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The Federal Savings Bank Reviews: Checking, Savings, CD, and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

The Federal Savings Bank’s checking account options

Interest Checking

This account does earn interest — but sadly, not much.

APY

Minimum Balance Amount

0.10%

$100

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $9.99 if you don’t have a direct deposit into your account.
  • ATM fee: None
  • ATM fee refund: Your first two out-of-network ATM surcharge fees are reimbursed each month.
  • Overdraft fee: $25 per item.

If you’d rather earn interest on the money just sitting around in your checking account, The Federal Savings Bank will offer you a tiny amount of interest. We don’t recommend signing up for this account, however, if you can’t make at least one direct deposit into the account each month. Otherwise, you’ll pay a steep $9.99 monthly service fee.

Your debit card usage comes with the same limits as the Value Checking account. You can only use your card to make purchases up to $1,500 at a time, or withdraw up to $1,000 in cash from an ATM per day. If you want a paper statement for this account, you’ll also be charged a $3 monthly fee. Otherwise, you can always get the 18 months’ worth of statements online for free.

How to get The Federal Savings Bank’s Interest Checking account

If you have a U.S. mailing address and are at least 18 years old, you can open an account online in just a few minutes. You’ll need to provide a copy of your state-issued ID and your Social Security number, among other details.

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on The Federal Savings Bank’s secure website

Member FDIC

ValueChecking

This basic checking account doesn’t offer any interest, but has no monthly fees either.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None.
  • ATM fee refund: Your first two out-of-network ATM surcharge fees are reimbursed each month.
  • Overdraft fee: $25 per item.

If all you need is the ability to write checks and you don’t want to worry about any fancy schmancy rewards or hoops to jump through to earn interest or avoid fees each month, this account will do the trick. You can get statements online for free with this account. If you prefer paper statements instead, be prepared to shell out $3 per month for the privilege.

This account comes with a debit card, but it does have some limitations. For example, you can’t make any purchases over $1,500 in a single transaction with it. You also can’t withdraw more than $1,000 in cash per day from an ATM using your card.

How to get The Federal Savings Bank’s Value Checking account

It’s pretty easy to open an account online in just a few minutes as long as you have a U.S. mailing address and are at least 18 years old. You’ll need to provide your Social Security number and a copy of your state-issued ID.

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on The Federal Savings Bank’s secure website

Member FDIC

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How The Federal Savings Bank’s checking accounts compare

We do like the fact that you can earn interest with The Federal Savings Bank’s Interest Checking account. Oftentimes people let their money sit in a checking account while earning zero interest, which isn’t ideal.

However, the interest rate that The Federal Savings Bank offers is pretty poor. It is possible to find high-yielding checking accounts — such as these online checking accounts — that are also free. We recommend looking for a higher-earning account instead.

The Federal Savings Bank’s savings account

Savings Account

Don’t expect to get rich off of this account with its poor interest rate.

APY

Minimum Balance Amount

0.25%

$25

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Your first two out-of-network ATM surcharge fees are reimbursed each month.
  • Overdraft fee: $25 per item.

Most banks tally up and credit interest payments to your account each month. This account, however, only does this quarterly, so don’t be worried if you don’t see any interest deposited into your account for two months in a row.

You also cannot make more than six transfers per month with this account, due to federal Regulation D guidelines. If you go over that limit, The Federal Savings Bank will charge you a $15 per-transaction fee.

How to get The Federal Savings Bank’s Savings Account

If you’re interested in opening this account, you can do so online if you’re at least 18 years old and have a U.S. mailing address. You’ll also need to provide your Social Security number and a state-issued ID as a part of the application process.

LEARN MORE Secured

on The Federal Savings Bank’s secure website

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How The Federal Savings Bank’s savings account compares

You’d expect The Federal Savings Bank to have a decent savings account available. Unfortunately, that’s not the case. The interest rate offered on this account is very, very low. There are many better options out there for earning a much higher interest rate, starting with these top online savings accounts. We would recommend these accounts any day of the week over The Federal Savings Bank’s own savings account.

