bank rates

Highest Money Market Rates for February 2019

Two banks this month are paying 2.50% APY on a money market account.

Those banks are All American Bank and Redneck Bank.

We think it will be difficult to find a money market account that beats that rate. But we encourage you to try.

Search our database of the best money market and savings account rates.

While All American Bank and Redneck Bank are at the top of our list, there’s a catch.

Both banks limit their rate of 2.50% APY to balances of $50,000 or less. Any balance greater than $50,000 earns just 0.50% APY.

Fortunately if you plan on depositing more than $50,000, you have some options. 

UFB Direct is right behind All American and Redneck Bank offering 2.45% APY.

And four other banks on our list pay a rate of 2.40% APY.

Indeed, the options today are plentiful, which is a nice change from the dismal rates we’ve been experiencing.

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

11 Banks Paying 2.00% APY or Better

In total, you’ll find 11 banks paying 2.00% APY or better. If you’re looking for one of the best deals on a money market account, these banks are where you want to focus your efforts.

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 February 2019

Bank APY Min Deposit Min Balance for APY
All America Bank 2.50%** $50 None
Redneck Bank 2.50%** $50 None
UFB Direct 2.45% $5,000 None
MySavingsDirect 2.40% $0 $1
MemoryBank 2.40% $0
iGObanking 2.40% $25,000 $25,000
BankPurely 2.40% $25,000 $25,000
Virtual Bank 2.36% $100 $0.01
NorthPointe Bank 2.30% $0 $25,000
Sallie Mae 2.20% None None
Capital One 360 2.00% None $10,000
CIT Bank 1.85% $100 $100
ableBanking Direct 1.85% $250 None
EBSBDirect 1.80% $2,500 $10,000
Northpointe Bank 1.50% $25,000 None

** All America and Redneck banks limit their rate of 2.50% APY to the first $50,000. Balances greater than that earn 0.50% APY.

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