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Online savings accounts are increasingly becoming a commoditized market with the sheer number of banks entering into the arena. It seems that customers have no brand loyalty and will go to whichever bank offers the best interest rates, features and customer service. M&T Bank decided to that they too would like to compete for your savings dollar and opened its own online money market account called the M&T Bank eMoney Market Account at an interest rate of 3.25% APY.

This bank offers an excellent interest rate given the current market. Some of the big names such as HSBC Direct and Emigrant Direct were offering 3.25% APY before the Federal Reserve dropped the short term funds rate by 2% through a series of two rate cuts, and now both of those banks are offering around 3.00%. 3.25% APY from M&T Bank is one of the best that you’re going to find right now.

Transferring money in and out of your account is easier than ever. M&T Used to not have the capability to do ACH transfers, but they’ve recently added it so that you can electronically transfer money to and from your checking account at your local bank. Alternatively, You can also deposit by mailing in checks or making deposits at one of their branches.

The account features no minimum balance and no monthly service fee. You’re allowed to make a maximum of 4 withdrawals per month according to federal regulations from your M&T Bank e-Money Market Account, any additional withdrawals and you’ll be slapped with a $1.00 fee for each transfer.

M&T Bank is a larger bank and has branches in New York, Pennsylvania, and Maryland, so chances are it’s going to be around for a while. The bank is also FDIC insured so your money is safe in the event that the bank were to fail.

Overall M&T Bank is providing a pretty money market solid account, the only major down-side is that the money isn’t FDIC insured, but money market accounts are generally considered very safe, if that’s not an issue for you, it’s a great place to keep your money.



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