The Federal Savings Bank’s CD rates

Promotional CDs

These CDs are only available if you’re depositing “new” money into the account.
New Rates

Term

APY

14 months

1.80%

2 years

2.45%

4 years

2.75%

5 years

2.00%

Renewal Rates (after the CDs above have matured)

Term

APY

14 months

1.70%

2 years

2.35%

4 years

2.65%

5 years

1.90%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: Seven days’ worth of interest, but only if you withdraw the money within the first six days after the CD is opened. After that, it depends on your CD’s term length:
    • For the 14-month CD, you’ll pay 180 days’ worth of interest.
    • For all the other CDs, you’ll pay 365 days’ worth of interest.

If you’ve got deep pockets and that money isn’t currently held at The Federal Savings Bank, you can take advantage of this opportunity to open a new CD. This offer is only available to “new money,” so if you already keep that cash in a bank account with The Federal Savings bank, you’re not eligible for this offer.

You can receive your interest in one of three ways. You can have it rolled back into the account each month to earn compounding interest, or you can have the interest paid out via check or deposited into your primary account at The Federal Savings Bank each month. However, if you opt for monthly interest payments, you may earn less than the actual APY stated above.

When these CDs mature, they’ll automatically renew at the “renewal rates” listed above. If you’d instead prefer to withdraw the money or deposit it into a different CD, you do get a 10-day grace period to withdraw the money penalty-free.

How to get The Federal Savings Bank’s Promotional CDs

You can apply for these CDs online. As a part of the application process, you’ll need to provide a copy of your state-issued ID and your Social Security number.

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on The Federal Savings Bank’s secure website

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CDs

The Federal Savings Bank doesn’t offer many options for CD term lengths.

Term

APY

6 months

0.35%

18 months

0.75%

3 years

0.90%

5 years

1.35%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: If you make an early withdrawal within the first six days, you’ll pay a penalty of seven days’ worth of interest. After that, it’ll depend on the CD’s original term length:
    • For the 6 month CD, you’ll pay 90 days’ worth of interest.
    • For the 18 month CD, you’ll pay 180 days’ worth of interest.
    • For the 3 and 5 year CDs, you’ll pay 365 days’ worth of interest.

One of the nice things about these CDs is that you get a choice in how interest payments are handled. The default mode is having them rolled back into the account, and you’ll earn the most interest this way. However, you can also choose to receive monthly interest payments deposited into your primary The Federal Savings Bank account, or via check. However, if you opt for monthly interest payouts, you won’t earn the full APY rate stated above.

When your CD matures, it’ll automatically be rolled over into another CD of the same term length. If you’d instead prefer to withdraw the money, you do have a 10-day grace period after the CD has renewed to make any changes.

How to get The Federal Savings Bank’s CDs

If these CDs catch your fancy, you can open them online in as little as 10 minutes assuming you’re at least 18 years old and have a mailing address in the U.S. You’ll need to provide a copy of your state-issued ID and your Social Security number in the application.

LEARN MORE Secured

on The Federal Savings Bank’s secure website

Member FDIC

Jumbo CDs

You get more term length options for these CDs, but it’ll actually pay you a smaller interest rate.

Term

APY

3 months

0.25%

6 months

0.40%

1 year

0.70%

18 months

0.80%

2 years

0.85%

3 years

0.95%

4 years

1.10%

5 years

1.40%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: You’ll pay seven days’ worth of interest on any CD, regardless of term length, if you withdraw it within the first six days. After that, your penalty will depend on your term length:
    • For the 3 month CD, you’ll pay 30 days’ worth of interest
    • For the 6 month CD, you’ll pay 90 days’ worth of interest
    • For the 1 year CD, you’ll pay 180 days’ worth of interest
    • All other CD terms will charge 365 days’ worth of interest

These CDs work in the same way as The Federal Savings Bank’s regular CDs, except for two things. You need a larger deposit size, and unfortunately, you are penalized with a smaller rate for a larger deposit. This is very odd — typically, banks offer a higher interest rate for a jumbo CD, but that’s not the case here.

But if you decide to plug ahead, you can expect a few options for dealing with interest payments. You can have interest re-deposited into the CD, deposited into your primary account at The Federal Savings Bank, or sent to you via check each month. A word of caution, though: the APY stated above assumes you leave the interest on deposit, so withdrawing it means you’ll actually earn less.

Your CD automatically renews as another jumbo CD once it matures. You do get a 10-day grace period to make any changes to the CD or withdraw the money.

How to get The Federal Savings Bank’s Jumbo CDs

You can open these CDs online in just 10 minutes if you’re at least 18 years old. You’ll need to provide some identifying details as a part of the application process, such as your Social Security number and a copy of your state-issued ID.

