Whether you’re saving for retirement, a new home, or any other major savings goal, our new Jumbo Money Market gives you options. So, what makes the Jumbo Money Market unique? On one hand, you can earn an excellent rate on your large savings balance. On the other hand, you get to keep the flexibility to make online transfers using digital banking, checks, or in-branch withdrawals1 (plus convenient access to 40,000+ surcharge-free ATMs across the country).
Jumbo Money Market
|Minimum Daily Balance Requirement||Interest Rate||APY|
|$0 - $99,999||0.01%||0.01%|
|$100,000 - $249,999||0.01%||0.01%|
|$250,000 - $499,999||2.81%||2.85%|
|$500,000 - $749,999||2.81%||2.85%|
|$750,000 - $999,999||2.81%||2.85%|
|Fees could reduce earnings on the accounts. See Consumer Product & Fee Disclosure for details. |
eStatements are required to earn interest. If eStatements are discontinued, the APY will be reduced to 0.00% APY.
CDs vs. Money Markets—Which One is Best for You?
As with any financial tool, the answer depends on your goals. A certificate of deposit will often give you a higher rate than a money market account. CDs are a great option for building your savings when you have money that you know you won’t need for a while. At Salal, our CD terms range from six months to four years, and generally speaking, the longer the term, the higher the rate.
But what if you want to earn a higher savings rate but also want to keep access to your money just in case you need it? That’s where the benefits of a money market come into play. A money market account will typically give you a higher interest rate than a basic savings account, but it also doesn’t require you to commit to a period of time where you can’t make withdrawals, like with a CD, without being penalized2. So, you can be getting more growth from your savings but keeping your options open at the same time.
Building Your Secure Financial Future
Our Jumbo Money Market features:
- No minimum opening balance, minimum balance, or monthly service charge.
- No maximum limit to your earnings.
- Easy access to your money through Salal Digital Banking.
- Free standard money market checks.
- Interest is credited and compounded monthly.
- Enrollment in eStatements required to earn interest3.