All the money market account blog posts I've written in the past two months have been about nationally available accounts. It’s time to talk about a regional money market account. New York-based M&T Bank (M&T) is offering an introductory 1.26% APY on its MyChoice Money Market that is guaranteed for “during the first 3 months after the account is opened.” The minimum opening deposit is $10k of new money, which is defined as funds not on deposit with M&T Bank,
except that funds may come from maturing M&T consumer certificates of deposit.
The MyChoice Money Market has tiered rates, with the introductory 1.26% APY applying to balances between $10k and $1 million. During the introductory period, balances below $10k earn 0.15% APY, with balances above $1 million earning 0.45% APY.
Following the three-month period, the rates convert to either Regular or Premium tiered interest rates, which currently range from 0.03%-0.15% (Regular) and 0.15%-0.45% (Premium). While the rates are not good, at least M&T clearly states what the rates are following the introductory period.
On the last day of each monthly interest payment cycle, we will determine whether your account will receive the Regular Interest Rate or the Premium Interest Rate.
To qualify to earn the Premium Interest Rate, you must have an eligible M&T Checking account and make 3 or more qualifying customer-initiated checking transactions during that account’s most recently completed monthly service charge cycle.
Following the first three months, there is a $15 monthly maintenance fee that will be waived if either a $2.5k minimum daily balance is maintained, or an eligible M&T checking account exists.
A customer is eligible for only one introductory interest rate offer, regardless of the number of accounts opened or the titling on those accounts, in any rolling 12-month period.
Headquartered in Buffalo, New York, M&T Bank’s market area includes portions of the Northeast and Mid-Atlantic states.
Opening a MyChoice Money Market can be done online, on the phone (800.724.3222), or at any of 800 full-service branches, located in Connecticut (9), Delaware (42), Florida (1), Maryland (170), New Jersey (98), New York (275), Pennsylvania (169), Virginia (26), West Virginia (2), and the District of Columbia (8).
M&T Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 9.35% (excellent) based on March 31, 2017 data. In the past year, M&T has increased its total deposits by $3.35 billion, an excellent annual growth rate of 3.56%. Please refer to our financial overview of M&T Bank (FDIC Certificate # 588) for more details.
The original Manufacturers and Traders Bank was established in 1856, after two Buffalo (NY) businessmen, Pascal Paoli Pratt and Bronson Case Rumsey, recognized the need for a local bank to finance durable manufacturing equipment. The original 13 stockholders raised $200,000 in capital and the Bank opened its doors five months after the first stockholders meeting. After 161 years of continuous operation and more than 25 acquisitions, M&T Bank is the country’s 20th largest bank, with assets in excess of $122 billion and more than 3.8 million customer accounts.
How the MyChoice Money Market Compares
With such a large market area, a national comparison seems appropriate. When compared to the 176 Money Market Accounts tracked by DepositAccounts.com that are available nationwide, M&T Bank's MyChoice Money Market three month intro APY currently ranks fourth, regardless of minimum deposit.
The above rates are accurate as of 8/1/2017.