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on The Federal Savings Bank’s secure website

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How The Federal Savings Bank’s CD rates compare

The only CDs worth a sniff at The Federal Savings Bank are its Promotional CDs. Even then, we’d hesitate to open a CD account here, because you can still earn much better CD rates elsewhere.

We also don’t like the fact that there aren’t many different term lengths offered unless you commit to a Jumbo CD. If you have a deposit that large, you’d really want to max out the interest rate you earn, and these CDs just aren’t the way to do it.

The Federal Savings Bank’s money market account

Money Market account

This is The Federal Savings Bank’s highest-yielding liquid account, but it still doesn’t offer a great rate.

APY

Minimum Balance Amount

0.15%

$1,000-$9,999.99

0.20%

$10,000-$24,999.99

0.30%

$25,0000-$49,999.99

0.40%

$50,000-$99,999.99

0.60%

Over $100,000

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 if your account balance drops below $1,000
  • Overdraft fee: $25 per item.

If The Federal Savings Bank’s savings account didn’t pique your interest, this money market account offers higher rates. Unfortunately, you do need a larger deposit to open this account — at least $1,000 in order to establish the account, earn interest, and avoid the monthly fee.

This account does not come with an ATM card, but you can write checks from this account as long as you pay to order them after your first box of free checks (the cost will depend on the design of the checks you select).

You can only make six transfers per month with this account. Anything else past that will be charged a $15 “excess per item fee.” Finally, if you want paper copies of your account statement, you’ll have to pay a $3 monthly fee.

How to get The Federal Savings Bank’s Money Market account

If you’re interested in this account, you can apply for it online. It’ll only take a few minutes, and you’ll need to provide your Social Security number and a state-issued ID, among other details.

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on The Federal Savings Bank’s secure website

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How The Federal Savings Bank’s money market account compares

Unfortunately, The Federal Savings Bank misses the mark again with its money market account. While it’s nice that you can earn a higher interest rate for a larger deposit amount, even the highest tier doesn’t come close to the current highest-yielding money market accounts. We suggest skipping this account as well in favor of one that earns a better interest rate.

Overall review of The Federal Savings Bank’s banking products

The Federal Savings Bank does have some products that might interest you — namely, its promotional CDs. But even these highest-earning accounts don’t compare all that well with the top performers in each of these account’s classes.

We also aren’t a fan of its checking or savings account because the interest rates are so low that you’ll hardly earn anything. Instead, we recommend skipping The Federal Savings Bank in favor of other banks with better terms and higher interest rates. Unfortunately, The Federal Savings Bank would probably do better as The Federal Home Loan Bank than its currently-named iteration.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

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Reviews

Latino Community Credit Union Review: Checking, Savings, CDs and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Latino Community Credit Union’s checking account options

Regular Checking

This is Latino Community Credit Union’s basic checking account, which requires no minimum opening deposit.
APYMinimum Balance Amount to Earn APY
0.10%
$250
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0 when minimum balance of $250 is maintained; if not maintained, monthly fee is $2
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

Anyone who is looking for a low-cost checking account and can maintain the minimum balance requirement may enjoy this account. The $250 balance requirement is pretty low compared to other banks. If the balance is not met, a $2 monthly fee is charged. This account earns interest, which is an added benefit.

This account comes with a Visa debit card for ATM access and purchases. There is an option to receive e-statements for this account, which comes with online banking access. Consumers can clear 50 checks for free each month on this account. After that, a $1 fee applies per check.

How to get Latino Community Credit Union’s Regular Checking

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

CashPoints Global

This checking account is designed for those who send money abroad or travel frequently.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $2
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign multicurrency transactions, 1% fee. Single currency transactions, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: Debit transactions are limited to the amount in the account, so overdraft fees cannot be incurred.

Individuals who travel frequently or need to send money abroad will be best suited for the CashPoints Global checking account. This account is also marketed by Latino Community Credit Union as suitable for anyone who shops online.

This account requires no minimum balance, which is nice, but it’s noninterest-bearing. It comes with a Visa debit card and ATM access. There is an unavoidable $2 monthly maintenance fee.

This account comes with an option to receive e-statements. Account holders may designate authorized users on the account such as a student or family member in another country through the CashPoints Global feature.

