Interest rates are falling everywhere on savings and checking accounts and the economy is in a bad shape right now. One of the best things you can do to save money now is to put your money in a Money Market account, since these generally have higher savings rates than regular savings accounts.
The money market account might also have the advantage over a Certificate of Deposit in that you have faster access to your money. With this in mind one place you can put some money if you chose to is with an account at M&T Online Banking. M&T currently offers a money market rate of 0.75% APY, which may not seem like much right now…but when you think of some accounts that are currently paying 0.42% you can see the difference in the interest that you will end up getting.
It is very easy to set up an account with M&T and they are FDIC insured so you do not need to worry about your money being safe or not. You first need to choose your zip code area so the company can better tailor their offerings to your area. Steps to setting up a new account are as follows:
- Choose your account type
- Enter personal information
- Review terms and conditions
- Set up card
- Fund your account
- Get confirmation
These money market accounts do not require a minimum balance so that makes it easy for regular people like you and me to set them up. Some additional features that come with this money market account are:
- Round the clock access
- Over 1600 ATMs for easy access to your money
- No monthly fees
If you are looking for a way to save some money now please look into Money Market accounts as an alternative to traditional savings accounts.