Compare Jumbo Savings Accounts
Jumbo savings accounts pay higher interest rates than regular savings accounts, 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 Jan. 23, 2017.
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.
- Great Rates + Safety = Peace of Mind
- Member FDIC
- A rate that's 14x better than the national average
- No minimum balance and no hidden fees
- Link directly to any existing bank account
- FDIC coverage over 250K
- Earn 1.30% for deposits of $230+
- Member FDIC
- Competitive Interest rates
- Banks with convenient locations
- Online Banks compatible with mobile devices