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Money Market Promotion at M&I Bank in Several States - Local Only

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M&I Bank has a money market promotion with a competitive rate of 1.50% APY. It's not a great deal compared to savings accounts available on the internet, but if you want a brick-and-mortar bank, this is an option. Note, there's no rate guarantee so this could be a teaser rate that may not stay competitive.

The offer is for the Premier Money Market Account which is a tiered rate account which requires a $25,000 balance to earn this top yield and to avoid a monthly fee.

The offer was advertised in today's papers (5/09/2010) in Wisconsin and Kansas City. The ads listed the following M&I Bank promo web pages:

The offer also seems to be available for other states where M&I has branches:

Checking Account Promotion

M&I Bank continues to offer a promotion on its Cash Back Checking. I first posted on that promotion in this January post.

Bank Overview

Most of the branches are located in Wisconsin which is where their headquarters is located. M&I is a large regional bank with $50.2 billion in assets. Last month the bank had its annual shareholders meeting. As reported by The Business Journal of Milwaukee:

Marshall & Ilsley Corp. executives plan to start repaying the company's TARP debt in late 2011 and will not begin rebuilding M&I's common stock dividend, now at a penny a share, until 2013.

As you might expect, the bank doesn't have the best ratings for safety and soundness: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 12/31/09 financial data. It has been a FDIC member since 1934 (FDIC Certificate # 1020).


  Tags: money market accounts, Wisconsin, Kansas, Missouri, Florida, Arizona, Indiana, Minnesota

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