bank rates

Highest Money Market Rates for July 2018

Money Market AccountsThe best money market account rate you can find this month comes from Pacific National Bank, which is paying an impressive 2.01% APY. It requires a $5,000 minimum deposit and a $5,000 minimum balance to earn the APY.

Pacific National Bank is just barely beating out Virtual Bank, which has been dominating the top position on money market accounts for the last few months.

And its still offering an enticing rate. If you can’t swing the $5,000 minimum at Pacific National Bank, Virtual Bank is  paying 2.01% APY with a $100 minimum deposit.

The rates we’re seeing now are certainly better than at this time last year.

For most of 2017, the best money market account rates came from a pair of affiliated banks from Oklahoma — All America Bank and Redneck Bank. While both are now paying 2.00% APY, last year’s rate from the two banks was around a half of a percentage point lower.

Though rates on money market accounts are on the rise, they still aren’t where we’d like them to settle.

But it’s nice to see some higher returns for savers on the horizon.

14 Banks Paying 1.50% APY or Better

Right behind All American Bank and Redneck Bank, you’ll find Sallie Mae paying 1.90% with a no minimum deposit requirement and no minimum balance requirement to earn the APY.

Keep in mind that banks can change money market rates whenever they like, and that includes lowering the payout, unless your return has been explicitly guaranteed for a certain period of time.

You can see how these rates stack up to the best money market and savings account rates offered by scores of banks in our database. In addition, this list of the best money market account rates is updated monthly, so check back often.

Money Market Leaders for June 2018

Bank APY Min Deposit Min Balance for APY
Pacific National Bank 2.02% $5,000 $5,000
Virtual Bank 2.01% $100 $0.01
All America Bank 2.00%** $50 None
Redneck Bank 2.00%** $50 None
Sallie Mae 1.90% None None
CIT Bank 1.85% $100 $100
EBSBDirect 1.80% $2,500 $10,000
ableBanking Direct 1.70% $250 None
iGObanking 1.70% $25,000 $25,000
UFB Direct 1.60% $5,000 None
Capital One 360 1.60% None $10,000
EverBank 1.60% $5,000 None
Northpointe Bank 1.50% $25,000 None
My e-BAnC 1.50% $5,000 $5,000

** All America and Redneck banks limit their rate of 2.00% APY to the first $50,000. Balances greater than that earn 0.50% APY.

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