A Penny Saved

Once upon a time, cash savers had two main options.  A savings account that earned a puny interest rate - but had easily accessible cash.  Or, long term savers chose a Certificate of Deposit ( CD ).  The rates were much better, but your cash was tied up for several months to several years at a time - not very good if you need cash quickly.

Enter Money Market Accounts.  The one we’ll talk about today is the M&T Bank eMoney Market Account.  Basically, this account combines the best of both worlds - easily accessible cash and a great interest rate.  You don’t have to worry about not having access to your cash when you need it, but you also get to enjoy a healthy ( and safe ) return on your money.

M&T Bank offers a money market account that currently pays you 3.25% APY.  They even have a nifty calculator so you can see the interest add up - the eMoney Market Account vs the average savings account.  For comparison, ING Direct is currently paying 3.0% APY.  Still a healthy rate, but not quite at the level of M&T Bank.

Money market accounts make the most sense out of any savings account today.  Why watch inflation eat away your money while it’s making 0.2% in your current savings account?  And you don’t want to risk your emergency fund in the stock market ( especially these days ).  That’s where the eMoney Market Account comes in - get the rate you want, without the risk.