Brilliant Bank Surge Money Market Account 2024 Review
Brilliant Bank, a division of Equity Bank, offers a high-yield money market account with an impressive rate. There's no monthly fee when you maintain a minimum balance of $2,000 or more.
Brilliant Bank's Surge Money Market account features a top-tier APY, with interest credited monthly. It's among the best high-yield savings options for people who want to grow their money.
This money market account could be a good fit if you:
- Have at least $1,000 or more to open an account
- Typically maintain a minimum balance of $2,000 or more in savings
- Are comfortable with an online money market account
- Don't need access to paper checks or an ATM card
The main caveat to know about this money market account is that you'll need at least a $1,000 minimum deposit to earn the advertised APY. It's possible to open other money market accounts with less money. If you're interested in Brilliant Bank's other financial products, you'll also find checking accounts and CDs offered here.
Brilliant Bank Surge Money Market Account Pros & Cons
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Compared to Other Online Savings Accounts
Ally Bank Money Market Account
The Ally Bank Money Market account has no monthly fees or minimum balance requirements and earns an outstanding APY. This account allows for unlimited deposits and ATM withdrawals, plus 10 withdrawals per statement cycle. In addition to a debit card, this money market account also includes paper checks for convenience.
Read our full editorial review of the Ally Bank Money Market account
Quontic Bank Money Market Account
Quontic Bank's money market account is a high-yield account with an exceptional APY. You'll need $100 to open this account, which includes both a debit card and paper checks. This account has no monthly fees, no overdraft fees and no hidden fees of any kind.
Read our full editorial review of the Quontic Bank Money Market account
Vio Bank Cornerstone Money Market Account
Vio Bank's money market account pays an APY that's just below what you could get from Brilliant Bank. However, you only need $100 to open this account online versus $1,000. There are no monthly fees and you can set up automatic transfers to grow your savings on autopilot.
Read our full editorial review of the Vio Bank Cornerstone Money Market account
nbkc High-Yield Money Market Account
nbkc Bank's high-yield money market account has no fees and makes it easy to set up savings goals. The APY isn't quite as high as what other money market accounts pay, but it's still well above the national average. You'll be able to withdraw cash fee-free at more than 37,000 MoneyPass ATMs, plus nbkc offers monthly ATM fee reimbursements.
Read our full editorial review of the nbkc High-Yield Money Market account
Interest Rates
Money market accounts can offer interest rates that compete with the best high-yield savings accounts. The Brilliant Bank Surge Money Market account has one of the highest rates you'll find among online banks.
That being said, some people may find the $1,000 minimum deposit a bit high. It's possible to find a great rate on a money market account elsewhere with a lower deposit requirement.
One thing to remember about money market rates is that they're variable, which means they can change at any time. If interest rate trends shift, it's possible that money market rates could go up or down.
You might consider CD accounts instead if you're looking for a fixed-rate savings option. CDs require you to leave your money in the account for a set term, but your rate won't go down before maturity.
Fees
Online banks tend to be more fee-friendly than traditional banks, but they're not fee-free. The charges you encounter can vary by bank and by account.
Here are some of the fees Brilliant Bank charges.
Other Service Fees - Brilliant Bank Surge Money Market
| Type | Fee |
|---|---|
| Monthly maintenance fee | $10 (can be waived) |
| ACH transfer (to external bank) | $2.55 |
The $10 monthly fee applies unless you meet the minimum balance requirement. You'll need to maintain a $2,000 minimum daily balance to avoid the fee.
Brilliant Bank also charges a small fee to transfer funds from your money market account to an external bank account. This fee applies to each ACH transfer.
Overall, Brilliant Bank is not overwhelmingly transparent in disclosing fees.
ATM Access
Brilliant Bank offers debit cards with its checking accounts but makes no mention of them on the money market account page.
If you have both a checking account and a money market account here, you could transfer funds between them to make withdrawals. Brilliant Bank doesn't charge any ATM fees.
You may, however, pay fees to the bank that owns the ATM. Brilliant Bank doesn't reimburse ATM fees, which is something to keep in mind when choosing a money market account.
Account Management
The Surge Money Market account is designed as an online-only account. That means your account management options are limited to online and mobile banking.
If you need to deposit funds, you can choose from ACH transfers or mobile check deposits. There are no fees for incoming ACH transfers; only outgoing ones.
Brilliant Bank doesn't partner with Zelle so you won't have a send/receive payment option in the app. You can, however, link your Surge Money Market account to the Zelle app instead.
FDIC Insurance
FDIC insurance protects depositors when a bank fails. If an FDIC-insured bank goes under for any reason, your money is covered up to $250,000.
Brilliant Bank offers FDIC-insured accounts through Equity Bank. That means should the bank fail, which is a rarity, you'd be able to get your covered deposits back.
What to Look for in a Savings Account
Money market accounts are suited to different savings goals. With so many options to choose from, it helps to shop around to find the right one.
Here are some things to consider as you compare accounts.
- Do you need branch banking access or are you comfortable with an online bank?
- How much do you need to open the account?
- Does the account include paper checks or a debit card?
- How large is the ATM network?
- Does the bank refund foreign ATM fees?
- What's the APY?
- Will you earn the same rate across all balances?
- Are there limits on deposits or withdrawals?
- Is there an excess withdrawal fee?
Comparing money market accounts online is a helpful way to see what's out there. You can also look into money market accounts at traditional banks and credit unions to see how they measure up.
Frequently Asked Questions
What is a money market?
A money market account is a type of deposit account you can open at banks and credit unions. Money market accounts can offer check-writing privileges and access to a debit card or ATM card for convenience. There may be limits on the number of withdrawals you can make each month.
Is a money market account a good way to save?
Money market accounts can be a good savings option if you're earning an outstanding rate while paying minimal fees. The best rates are typically found at online banks, which tend to pay savers more since they have lower overhead costs. A higher APY may require a higher opening deposit or minimum balance requirement.
Are a money market account and a money market fund the same thing?
Money market accounts are deposit accounts offered by banks and credit unions. A money market fund is a type of investment, specifically, a type of mutual fund. Money market funds typically invest in debt securities, cash and cash equivalents, making them a riskier way to save than money market accounts.
