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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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This blog is a personal blog written and edited by me. For questions about this blog, please contact Rex at info [at] fourhourworkweekdiary [dot] com. This blog accepts forms of cash advertising, sponsorship, paid insertions or other forms of compensation. The compensation received may influence the advertising content, topics or posts made in this blog, including the article written above. That content, advertising space or post may not always be identified as paid or sponsored content. The owner(s) of this blog is compensated to provide opinion on products, services, websites and various other topics. Even though the owner(s) of this blog receives compensation for our posts or advertisements, we often give our honest opinions, findings, beliefs, or experiences on those topics or products. The views and opinions expressed on this blog are purely the bloggers' own. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. This blog may contain content which might present a conflict of interest. This content may not always be identified.

Comments (1)

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,

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