During these tough economic times, we are looking to to make the most from the money that we already have and ideally, keep risk to a minimum. For those of you who have an account with an online bank, it’s a good idea to keep that money in a place that pays higher interest. Online savings accounts are increasingly popular and continue to attract customers seeking the best interest rates, features and customer service.
M&T Bank is a large bank, with 650 branches in New York, Pennsylvania, and Maryland, offering over 1600 compatible ATMs nationwide. Notably, the bank is FDIC insured so your money is safe in the event that the bank were to fail.
M&T Bank is now offering potential customers the opportunity to open an eMoney Market account with a good interest rate, compared to other banks. Some of big name banks, such as HSBC Direct, were offering a 3.25% APY rate before the Federal Reserve dropped the short term rate by 2% through a recent series of cuts. The 1.75% APY offered by M&T Online Banking is indeed a competitive one.
This newest high-yield online account has some notable features. In addition to a great interest rate, your money will not be tied up for a given length of time, granting you convenient access to the money as you wish. This account also has no minimum balance requirement and no monthly service fee. It allows a customer to make a maximum of 4 withdrawals per month, with any additional withdrawals costing a $1.00 each. It is also possible to electronically transfer money to and from your original checking account at your local bank. Alternatively, a customer can deposit money by mailing in checks or making deposits at one of M&T’s branches. The online signup process is fast and simple and the account is accessible 24/7.