How to get Latino Community Credit Union’s CashPoints Global

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Youth Checking

The Youth Checking account is a starter checking account targeted toward teens ages 13 to 19.
APYMinimum Balance Amount to Earn APY
0.10%
None
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: No fee
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month. Transactions beyond this amount will be charged a $30 fee.

The Youth Checking account is intended as an account to help teens “get a head start on life.”

Teens will earn interest on their account balance, which offers a nice incentive. They can receive e-statements on the account, access the account via online banking, access ATMs via a Visa debit card and basically have all the same privileges that come with the Regular Checking account for adults.

This account is best for teens who want to start learning about money and earn some interest on their checking account balance.

How to get Latino Community Credit Union’s Youth Checking

Apply to become a credit union member. You must be ages 13 to 19. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

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How Latino Community Credit Union’s checking accounts compare

While the institution advertises its checking account interest rates as being above average, they are not the best available when compared to the best online checking accounts.

Better checking account interest rates can be found elsewhere. The CashPoints Global and Youth Checking accounts do not require a minimum balance, which is on par with some of the best accounts available. They are enticing for consumers who want an account with no balance requirement.

Latino Community Credit Union’s savings account options

Regular Savings

Regular Savings is Latino Community Credit Union’s basic deposit account. It comes with a low initial deposit requirement, allowing almost anyone to begin saving.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

The Regular Savings account at Latino Community Credit Union allows individuals to open a savings account and begin saving with a very low opening deposit. This account would be good for anyone who wants to start saving but is intimidated by opening and minimum balance requirements.

There is a $2 monthly maintenance fee on this account, but only if balance drops below the $10 opening balance requirement. This account does earn interest — twice the rate on Latino Community Credit Union’s Regular Checking account.

Account holders can opt to receive e-statements and can access their account via ATMs. This account is opened as part of the new credit union membership process.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Regular Savings

This account is automatically opened for new credit union members.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Holiday Savings

This unique account offers a savings vehicle with one caveat: You cannot access your money until the end of October.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: N/A (withdrawals are not permitted from this account)
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for someone who wants to save but may lack the necessary discipline. This account is touted as a Holiday Savings account to help consumers save money for holiday expenses. While deposits can be made into this account throughout the year, none of the money is available until the end of October, when the entire account balance is transferred to an account chosen by the member.

While this account is intended for holiday saving, it could be used for any savings milestone.

This account would not be good for anyone who plans to make withdrawals from their savings account or needs access to their money prior to Oct. 31 of each year.

This account earns interest and comes with other basics, such as e-statements, access to ATMs and online banking.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Holiday Savings

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Youth Savings

The Youth Savings account is a starter savings account for teens that requires a minimal opening deposit.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is best for anyone ages 13 to 19 who wants to open a savings account with specific goals — a car, college or something else.

The $10 minimum initial deposit requirement is low, which could help encourage teens to begin saving. If that balance is maintained, there is no monthly maintenance fee. This account does earn interest.

It also comes with the basics such as the option to receive e-statements, online banking and ATM access. There is no overdraft protection on this account. To be a member of Latino Community Credit Union, this account must be opened if you’re ages 13 to 19.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Youth Savings

Visit a local branch to open this account. All account holders must be credit union members first — and must be ages 13 to 19.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Children Savings

The Children Savings account is for those 12 and younger, and is intended to help them learn about money and begin saving.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

According to Latino Community Credit Union, this account will help teach children about the value of money and encourage saving. The account requires a low opening deposit amount and a low minimum balance. The Children Savings account comes with membership to Tita’s Savings Club, a savings program for youth.

The account must be jointly opened and held with a parent, grandparent or other adult. There is no monthly maintenance fee on this account, which is nice. This account earns interest.

Once the account holder reaches age 13, their account will be converted to a Youth Savings account. All account holders for this account must first be a member of Latino Community Credit Union. Checks cannot be written on this account, and Automated Clearing House debits are not allowed on the account.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Children Savings

Visit a local branch to open this account. All account holders must be credit union members first and must be 12 or younger.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

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How Latino Community Credit Union’s savings accounts compare

Each account offers different features or is geared toward a specific age group.

But when compared to the best online savings accounts, the APY on the accounts that provide interest are nowhere near the highest rate available. Consumers looking for a high interest rate on savings accounts should look elsewhere.

