Best Jumbo Money Market Rates Of October 2024 – Forbes Advisor – Technologist

With some of the best jumbo money market accounts reserved for members of select credit unions, our experts love that anyone can join Meritrust Credit Union with a complimentary membership to a partner organization.

Why We Like It

Meritrust Credit Union offers two types of money market accounts—the Meritrust Money Market account and the Flex Money Market account. Both have the same fees and account minimums, but rates differ. While a bit confusing, we like that you can choose between the two accounts to get the best interest rate for your balance tier. And the minimum deposit requirement of $2,000 isn’t too prohibitive.

What We Don’t Like

Having two different accounts with mostly overlapping features is a little confusing. If you choose one account because of its higher earnings on a certain balance tier, you could end up with the worse option if your balance changes.

Who It’s Best For

If you don’t have a lot of money to deposit into a money market account right away, this account may be a good fit. You’ll earn the highest rate—of any tier on either account—with a balance of less than $2,000.

Meritrust offers two money market accounts, each with tiered interest rates.

The Flex Money Market account offers blended rates for the following balance tiers:

• $0 to $2,000: 2.00%
• $2,000.01 to $49,999.99: 2.00% to 0.32%
• $50,000 to $99,999.99: 0.32% to 0.36%
• $100,000 to $249,999.99: 0.36% to 0.54%
• $250,000 or more: 0.54% to 0.70%

The Meritrust Money Market account offers the following APYs and balance tiers:

• $0 to $24,999.99: 0.25%
• $25,000 to $49,999.99: 0.65%
• $50,000 to $99,999.99: 0.70%
• $100,000 to $249,999.99: 0.85%
• $250,000 to $499,999.99: 1.00%
• $500,000 or more: 1.00%

Dividends compound and are credited to your account monthly.

You must be a member of Meritrust Credit Union to open this account, but anyone is able to join. To become a member, you must meet one of the following criteria:

• Be an immediate family member of a current Meritrust member.
• Work for or belong to a partner employer or organization.
• Live, work, worship or go to school in one of Meritrust’s geographic expansion areas.
• Become a member of a partner organization.