What bank has the best money market account rates?
As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
- Quontic Bank: Earn up to 5.00% APY.
- Redneck Bank®: Earn up to 4.90% APY.
- Republic Bank of Chicago: Earn up to 5.21% APY.
- Sallie Mae: Earn up to 4.65% APY.
- UFB Direct: Earn up to 5.25% APY.
- Vio Bank: Earn up to 5.30% APY.
- ZYNLO® Bank: Earn up to 5.00% APY.
As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
| Account | Forbes Advisor Rating | Annual Percentage Yield |
|---|---|---|
| M1 High-Yield Savings Account | 4.3 | 5.00% |
| Bask Interest Savings Account | 4.2 | 5.10% |
| UFB Secure Savings | 4.1 | Up to 5.25% |
| Salem Five Direct eOne Savings | 4.0 | 5.01% |
- BrioDirect High Yield Savings Account: 5.35% APY.
- Ivy Bank High-Yield Savings Account: 5.30% APY.
- TAB Bank High Yield Savings: 5.27% APY.
- UFB Secure Savings: Up to 5.25% APY.
- EverBank Performanceâ„ Savings: 5.15% APY.
- Bask Interest Savings Account: 5.10% APY.
| Account | National average money market account | Sallie Mae Money Market |
|---|---|---|
| Deposit amount | $10,000 | $10,000 |
| APY | 0.68% APY | 4.65% APY |
| Earnings after six months | $33.94 | $229.86 |
| Earnings after 1 year | $68 | $465 |
They may come with the ability to pay bills, write checks and make debit card purchases. Disadvantages of money market accounts may include hefty minimum balance requirements and monthly fees — and you might be able to find better yields with other deposit accounts.
The best way to invest 10K in individual stocks, ETFs, mutual and index funds, and stocks and shares ISAs. You can also use a robo-advisor to invest in stocks. How to invest 10k for the short term? You can invest the 100k in a high-interest savings account or a cash ISA for short-term goals.
- Invest in stocks for the short term. ...
- Real estate. ...
- Investing in fine art. ...
- Starting your own business. ...
- Investing in wine. ...
- Peer-to-peer lending. ...
- Invest in REITs. ...
- Invest in gold, silver, and other precious metals.
Simple Interest Examples
You want to know your total interest payment for the entire loan. To start, you'd multiply your principal by your annual interest rate, or $10,000 Ă— 0.05 = $500. Then, you'd multiply this value by the number of years on the loan, or $500 Ă— 5 = $2,500.
What is the best CD rate for $100,000?
| Institution | Rate (APY) | Minimum Deposit |
|---|---|---|
| GTE Financial | 5.38% | $100,000 |
| Credit One Bank | 5.35% | $100,000 |
| Third Federal Savings & Loan | 5.25% | $100,000 |
| CD Bank | 5.25% | $100,000 |
| Institution | Rate (APY) | Term |
|---|---|---|
| TotalDirectBank | 5.35% | 12 months |
| CFG Bank | 5.31% | 12 months |
| Rising Bank | 5.31% | 12 months |
| Northpointe Bank | 5.30% | 11 months |
| INSTITUTION | STAR RATING | APY ON 6-MONTH CDs |
|---|---|---|
| Popular Direct certificates of deposit | 4.81 | 5.30% |
| Marcus by Goldman Sachs High-Yield certificates of deposit | 4.80 | 5.10% |
| TAB Bank certificates of deposit | 4.77 | 0.00% |
| Bask Bank Certificates of Deposit | 4.76 | 5.15% |
There aren't any traditional banks offering a 7% interest savings account in the U.S., but you will find some credit unions that offer checking accounts and certificates with rates near or above 7.00% APY. It's important to note that savings account rates are variable and can change at any time.
Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.
| Banks | Highest FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
|---|---|---|
| RBL Bank | 8.00 | 0.50 |
| AU Small Finance Bank | 8.00 | 0.50 |
| Induslnd Bank | 7.99 | 0.26-0.50 |
| IDFC First Bank | 7.90 | 0.50 |
- Redneck Bank – 4.90% APY.
- First Foundation Bank – 4.90% APY.
- Sallie Mae Bank – 4.65% APY.
- Prime Alliance Bank – 4.50% APY.
- Presidential Bank – 4.37% APY.
- EverBank – 4.30% APY.
- BankUnited – 4.25% APY.
- U.S. Bank – 4.25% APY.
Some money market accounts come with minimum account balances to be able to earn the higher rate of interest. Six to 12 months of living expenses are typically recommended for the amount of money that should be kept in cash in these types of accounts for unforeseen emergencies and life events.
- Quontic Bank.
- Redneck Bank.
- First Foundation Bank.
- All America Bank.
- Ally Bank.
- Zynlo Bank.
- UFB Direct.
- Northern Bank Direct.
Money market accounts offer flexibility with check-writing and debit cards, savings accounts are more accessible and have lower fees, and CDs offer higher interest rates but with a commitment to keep your money locked away for a set period of time.
Can money be lost in a money market account?
Since money market accounts are insured by the FDIC or the NCUA, you cannot lose the money you contribute to the account—even in the event of a bank failure. You can, however, be subject to fees and penalties that reduce your earnings.
Like other deposit accounts, money market accounts are insured by the FDIC or NCUA, up to $250,000 held by the same owner or owners.
To potentially turn $10k into $100k, consider investments in established businesses, real estate, index funds, mutual funds, dividend stocks, or cryptocurrencies. High-risk, high-reward options like cryptocurrencies and peer-to-peer lending could accelerate returns but also carry greater risks.
Diversifying Your Portfolio to Reach a 10% Return
A diverse portfolio could consist of 30% in a mix of value and growth stocks, 30% in index funds, 20% in bonds, 10% in real estate and 10% in alternative investments like P2P lending or commodities.
If you're dealing with a particularly large lump sum, it's often beneficial to distribute the money across various savings and investment vehicles. This not only provides a safety net but also ensures tax efficiency.
