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The general cash market account rate is 5. 46% APY of the First Internet Bank of Indiana cash market account for account balances over $1 million.
Meanwhile, the most competitive money market account rate regardless of your account balance is 5.35% APY from Brilliant Bank. Brilliant Bank’s money market account isn’t available for residents of Kansas, Missouri, Oklahoma, and Arkansas, though.
If you’re looking for more options, you can also find great rates from other banks. We check rates daily to find the most productive rates for cash market accounts. Here are our most sensible options.
Cash market accounts pay well above the average cash market account interest rate and are comparable to high-yield savings account rates.
Here are the existing fees for cash marketplace accounts:
If you’re a saver who likes to have easy access to your account, you might like a money market account. A money market account is a type of savings account that usually has a tiered interest rate or easy access to your account through check writing or a debit card.
Our top picks for the most productive accounts in the cash market are protected through FDIC or NCUA insurance. Although some financial institutions closed their doors in 2023, don’t forget that the cash is in a federally insured financial institution. The institution is federally insured, up to $250,000 for each depositor is in a bank account.
Indiana’s Internet Bank’s first money market account features a tiered interest rate formula with competitive APYs. The Money Market account will pay 3. 76% APY on account balances of $1 million or less and 5. 46% APY on account balances over $1 million. You can also request an ATM card to make ATM withdrawals.
First Internet Bank of Indiana is also part of the IntraFi network, a program that provides additional FDIC insurance coverage for balances that exceed the $250,000 limit. The way it works is that your cash is split among other FDIC-insured monetary establishments in the network (there are only about 3,000 banks). Up to $150 million can be secured through the FDIC through deposits on the IntraFi network.
This money market account has a $5 monthly service fee. To waive the fee, you’ll need to maintain at least $4,000 in your account. This money market account also doesn’t come with check writing privileges.
Rate: 3. 76% APY on account balances of $1 million or 5. 46% APY on account balances over $1 million
Minimum opening deposit: $100
Indiana’s First Internet Banking Review
Brilliant Bank’s Surge Money Market account offers a competitive interest rate and would possibly be a smart choice if you can keep at least $2,000 in your account so you can waive the $10 per month service fee.
The current APY is only available for new depositors. If you live in Kansas, Missouri, Oklahoma, or Arkansas you won’t be eligible to open this account.
Rate: 5. 35% APY
Minimum opening deposit: $1,000
Vio Bank’s Cornerstone Money Market Savings Account has a low minimum initial deposit and no monthly service fees if you sign up for online bank statements.
If you obtain paper statements, you will be charged a service fee of $5 per month. Vio Bank’s Cornerstone Money Market Savings Account also doesn’t come with paper checks or a debit card.
Rate: 5. 30% APY
Minimum opening deposit: $100
Vio Bank Review
The Generations Bank Cash Deposit Account offers the highest interest rate for cash market accounts on Raisin. That said, there are also other cash accounts on Raisin that pay 5. 00% APY or more.
You may like the Generations Bank Money Market Deposit Account if you’re looking for an option with a high interest rate and low minimum opening deposit. You’ll only need $1 to get started.
With Raisin, you can use a single platform to search, fund, and manage high-yield savings accounts, cash market accounts, and CDs from more than 20 banks and credit unions.
You may prefer one of our other, more sensible options if you prefer to open a cash market account directly with a bank or if you want to do all your banking with a single financial institution. Raisin does not offer checking accounts.
Rate: 5. 29% APY
Minimum opening deposit: $1
Raisin Review
The UFB Secure Money Market offers a competitive interest rate regardless of your balance, and it allows you to write checks.
This account has a monthly service payment of $10. To waive the payment, you will need to have a minimum balance of $5,000.
Rate: 5. 25% (as of 11/16/2023) APY
Minimum opening deposit: $0
UFB Direct Review
CFG Bank’s High Yield Money Market Account offers one of the highest competitive interest rates on its market account.
You’ll need $1,000 to open and a cash market account with CFG. Otherwise, you may not get competitive interest and will have to pay a service fee of $10 per month. This cash market account also does not offer check writing or debit card privileges.
Rate: 5. 25% APY
Minimum opening deposit: $1,000
CFG Bank Review
Republic Bank of Chicago’s Digital Money Market account has one of the highest interest rates on our list. This account may appeal to you if you’re looking for an account on the online cash marketplace that provides paper checks. This account can also be interesting if you can get a minimum of $2,500, allowing you to waive the $25 per month service fee.
