bank rates

Highest Money Market Rates for January 2018

Money Market AccountsFor most of 2017, the best money market account rates came from a pair of affiliated banks from Oklahoma — All America Bank and Redneck Bank. Both are still paying 1.50% APY. But that rate is only paid on balances up to $35,000. Higher balances earn just 0.50% APY.

This year there’s another contender in the mix. Northpointe Bank is paying 1.50% APY as well. And it’s cap on balances is much higher.

You’ll also find a solid rate from UFB Direct, which is paying 1.41% APY.

And EBSBDirect isn’t far behind, offering 1.39% APY.

In total, there are 15 banks paying 1.15% or better on money market accounts. 

15 Banks Paying 1.15% APY or Better

There are a couple of big differences among the banks at the top of our list paying 1.50% APY. All American Bank and Redneck bank, as mentioned above, have a limit on balances of $35,000. That’s not the case with Northpointe, which has a cap of $1,000,000.

But in order to get the deal from Northpointe, you’ll need to make a minimum deposit of at least $25,000. All American Bank and Redneck Bank require a minimum of just $50.

If you’re looking to earn 1.50% APY on a sum of money that’s $35,000 or higher, Northpointe might be your best bet. But on balances lower than the $35,000 mark, you may want to consider All American Bank or Redneck Bank.

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 January 2018

Bank APY Min Deposit Min Balance for APY
Northpointe Bank 1.50% $25,000 None
All America Bank 1.50%** $50 None
Redneck Bank 1.50%** $50 None
Sallie Mae 1.45% None None
UFB Direct 1.41% $5,000 None
EBSBDirect 1.39% $25,000 None
EverBank 1.31% $5,000 None
Capital One 360 1.30% None $10,000
Pacific National Bank 1.30% $5,000 $5,000
ableBanking Direct 1.30% $250 None
iGObanking 1.30% $25,000 $25,000
Northern Bank Direct 1.26% $25 None
Dime Community Bank 1.20% $1,000 None
My Banking Direct 1.15% $2,500 $5,000
My e-BAnC 1.15% $5,000 $5,000

** All America and Redneck banks limit their rate of 1.50% APY to the first $35,000. Balances greater than that earn 0.50% APY.

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