Latino Community Credit Union’s CD rates

Regular Certificates of Deposit

These are the bank’s regular CD products, available in varying terms. Rates may change at any time.
TermAPY
6 months1.50%
12 months1.70%
18 months1.80%
24 months2.00%
36 months2.15%
48 months2.20%
60 months2.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months

These CDs would be best for anyone who does not need access to their money for six to 60 months and would like to earn interest.

The CDs require a $500 minimum initial deposit, with rates fixed by duration.

Latino Community Credit Union’s CDs come with an option to receive e-statements and online access to the account. Interest on these CDs accrues daily but is not compounded.

How to get Latino Community Credit Union’s Regular CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Cash Back Certificates of Deposit

These CDs provide cash back when they’re opened.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This CD would be good for anyone who can meet the $5,000 opening balance requirement and would like to receive a little extra incentive for their investment via the cashback perk.

The bonus is 1% of the total deposit amount rounded to the nearest cent. This bonus comes in addition to interest earned on the CD. The CD must be kept for at least one year from the date of opening; otherwise, the bonus amount will be forfeited.

These CDs come with online banking and an option to receive e-statements. Organizational members cannot open these CDs. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Cash Back CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Good Homes Vibrant Communities CD

These CDs are intended to support the goal of first-time homeownership.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This account would be best for a first-time homebuyer with the minimum $500 opening deposit amount who can agree to the reasonable terms.

Latino Community Credit Union sees homeownership as a key way for families to build and transfer wealth across generations.

These CDs come with online banking and an option to receive e-statements. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Good Homes Vibrant Communities CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Next Generation CD

These CDs are intended to support an investment in the future by supporting children.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 month duration; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This account would be best for anyone who can meet the $500 minimum opening deposit amount, can agree to the minimum terms and would like to support their family’s next generation.

According to Latino Community Credit Union, money invested in this CD will “circulate in” and “benefit your community,” namely in the form of helping local families who want to invest in their children’s future. Basically, the bank will use this money to offer loans to families with children.

These CDs come with online banking and an option to receive e-statements. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Next Generation CDs

Apply to become a credit union member. Once a member, the account can be opened online.

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How Latino Community Credit Union’s CD rates compare

The rates for the Regular CDs are OK, but not the best available when compared to the best CD rates. A careful examination of the duration of a CD product — along with the interest rate — would be best before investing. The higher-term CDs offered by Latino Community Credit Union come close but may have a higher term than other CDs with the same interest rate.

Latino Community Credit Union’s money market account option

Money Market

Latino Community Credit Union says its Money Market account will offer a “better” return on a “bigger” balance.
APYMinimum Balance Amount to Earn APY
1.01%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: No fee if minimum balance is maintained; otherwise, $5 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: N/A
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

This Money Market account would be best for someone looking for more interest than the standard savings accounts offered by Latino Community Credit Union. This account does require a $500 minimum balance amount to earn APY and to avoid monthly fees.

This account earns interest and comes with the basics: an option for e-statements, online banking and ATM access.

The Money Market account would not be well-suited for anyone who wouldn’t be able to keep the minimum balance in the account.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Money Market account

Apply to become a credit union member. Once a member, the account can be opened online.

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on Latino Credit Union’s secure website

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How Latino Community Credit Union’s money market account compares

When compared on an interest rate basis, this account just barely is on par with the best money market rates available. But many of the accounts with the best rates do not require much of a minimum balance, which the Latino Community Credit Union Money Market account does.

Overall review of Latino Community Credit Union’s banking products

Latino Community Credit Union offers some nice niche products. It has products to encourage saving for those younger than 18, and for teens to learn how to use a checking account. This is better than most institutions, which either offer nothing or just one youth savings account — and forget about checking.

For those who want to invest in a “cause,” the CD products that are closely connected to Latino Community Credit Union’s loan products are worth a look.

The adult checking, savings and money market accounts cover the basics and are nothing special. They do not offer the best interest rates available.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

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Reviews

M&T Bank Reviews: Checking, Savings, CD, and Money Market Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

M&T Bank checking account options

MyChoice Plus Checking

M&T Bank’s MyChoice Plus Checcking account offers a few benefits including no fees at non-M&T ATMs and interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95 (may be waived by maintaining an average daily balance of $2,500 or by having direct deposits totaling at least $1,500).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Unlimited
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Plus Checking is a step up from the EZChoice checking and offers a small amount of interest. In addition, it has a no-fee ATM policy and unlimited refunds on other banks’ ATM fees. The monthly maintenance fee is comparatively steep so it would be best to maintain the daily minimum balance or meet the direct deposit requirements to avoid the charge. This account also comes with a few perks like discounts on personal loans through M&T Bank.

