The best high-yield savings account and money market account have switched leaders, with Brilliant Bank’s Surge Money Market now offering the highest rate at 4.85%. This marks a significant change after the top savings account rate dropped to 4.75%, making it more lucrative for savers.
Brilliant Bank is an online division of Equity Bank, which has been an FDIC member since 1985. Its Surge Money Market account requires a minimum balance of $1,000 and offers unlimited withdrawals and the ability to write checks. Savers can earn up to $40 in monthly interest with a $10,000 balance.
The high-yield savings market experienced a brief shift in June 2023, when Brilliant Bank’s Surge Money Market briefly took the top spot. However, the leading savings account rate quickly surpassed it, holding the lead for most of the next year. This time, however, Brilliant Bank is poised to stay ahead with its competitive 4.85% APY.
Money market accounts are often confused with money market funds, but they behave similarly to savings accounts and offer check-writing capabilities. It’s essential to note that both savings and money market accounts can lower their rates at any time.
Investors may consider exploring alternative options, such as certificates of deposit (CDs), which offer guaranteed rates for a set period. CD rates are currently ranging from mid-4% to upper 5%, with some promotional CDs offering standout rates.
Daily rankings of the best savings and CD accounts are updated daily by Investopedia, providing users with the most up-to-date information on available deposit rates. The top rates can be significantly higher than national averages, making it essential for investors to shop around for the best options.
Source: https://www.investopedia.com/want-to-earn-the-highest-savings-rate-this-money-market-account-is-now-the-national-leader-8772101