M & T Bank is offering several different savings accounts with various features and benefits, based on a customer’s specific needs. The North Atlantic-based M & T (which once stood for Manufacturers & Traders, if you were wondering) has some innovative savings products, and a bit more variation between their accounts than some competitors. Savings accounts available include the e-Money Market, Power Money Market, M & T Market Advantage, and Relationship Savings.

The e-Money Market account is currently–that’s as of April 21, 2010–paying .50 annual percentage yield (APY) on amounts of $1 or more. You get four free withdrawals per month (that includes withdrawals made by telephone); more than four takeouts will cost you $1 per instance. Power Money Market is a higher-end account that has an introductory rate of 1.00% APY for all balances, then tiered yields according to balance amounts after three months. You’ll need a checking account with M & T to open the Power Money Market, too. Tiers currently range from .44% APY to .74% APY.

M & T Market Advantage also has tiered interest rates, but pays a generally lower yield, currently between .05 and .25% APY. The major benefit on this account is the ability to write checks directly from your savings. Minimum balance is $2500 to avoid a monthly fee of $10. Relationship Savings is for savers with a bit less ambition: only a $250 balance is required to avoid the monthly fee. There is no check writing with Relationship Savings but the tiered rates are similar to the Market Advantage account and you don’t need a checking with M & T to open the Relationship Savings.

You can read more about M & T savings account and other offerings on their webpage. (M & T also sponsors the Pittsburgh Penguins, but don’t hold that against them.)