The general cash market account rate is 5. 48% First Internet Bank of Indiana cash market account APY for account balances over $1 million.
Meanwhile, the maximum competitive account rate in the cash market, regardless of your account balance, is 5. 35% Brilliant Bank APY. However, the Brilliant Bank Cash Market account is not available to citizens of Kansas, Missouri, Oklahoma, and Arkansas.
The most productive cash market accounts have manageable fees and notable features, such as ATMs or the ability to write checks. These accounts also enjoy the most competitive cash market account rates in the country. You can read more about our more sensible picks below.
Indiana’s first bank cash market account has a tiered interest rate formula with competitive APYs. The cash market account will pay an APY of 3. 77% on account balances of $1 million or less and an APY of 5. 48% on account balances of more than $1 million. You can also request an ATM card to make ATM withdrawals.
First Internet Bank of Indiana is also part of the IntraFi network, a program that provides additional FDIC insurance coverage for balances exceeding the $250,000 limit. The way it works is that your cash is distributed among other FDIC-insured monetary establishments in the network (there are only about 3,000 banks). Up to $150 million can be secured through the FDIC through filings on the IntraFi network.
This cash market account has a monthly service fee of $5. To waive the payment, you must keep at least $4,000 in your account. This cash market account also does not have check-writing privileges.
Rate: 3. 77% APY on account balances of $1 million or less and 5. 48% APY on account balances of $1 million or less
Minimum Opening Deposit: $100
Indiana Internet Banking First Review
Brilliant Bank’s Surge Money Market account offers a competitive interest rate and can be a smart choice if you can keep at least $2,000 in your account so you can waive the $10 per month service fee.
The existing APY is only available to new applicants. If you live in Kansas, Missouri, Oklahoma, or Arkansas, you may not be able to open this account.
Rate: 5. 35% APY
Minimum Opening Deposit: $1,000
Vio Bank’s Cornerstone Money Market Savings Account has a low minimum opening deposit and no monthly service fees if you sign up for bank statements online.
If you get paper statements, you will be charged a $5 monthly service fee. Vio Bank’s Cornerstone Money Market Savings account also doesn’t come with paper checks or debit cards.
Price: 5. 30% APY
Minimum Opening Deposit: $100
Vio Bank Review
UFB Secure Money Market offers a competitive interest rate regardless of your balance and ability to write checks.
This account has a monthly service fee of $10. To waive the payment, you must have a minimum balance of $5,000.
Price: 5. 25% (as of 11/16/2023) APY
Minimum Opening Deposit: $0
Direct review of the UFB
CFG Bank’s high-yield money market account offers one of the most competitive maximum interest rates on your money market account.
You’ll need $1,000 to open an account in the cash market with CFG and that. Otherwise, you may not get competitive interest and will have to pay a monthly service payment of $10. This cash market account also does not have check or debit card writing privileges. .
Rate: 5. 25% APY
Minimum Opening Deposit: $1,000
CFG Bank Review
Prism Bank’s money market deposit account offers the highest interest rate for cash market accounts in Raisin. That said, there are also other cash market accounts available at Raisin that pay 5. 00% APY or more.
You might like Prism Bank’s money market deposit account if you’re looking for an option with a maximum interest rate and a low minimum initial deposit. You’ll only need $1 to get started.
Through Raisin, you can use a single platform to search, fund, and manage high-yield savings accounts, cash market accounts, and CDs from more than 20 banks and credit unions.
You may prefer one of our other, more sensible options if you prefer to open a cash market account directly with a bank or if you need to do all your banking with a single financial institution. Raisin does not offer checking accounts.
Rate: 5. 25% APY
Minimum Opening Deposit: $1
Raisin Review
Republic Bank of Chicago’s virtual cash market account has one of the highest interest rates on our list. This account may appeal to you if you’re looking for an online cash market account that provides paper checks. This account can also be interesting if you can get a minimum of $2,500, which allows you to waive the $25 per month service fee.
This account is not available in Illinois, Indiana, Wisconsin, and Michigan. There is a $25 monthly service fee. It also doesn’t offer an ATM card or debit card, just paper checks.
Rate: 5. 21% APY
Minimum Opening Deposit: $2,500
The Bank5 Connect Accelerator Cash Market Account may be a smart choice for you if you need to have an account with comprehensive insurance. In addition to being FDIC insured, the Bank5 Connect Accelerator cash market account insures all of your cash with the Deposit Insurance Fund. . This means that your cash will be covered, no matter how much you deposit into the account.
