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:
- Florida (offering a higher rate of 1.75% APY) mibank.com/premierfl
- Arizona: mibank.com/premieraz
- Indiana: mibank.com/premierin
- Minnesota: mibank.com/premiermn
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.
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).