M&T Bank Money Market Account: Everything You Need To Know
Written by
Terence Loose
Edited by
Melanie Grafil
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M&T Bank, which gets its name from its founding bank of Manufacturers and Traders Bank in Buffalo, New York, offers personal, business and commercial banking services. These include checking and savings accounts, credit cards, mortgages and loans and more. The bank has more than 1,000 branches and 2,200 ATMs in 12 states, from Maine to Virginia and Washington, D.C.
Does M&T Bank Offer a Money Market Account?
Yes, and no. M&T Bank does not offer a money market account for personal or business purposes, but it does have a Commercial Money Market Savings Account. According to M&T Bank, this account is targeted toward businesses, nonprofits and firms that carry large cash balances. So, if you do not plan to keep a large amount in your account, this might not be the account for you.
For instance, there is a $12.50 monthly maintenance fee for those that don’t carry a $10,000 minimum daily balance. The account offers a variable tiered interest rate, which is not listed, and in order to earn interest an account must have at least a $500 daily collected balance.
If you are looking for a personal interest-bearing account, M&T Bank offers three different levels of savings accounts, as well as certificates of deposit that range in interest rate and features, depending on your zip code, according to their website.
What Is M&T Bank’s Best CD Rate?
To view current CD rates for M&T Bank, you must provide a zip code, since rates and conditions could change depending on where you live. The best CD rates may vary by region. You can find a six-month CD offering , though you can find higher APYS in other regions as well, up to 5.00%. This product requires a qualifying M&T Bank checking account and a $1,000 minimum deposit.
The bank also offers a 12-month CD with a yield of APY, which did not require a M&T Bank checking account.
Which Other Financial Institutions Have Money Market Accounts?
If M&T Bank’s Commercial Money Market Savings Account is not right for you, and you don’t want to tie up your money in a CD for any length of time, don’t worry. Many other financial institutions offer money market accounts that might suit your needs.
Discover Money Market Account
According to their website, Discover’s money market account offers a high interest rate with the promise of no monthly maintenance fees, excessive withdrawals fees, or many other fees. The account currently pays APY on balances under $100,000 and APY for balances over $100,000. You will also enjoy access to more than 60,000 ATMs and have bill pay and check writing capabilities.
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UFB Direct Secure Money Market Account
UFB Direct’s money market account offers a APY on all balances, no matter what the amount. However, to avoid the $10 monthly maintenance fee, you’ll have to keep a balance of at least $5,000. Their website also notes that you can access your money 24/7 using online banking tools. With a valid ID and social security number, U.S. citizens and resident aliens can set up an account in 15 minutes.
Vio Bank Cornerstone Money Market Savings Account
If M&T Bank’s money market account is too rich for your blood, Cornerstone’s could help with their minimum opening deposit requirement of only $100. They also offer APY on all balances and there is no monthly fee if you opt out of paper statements; otherwise it’s $5 per month. With a driver’s license, social security number and mailing address, the bank says opening an account is a five-minute online process.
CFG Bank MTBS Money Market Account
CFG Bank’s money market account offers APY, with .05% of every dollar of interest earned “contributed to the Maryland Tough Baltimore Strong Fund, supporting individuals and businesses impacted by the collapse of the Key Bridge.” The bank will also match contributions up to $500,000 until Dec. 31, 2024, according to their website. This account does not come with check writing or a debit card.
Banesco Money Market Account
This money market account is officially under the bank’s business heading, however, it requires only a $2,500 balance to start. It pays APY. You will be charged a $15 monthly maintenance fee if your balance drops below $2,500. There’s also a $10 per transaction fee for those above the six per statement cycle limit.
Western High Yield Money Market Account
Western offers a APY for their money market account for all balances. However, there is a minimum deposit of $5,000 to open a money market account at the bank. Once the account is open, there is no minimum balance requirement and there is no monthly maintenance fee. You will have 24/7 online access and opening an account can be started online, but does require a phone call as well, for verification purposes.
Brilliant Bank Surge Money Market Account
With a low minimum opening deposit amount of just $1,000, Brilliant’s Surge Money Market Account offers a high yield of APY. After opening there is a minimum required balance of $1,000 and account holders can access their funds through Brilliant’s mobile banking app.
Sallie Mae Money Market Account
Sallie Mae offers a APY for their money market account, with no minimum balance needed and no monthly maintenance fees. You also have the ability to write checks from the account and enjoy free transfers.
Ally Bank Money Market Account
With no minimum balance requirements and no monthly maintenance or overdraft fees, Ally’s money market account pays APY. With this account you’ll gain access to 43,000 Allpoint ATMs across the nation and Ally will refund up to $10 in out-of-network ATM fees per statement cycle.
Is a Money Market Account Right for You?
Choosing a money market account is not all about the interest rate. There are many variables to consider when choosing a money market account. Some have high minimum balance requirements to avoid fees. Some only allow a certain number of transactions per month before charging per transaction. Is check writing important to you? Not all have that. Or ATM access. Here are a few things to consider before opening a money market account:
- The annual percentage yield, or APY
- The required minimum opening deposit
- The required minimum balance to avoid fees
- And monthly service or other fees
- Account access, such as check writing, bill pay or ATM cards
- Withdrawal limits and fees
- FDIC- or NCUA-insured (the above accounts are all FDIC-insured to $250,000)
Is a High-Yield Savings Account a Better Fit for You?
If you don’t require the added features that come with many money market accounts, such as check writing, debit cards or online bill pay, you might consider a high-yield savings account. Because the bank doesn’t provide added features, many are able to offer equal or higher interest rates for their savings accounts, often without the high minimum balance requirements or fees that many money market accounts demand. Here are several banks offering high-yield savings accounts:
| Account | APY |
|---|---|
| My Banking Direct High-Yield Savings | |
| BrioDirect High-Yield Savings | |
| Forbright Bank | |
| Ivy Bank High-Yield Savings | |
| Tab Bank High-Yield Savings | |
| UFB Secure Savings | |
| Laurel Road High-Yield Savings |
Takeaway
When it comes to maximizing the returns on your money through money market and savings accounts, or CDs, you have many options. The important thing to keep in mind is that the choice shouldn’t hinge on just one variable. Many savers find that a slight reduction in interest rate in the name of access to their money or convenience is worth it, and vice versa. Just make sure you research your options thoroughly.
FAQ
- Does M&T Bank offer money market accounts?
- Yes, but their money market account is designed for businesses, nonprofits and firms that carry large cash balances. You'll be charged a $12.50 monthly maintenance fee if your daily balance drops below $10,000.
- What is the downside of a money market account?
- Generally speaking, many money market accounts come with higher minimum balance requirements and more fees than traditional or high-yield savings accounts.
- What is the highest paying money market account right now?
- Money market and savings interest rates change frequently. But here are some of the highest paying money market accounts as of mid-July 2024:
- Brilliant Bank Surge Money Market Account: 5.35%
- Banesco Money Market Account: 5.25%
- CFG Bank MTBS Money Market Account: 5.00%
- UFB Direct Secure Money Market Account: 4.57%
- Western High Yield Money Market Account: 5.15%
- Money market and savings interest rates change frequently. But here are some of the highest paying money market accounts as of mid-July 2024:
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 23, 2024.
Rates may vary by region. To verify rates in your area, check the issuer’s website for details.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