Unfortunately, this account requires a maximum minimum deposit of $5,000, so if you need to open an account with less than that, you should probably look elsewhere.
Rate: 5. 05% APY
Minimum opening deposit: $5,000
Bank5 Connection Review
Quontic Bank’s cash market account is a smart choice if you need to open a cash market account with no monthly service fees. This cash market account will also pay the same interest rate regardless of your account balance.
Depending on your account balance, you may find other money establishments that offer more competitive interest rates.
Price: 5. 00% APY
Minimum Opening Deposit: $100
Quontic Bank Review
Premier Members Credit Union’s cash market account stands out because it requires an initial deposit of $5. The account will also pay a maximum interest rate on low balances. You can earn 5. 00% APY on balances up to $2,000.
If you plan to deposit more than $2,000 into your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.
To open a bank account with Premier Members Credit Union, you will need to be a member. The simplest way to become a member is to enroll in Impact on Education, a charity in the Boulder Valley School District.
You may also be a member if you or a family member lives or works in an eligible Colorado county (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); You are a student, college member, or staff member of the Boulder Valley School District or Westminster Public Schools; You are a painter or family member of a painter from Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or you are a painter or member of one of the 750 organizations served through the credit union.
Rate: 0. 50% to 5. 00% APY
Minimum opening deposit: $5
Premier Member Credit Union Review
To give you a better understanding of a company’s overall ethics, here are notes from the Better Business Bureau and a recent regulatory history from the past three years.
BBB measures corporations through responses to visitor complaints, honesty of advertising, and transparency of business practices.
Vio Bank is a department of MidFirst Bank, so we’ve included MidFirst Bank’s BBB score. Since Prism Bank’s marketplace cash deposit account can be obtained through Raisin, we have included Raisin’s BBB score.
Here are the BBB scores of the establishments on our list:
Brilliant Bank is an online-only department of Equity Bank. Brilliant Bank has yet received the BBB rating, but Equity Bank earned a B- score from BBB because it has responded to some visitor complaints.
Raisin has a B rating and has won several court cases on the BBB website.
Lately, CFG Bank has no rating as its profile is being updated on the BBB website.
However, a higher BBB rating does not guarantee that you will have a good relationship with a company. You may still need to ask your friends and family about their reports to see if a bank is right for you.
To learn more about what constitutes a smart account in the cash market and how to choose the right one for you, 4 experts spoke:
We focus on what will make a cash market account more useful, adding APY, access to your cash, and much more. Here’s what they had to say about cash market accounts. (Some text may be modified for clarity. )
What makes a cash market account bad?
Sophia Acevedo, Banking Editor-in-Chief, Business Insider:
“A smart account in the cash market offers several tactics for accessing your cash, such as a debit card, ATM card, or paper checks. “
Roger Ma, certified financial planner of lifelaidout® and “Work Your Money, Not Your Life”:
“I don’t propose cash market accounts to hold your cash. I don’t know if their rates are competitive compared to high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account. Consider your emergency fund and short-term goals.
How can you decide whether to deposit your cash in a cash market account or some other interest-bearing account?
Tania Brown, Certified Financial Planner and Vice President of Coaching Strategy at OfColor:
“So I guess we’re going to start with the amount of cash you need to invest and the point of the transactions you need to make. If you need to make transactions, this eliminates the CDs. Then you’ll be stuck between the top point – the profitable savings account and the cash market account. “
Mykail James, MBA, Certified Financial Literacy Trainer, BoujieBudgets. com:
“How soon do you want cash? What kind of access do you want?And if you want your cash to grow and you want to be tempted, then you’d put it on a CD. “
Sofía Acevedo, Business Insider:
“I would create a list of what I prioritize at most in a bank account. For example, some banks have accounts that charge a monthly service fee. I would take a look at what the requirements are to waive the monthly maintenance payment and if I think I could. “
Methodology: How We Get the Most Productive Cash Market Accounts
There are many accounts in the cash market. Through our research, we found that cash market accounts are presented through banks with a strong online presence and cellular access.
We reviewed cash market accounts (our method of cash market accounts) at about two dozen establishments to identify the most powerful options.
While interest rates are a vital facet of any cash market account, we also have minimum deposits and balance requirements, overdrafts and overdraft fees, the ability to access funds, and any other notable features.
At Business Insider, our goal is to help other people make the most productive decisions with their money. We understand that the “most productive” is subjective. That’s why, in addition to highlighting the apparent benefits of a product or monetary account (a higher APY, for example), we also describe its limitations. We’ve spent hours comparing and contrasting the features and fine print of various products so you can have to.
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