This account isn’t available in Illinois, Indiana, Wisconsin, and Michigan. It has a $25 monthly service fee to be mindful of. It also doesn’t offer an ATM card or debit card, only paper checks.
Rate: 5. 21% APY
Minimum opening deposit: $2,500
Redneck Bank’s Mega Money Market account offers a maximum interest rate for account balances up to $100,000. You’ll earn 5. 05% APY on balances up to $100,000, and over $100,000 you’ll earn 0. 50% APY. The account also has a minimum initial deposit of $500.
Redneck Bank is a department of All America Bank.
The Redneck Bank Mega Money Market account has a limit of one account per other.
Rate: 0. 50% to 5. 05% APY
Minimum opening deposit: $500
Quontic Bank’s cash market account is a smart choice if you need to open a cash market account with no monthly service fee. This cash market account will also pay the same interest rate regardless of your account balance.
Depending on your account balance, you may be able to find other monetary establishments that offer more competitive interest rates.
Rate: 5. 00% APY
Minimum opening deposit: $100
Quontic Bench Review
Premier Members Credit Union’s cash market account stands out because it requires an initial deposit of $5. The account will also pay a maximum interest rate on low balances. You can earn 5. 00% APY on balances up to $2000.
If you plan to deposit more than $2,000 into your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.
To open a bank account at Premier Members Credit Union you must become a member. The easiest way to become a member is to join Impact on Education, a charity of the Boulder Valley School District.
You can also be a member if you or a member of your household lives or works in an eligible Colorado county (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose). , Pueblo or Weld are all eligible); is a student, college member, or staff member of the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark or Medtronic; or are a worker or member of one of the 750 organizations served through the credit union.
Rate: 0.50% to 5.00% APY
Minimum opening deposit: $5
Premier Member Credit Union Review
The Better Business Bureau measures businesses through responses to visitor complaints, honesty of advertising, and transparency of business practices.
Vio Bank is a department of MidFirst Bank, so we’ve included MidFirst Bank’s BBB score. Since the Generations Bank Marketplace Cash Deposit Account can be obtained through Raisin, we have included the Raisin BBB Score.
Redneck Bank still has a BBB rating. Here are the BBB scores of the other establishments on our list:
Brilliant Bank is an online-only department of Equity Bank. Brilliant Bank has yet received the BBB rating, but Equity Bank earned an A- score from BBB because it responded to a visitor complaint.
Raisin has a B+ grade because it has received 39 complaints on the BBB website.
CFG Bank currently doesn’t have a rating because its profile is being updated on the BBB website.
However, a strong BBB rating does not guarantee that you will have a good relationship with a company. You may still need to ask your friends and family about their reports to see if a bank is right for you.
To learn more about what constitutes a smart account in the cash market and how to choose the right one for you, 4 experts weighed in:
We focus on what will make a cash market account more useful, adding APY, access to your cash, and much more. Here’s what they said about cash market accounts. (Some text may be edited for clarity. )
What Makes a Bad Cash Market Account?
Sophia Acevedo, Certified Personal Finance Educator, Banking Journalist, Personal Finance Expert:
“A smart account in the cash market offers multiple tactics to access your cash, such as a debit card, ATM card, or paper checks. “
Roger Ma, lifelaidout® and Work Your Money, Not Your Life Certified Financial Planner:
“I don’t really recommend a money market accounts for parking your money. I don’t know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals.”
How should someone decide whether to put their money in a money market account or another interest-earning account?
Tania Brown, Certified Financial Planner at SaverLife:
“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD.”
Sophia Acevedo, Personal Finance Expert:
“I would create a list of what I prioritize at most in a bank account. For example, some banks have accounts that charge a monthly service fee. I would take a look at what the requirements are for waiving the monthly service payment and if I think I could. “
Methodology: How We Choose the Best Money Market Accounts
There are many accounts in the cash market. Through our research, we discovered that cash market accounts are presented through banks with a strong online presence and cellular access.
We tested cash market accounts (our method of cash market accounts) at approximately two dozen locations to identify the most powerful options.
While interest rates are an important aspect of any money market account, we also considered minimum deposits and balance requirements, overdraft, and excess transaction fees, the ability to access funds, and any other standout features.
Personal Finance Insider’s project is to help other people make the most productive decisions with their money. We understand that “more productive” is subjective. So, in addition to pointing out the apparent benefits of a product or monetary account (a higher APY, for example), we also describe its limitations. We’ve spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
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