bank rates

Highest Money Market Rates for September 2018

Money Market AccountsThe best money market account rate you can find this month comes from Virtual Bank, which is paying an impressive 2.01% APY. It requires a $100 minimum deposit and no minimum balance to earn the APY.

Virtual Bank was also leading the pack last month, paying the same 2.01% APY.

Even though we haven’t seen much movement out of money market account rates within the past 30 days, the rates we’re seeing now are certainly better than they were 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.

You’ll also find two other banks — iGOBanking and BankPurely — offering 2.00% APY.

It’s nice to finally see some higher returns for savers on the horizon.

13 Banks Paying 1.50% APY or Better

In total, you’ll find five banks paying 2.00% APY or better. If you’re looking for one of the best deals on a money market account, those banks are where you want to focus your efforts.

Notably, All American Bank and Redneck Bank limit their rate of 2.00% APY to the first $50,000. Higher balances earn only 0.50% APY from the bank. So, if you want to stash away more than $50,000, look towards BankPurely, iGOBanking or Virtual Bank.

Keep in mind that banks can change money market account 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 September 2018

Bank APY Min Deposit Min Balance for APY
Virtual Bank 2.01% $100 $0.01
All America Bank 2.00%** $50 None
Redneck Bank 2.00%** $50 None
iGObanking 2.00% $25,000 $25,000
BankPurely 2.00% $25,000 $25,000
Sallie Mae 1.90% None None
CIT Bank 1.85% $100 $100
ableBanking Direct 1.85% $250 None
Capital One 360 1.85% None $10,000
EBSBDirect 1.80% $2,500 $10,000
UFB Direct 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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