OnBank Offers 3.60% APY Money Market Rate
OnBank offers a competitive rate for its money market accounts which yields 3.60% APY. The account does not require a minimum initial deposit to open an account. Interested parties may accomplish applications online and fund the account within 30 days.
The account can be funded by transferring money from an external account or accounts from other bank using the online facilities of OnBank. This money market account does not impose any monthly fees.
Transfers from other bank accounts can be set up by the consumer. External transfers are limited to $50K per single transaction. The MMA does not allow check writing as of present.
The OnBank is under the umbrella of the M&T Bank which holds office in Western New York. The primary holder has assets amounting to $66 billion and is considered as one of the largest independent banks in the US. The bank is FDIC insured.
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