bank rates

Highest Money Market Rates for November 2018

The best money market account rate you can find this month comes from NorthPointe Bank, paying 2.30% APY.

CFG Community Bank is right behind it, offering 2.26% APY. And a slew of banks are offering 2.25% APY on a money market account.

Both NorthPointe Bank and CFG Community Bank require a hefty $25,000 minimum balance to earn the APY.

If you can’t swing that minimum, you may want to take a slightly smaller yield from banks like MemoryBank or MySavingsDirect, who are paying 2.25% APY with no minimum and a $1 minimum, respectively.

Even though we haven’t seen much movement out of money market account rates within the past month, 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 2.25% APY, last year’s rate from the two banks was around a full percentage point lower.

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

12 Banks Paying 2.00% APY or Better

In total, you’ll find 12 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.

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 November 2018

Bank APY Min Deposit Min Balance for APY
NorthPointe Bank 2.30% $0 $25,000
CFG Community Bank 2.26% $1,000 $25,000
MemoryBank 2.25% $0 $0
MySavingsDirect 2.25% $0 $1
iGObanking 2.25% $25,000 $25,000
BankPurely 2.25% $25,000 $25,000
All America Bank 2.25%** $50 None
Redneck Bank 2.25%** $50 None
My e-BAnC 2.25% $5,000 $5,000
Sallie Mae 2.12% None None
Virtual Bank 2.01% $100 $0.01
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
UFB Direct 1.60% $5,000 None
Northpointe Bank 1.50% $25,000 None

** All America and Redneck banks limit their rate of 2.25% APY to the first $50,000. Balances greater than that earn 0.50% APY.

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