Consumers most likely to benefit from this account would be those looking for more robust account features than what the EZChoice Checking offers. The MyChoice Plus Checking offers access either online or via smartphone. In addition, this account is better for those who frequently access non-M&T ATMs due to traveling for work or leisure. This checking account does earn interest.

The requirements to avoid the monthly fee are a bit tricky. If the consumer isn’t paying attention or maintaining a significant monthly balance they could easily fall under the minimum and be charged. However, it’s nice that this account offers some interest, but it isn’t a high enough rate to write home about.

How to get M&T Bank’s MyChoice Plus Checking

Consumers can apply to open a MyChoice Plus Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Plus Checking account as a personal account, not for business. Applicants should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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MyChoice Premium Checking

MyChoice Premium Checking account is M&T Bank’s “top-tier” checking account, offering a higher interest than other checking accounts at the bank along with special rates on select CDs and money market accounts when paired with the checking account.

APY

Minimum Balance Amount

0.01%

$1

0.03%

$50,000

0.05%

$100,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95 (may be waived with maintaining an average daily balance of $7,500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Premium Checking is best for consumers who want to be rewarded for maintaining a relationship with M&T Bank. This is M&T Bank’s top of the line checking account that anyone age 18 or older can apply for. This account comes with premiums and discounts on other banking services such as when opening a M&T Select CD or taking out a loan. This account also offers premium interest rates – by M&T Bank’s standards – and tiered interest. The more money you keep in your checking account, the higher interest rate you will earn.

This account requires a high minimum balance to avoid a hefty monthly fee or by meeting other transaction requirements. See account terms & conditions. This account is going to best for someone who uses their checking account more like a savings account, keeping a high balance, or a high-income earner.

How to get M&T Bank’s MyChoice Premium Checking

Consumers can apply to open a MyChoice Premium Checking account online via the bank’s website or in person at any M&T Bank branch. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Premium Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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M&T Classic Checking With Interest

M&T Classic Checking With Interest is a checking account designed for people age 50 and older, offering the typical benefits of a personal checking account along with interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The M&T Classic Checking With Interest is sort of a hybrid account offering some interest and the basics – but only for those age 50 or older. This is a good option if the individual does meet the age requirement and wants an account with a low minimum balance requirement along with some interest.

One of the perks with this account is enjoying discounts on standard check orders. This is the checking account to consider if the consumer is nearing retirement or enjoying retirement. This account does earn interest.

There is a small monthly maintenance fee for this account, but if the account holder maintains a modest balance they can easily avoid it. The interest rate on this account won’t fund a vacation anytime soon, but it’s better than no interest.

How to get M&T Bank’s M&T Classic Checking With Interest

Consumers can apply to open a M&T Classic Checking With Interest account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 50 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the M&T Classic Checking With Interest account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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EZChoice Checking

The EZ Choice Checking Account from M&T Bank is a checking account that is marketed as a no-worries account. Along with no worries, it comes with no interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the U.S.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The EZChoice Checking comes with no monthly maintenance fee, no minimum balance requirement and “no worries,” according to M&T Bank. It’s really just a basic, no-frills, no-interest account.

This account could be best suited for people who are looking for a simple checking account and who are comfortable accessing their checking account via their smartphone or online and want to avoid a monthly maintenance fee. However, overdraft fees are high so it would be best to make sure this account does not get overdrawn.

How to get M&T Bank’s EZChoice Checking

Consumers can apply to open a EZChoice Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. Citizen and have a government-issued ID ready along with their Social Security number. Applicants should also be ready to provide their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the EZChoice Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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Basic Banking

The Basic Banking account at M&T Bank comes with no minimum balance requirement along with a low monthly fee – it’s no frills and “covers the basics.”
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3.00
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

It’s hard to see the difference between this account and the EZ Choice Checking Account. But M&T Bank touts this account as being for anyone who wants a checking account to meet their basic banking needs and who prefers a no-minimum balance account. There is a low monthly maintenance charge for this account, but the charge is about the equivalent of buying a large coffee each month. This account does not earn interest, but it does come with smartphone or online access.

