DFHW: Living the 4-Hour Work Week
Living the optimized work week
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Hi all. It certainly has been a while since I've last posted. That's because in many ways the 4HWW concept has been shot given the urgency of making ends meet and scrambling to get whatever dollars are left to spend. One of the most important things for a small business is cash flow. If you can manage your cash flow[...]
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A while back I posted about business banking accounts, and asked the community what their thoughts were on the best ones for FHWW’ers. I never really did get a good response, but the post is out there, so I encourage people to respond with their thoughts! In the meantime, I ended up going with Provident Bank, which offered a $122 bonus for signing up, free business checking accounts with no minimums, a remote deposit system, and an adequate (but not the best) online banking system.
In the intervening months, Provident Bank, like many others, struggled in the new economic order. As a result, it was acquired by M&T Bank. Needless to say, I’m interested to see what will happen post-merger, but right now, things are still the same.
M&T’s e-Money Market Account
One of the things that does interest me the most is M&T’s e-Money Market Account. M&T e-Money Market, offered by M&T Online Banking is the newest in a line of high-yield online accounts. FHWWers should now be conditioned to look to make money while they sleep. To work for 4 hours a week requires not having to expend energy and effort to make money, and certainly interest-bearing accounts are key to making that a reality. What makes an online money market account valuable vs. a CD or bond that also makes money while you sleep is that money markets are fluid — your money is not tied up for a specific length of time, giving you convenient access to your funds.
The usual trade-off, however, is interest rates. As of the date of this post, M&T is offering 1.75% on their regular money-market account. I remember when I was getting 6.5% on MM savings, but sigh, those days are long gone. I hope to see them again soon!
Which online savings accounts are you using? Which would you recommend? Which are suitable for business accounts (versus personal)? Let me know!
Praktic | March 6th, 2009 at 7:33 am #
Hi,
yes, it’s nice having the money work for you in the bank account.
Regarding the interest rate, I wouldn’t expect them to rise back again very soon, at least not while the economy is contracting… and while we are having this banking crisis.
All the best,