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More on Banking…

Category : finance

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!

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Comments (1)


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,

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