimum balance for APY
- Live Oak Bank : 2.30% APY , $0 minimum balance for APY
- Heritage Bank : 1.65% APY , $100000 minimum balance for APY
- UFB Direct : 2.45% APY , $10000 minimum balance for APY
Finding the best bank to deposit a large sum of money
Since banks offer a wide range of interest rates, it's important to do some research to find the best rates and terms before you open your account. Fortunately, MoneyRates.com has done a lot of the work for you.
You could go to the individual web sites of dozens of different banks to search for rates. Or you could use the tool below to automatically compare a large number of rates side-by-side. MoneyRates.com regularly monitors more than 300 savings account products, featuring some of the best interest rates for easy comparison. Here's our methodology.
Jumbo savings accounts pay higher interest rates than regular savings accounts do, making these accounts more attractive to serious savers. How do you get these better rates? Just as shopping at a wholesale-type store: when you buy in bigger volume, you can often obtain a better deal.
It works the same way with banks. If you deposit a large sum of money, you may get a better interest rate on your savings. However, banks offer widely varying rates, and not all banks give you a better rate for larger deposits. To find the best interest rates for large deposits, it helps to understand what jumbo savings accounts are and how they work.
As you compare rates using this tool, here are some tips for getting the most out of the data:
1. Consider both savings and money market accounts in your search. Since they have similar characteristics, you should be flexible about choosing whichever offers the best rate.
2. Compare rates specific to your intended deposit amount. As noted previously, some banks offer higher rates for larger deposits, and these don't necessarily have to meet the $100,000 threshold. Conversely, some banks actually cap the amount of money that is eligible for their advertised rates, so entering the amount you intend to deposit can help you find the best rate for your situation.
3. Keep your eyes open for rate changes. Savings account rates, like money market rates, are subject to change at any time. Once you open your account, regularly check whether the interest rate you are receiving has changed, and periodically check back to this tool to see if your rate is still as competitive as it was when you opened the account.
Differences between jumbo savings and money market accounts
There are some differences in how banks invest these accounts, and depending on the institution, savings and money market accounts may offer different features such as check-writing services.
However, the basic characteristics of savings and money market accounts are the same. Both are eligible for FDIC insurance at participating banks. Both offer immediate access to your money, but limit withdrawals and other transfers out of the account to six occurrences per month.
The bottom line is, if you have a large amount of money to deposit, and are looking for safety and liquidity, you may want to compare jumbo savings and jumbo money market accounts side-by-side.
Best jumbo savings account rates: user-reported
Have you found even better jumbo savings account rates than those displayed above? If so, please share them with us and other MoneyRates users!
Please give us the details - include the name of the bank, account term, when you opened the account and whether the account can be opened online or only in a branch (if the latter, please include the location of the branch). Thank you!