How to get M&T Bank’s Basic Banking

Consumers can apply to open a Basic Banking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the Basic Banking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s checking accounts compare

Choosing from the five different checking accounts that M&T Bank offers could get a little confusing. But when comparing M&T Bank’s checking accounts to the best online checking accounts, the choice is clear: It’s not M&T Bank.

The nation’s best online checking accounts offer no or a low minimum balance requirement – along with high interest rates. However, if your preference is to use a nearby brick-and-mortar bank – with a local connection and access to ATMs without fees – M&T could be an option. The Classic Checking With Interest account for customers age 50 and older is also a nice alternative, if you qualify.

M&T Bank savings account options

M&T Starter Savings Account

Designed for teens and children, the M&T Starter Savings Account offers youth their first shot at saving along with no minimum opening deposit required.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The M&T Starter Savings Account is best for one audience – those under age 18. It’s a nice option to teach young people how to begin saving. Teens and children can sign up for an account. A custodian who can use the account to help teach them how to save and manage money wisely may be required for sign up. M&T Bank is showing they care about education and money management among youth by offering this account.

What is also nice about this account is that it requires no minimum balance and there is no monthly fee so if the account holder lets their balance run low they won’t be penalized. While this is a youth account, once opened, the account does not end when the holder reaches 18.

This account does earn interest. But, where this account falls short is with what is a pretty low interest rate. Teens or pre-teens may not be too excited about saving when they realize it’s going to take a large balance to generate enough money for back-to-school clothing shopping or a meal out with their friends.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s M&T Starter Savings Account

Consumers can apply to open an M&t Starter Savings Account in person at any M&T Bank location. Applicants must be under age 18 and have a birth certificate ready along with their Social Security number. An account custodian, age 18 or older, may be required to be placed on the account.

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Relationship Savings

M&T Bank’s only other savings product is the Relationship Savings account, which is intended for adults and is interest bearing.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $7.50 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you are an adult seeking to bank with M&T and open a savings account – you have one option – Relationship Savings. This account offers the exact same interest rate as the under age 18 account, however, it comes with an adult-like monthly fee.

The monthly fee can be waived by maintaining a minimum daily balance or by meeting other transaction requirements. This account does earn interest. However, it’s a low interest rate so it will not amount to much, even with a large daily balance.

This account could be best suited for an adult saving for a specific goal or who wants an accessible savings account to use as an emergency fund or rainy day fund. This account does come with overdraft protection when linked to a M&T Bank checking account. This savings account is also accessible via the web or smartphone.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s Relationship Savings

Consumers can apply to open a Relationship Savings account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Only consumers can open a Relationship Savings account, not businesses or organizations. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s savings accounts compare

It’s difficult to compare a M&T Bank savings account with another account, because they are for two different audiences. However, both offer the same interest rate. The adult account simply comes with a minimum daily balance requirement.

When compared to the best online savings accounts, the interest rates offered by M&T Bank are paltry. However, the minimum balance requirement for both accounts is reasonable and lower or comparable to many of the best online savings accounts.

M&T Bank’s CD rate options

M&T Bank CD rates

M&T Bank offers basic certificate of deposit options ranging from 32 days to 72 months, some rates are promotional and can vary depending on where the consumer lives.

Term

APY

M&T Select Promo CD - 6 months

0.15%

M&T Promo CD - 12 months

1.01%

M&T Select Promo CD - 12 months

1.25%

M&T Select Promo CD - 18 months

1.60%

M&T Select Promo CD - 24 months

1.25%

M&T Select Promo CD - 36 months

1.25%

M&T Promo CD - 60 month

1.11%

*M&T Bank does not advertise all of its CD rates online. If you’d like to know the rates that are being offered for other terms, please be sure to contact M&T Bank prior to opening one of its CDs online.

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty:
    • For account terms greater than 364 days, early withdrawal penalty is $50 plus 182 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.
    • For account terms less than 365 days, early withdrawal penalty is $25 plus 91 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.

M&T Bank’s CDs offer consumers a way to earn while they save. The CD products offer a “rate of return you can count on,” according to M&T Bank.

These CDs would be best for someone looking for a reliable and predictable savings interest rate and who are comfortable not having access to their money for several months – or years. These CDs are also a good option for anyone seeking a low-risk investment option. CDs are available in terms from 32 days to 72 months and are fixed rate or variable rate.

Select Promo CD

M&T Bank offers a limited roster of CDs, with just five maturities available with in the Select Promo CD line. Rates are all over the board, with the highest APY paid on the 24 month maturity while the 36 month alternative pays less than the 12 month term.

Customers must deposit $1,000 to open an M&T Select Promo CD, but after that, a minimum balance of just $1 is required to earn the advertised APY. For automatically renewed CDs, customers have a 10-calendar-day grace period after maturity to withdraw funds without penalty.

Promo CD

M&T Bank’s Promo CD line is even more limited, with just 12 and 60 month offerings available. The longer-term 60 month CD pays slightly less in interest than the short 12 month CD.

After a CD is opened for a minimum $1,000, the APY can be earned on balances as small as $1. The grace period is the same as the Select Promo CDs.

There are withdrawal penalties for anyone who wants to access their money sooner than they originally agreed to on all M&T Bank CDs and the terms are confusing. It might take a math wiz to actually know how much money will be lost by early withdrawal.

How to get M&T Bank’s CDs

Consumers must visit a local M&T Bank branch in person to open a CD.

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How M&T Bank’s CD rates compare

M&T Bank offers a variety of CD rates and they vary based on promotions and time to term. However, their rates are lower than the best CD rates available right now. It would be worth closely comparing M&T Bank CD rates, along with the interest rates and time periods for investing, with the best CD rates before investing.

M&T Bank money market account options

MyChoice Money Market

The MyChoice Money Market account offers tiered rates depending on the amount of money in the account.
Regular
APYIntroductory APYMinimum Balance to Earn APY
0.04%
0.05%
$1
0.34%
1.26%
$10,000
0.36%
1.26%
$25,000
0.39%
1.26%
$50,000
0.39%
1.26%
$100,000
0.39%
1.26%
$1,000,000
Premium
APYIntroductory APYMinimum Balance to Earn APY
0.05%
0.05%
$1
0.36%
1.26%
$10,000
0.39%
1.26%
$25,000
0.43%
1.26%
$50,000
0.47%
1.26%
$100,000
0.47%
1.26%
$1,000,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15 (fee waived for customers with an applicable checking account open or who keep a minimum daily balance of $2,500.)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market account offers tiered interest rates and they are much higher than the rates offered on the M&T e-Money Market – if you can get past the first interest rate tier. This account is best for those with a larger nest egg and who intend to let a portion of that remain untouched in the account.

At the top end of this account the interest rate actually plummets so it will not be the best bet for savers with a large sum of money to deposit.

While there isn’t a minimum opening deposit amount, the consumer must either also have an M&T Bank checking account or maintain a balance of $2,500 to avoid the monthly fee.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s MyChoice Money Market

Consumers can apply to open a MyChoice Money Market account online via the bank’s website. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Money Market account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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M&T Money Market

The M&T Money Market is the bank’s basic money market account, offering check writing with no minimum balance requirements or monthly maintenance fees.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $3 for non-M&T Bank ATMs; greater of $5 or 3% for international ATM usage
  • ATM refund: None
  • Overdraft fee: $38.50; $12.50 with overdraft protection

The M&T Money Market account allows customers to write up to six checks — the regulatory limit — per month before incurring a $12.50 excess withdrawal fee. Otherwise, the account pays interest on all balances, with no tiers, and assesses no monthly maintenance fee. Account holders can access their information via online or mobile applications, by phone, or at an M&T Bank branch or ATM. As with other M&T Bank accounts, the Money Market account offers direct deposit capability, electronic statements and notices, and M&T Bank’s Easy Save service, allowing automated transfers between accounts.

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How M&T Bank’s money market accounts compare

While the MyChoice Money Market offers some decent interest rates when compared to the M&T e-Money Market – neither account comes close to the best money market rates. Individuals looking to open a high earning money market account should probably look outside the M&T bank money market rates.

Overall review of M&T Bank’s banking products

M&T Bank offers a unique family of personal investing and banking products. The bank has a long history in New York state and would be an appealing location option for someone who wants a personal banking relationship and brick-and-mortar locations to visit.

The under-18 savings account is a nice touch, as is the age 50 and older checking account. If you fit into either of those categories the accounts are worth checking out. Also worth checking out are M&T Bank’s CDs as some of the rates are pretty comparable with the best rates available right now.

The other checking accounts offered by M&T Bank are a bit confusing and the money market accounts do not offer the best interest rates available – so those accounts can be passed up.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here