M&T Bank Review

M&T Bank offers a great variety of banking products for customers to find the right fit. From a kids savings account to two interest-earning checking accounts, you can grow your savings over the course of your whole life with the bank. Plus, all accounts include features to help you save money, especially on fees and money transfers. 

You won’t find the most competitive interest rates with M&T Bank, however. The highest rates offered come with its promotional CD rates. Other accounts may earn interest according to balance tiers. This allows accounts with higher balances the chance to earn at higher interest rates. 

Products Offered

Savings Interest Rate Comparison

M&T Bank Overview

M&T Bank, originally known as Manufacturers and Traders Bank, was founded way back in 1856 in Buffalo, New York. Over the years, the bank has expanded both its financial offerings as well as its geographical presence. However, its relationship-driven approach to banking has remained the same, as the bank continues to grow according to its customers’ needs. 

M&T Bank Account Features

M&T Bank provides its customers with a range of account features and perks. For starters, along with its branches and ATMs, you’ll always have access to online and mobile banking, 24-hour telephone banking service and mobile payment services like Apple Pay®, Google Pay™ and Samsung Pay. Plus, all checking accounts come with an M&T Debit Card with M&T Assurance® protection. 

When it comes to saving money, bank customers can take advantage of M&T's Easy Save program to set up automatic recurring transfers from your checking accounts to your savings accounts. Linking your checking and savings accounts will also help with your Overdraft Protection plan options to help you avoid huge overdraft fees. Finally, if you ever need help with managing your money, M&T offers a complimentary financial review with a personal banker. 

M&T Relationship Savings Account

M&T Bank’s basic savings account works best if you already have an M&T Bank checking account. This savings account can help cover any overdrafts you might make on the checking account. It also makes for seamless transfers between accounts with Easy Save to help boost your savings. 

The Relationship Savings account charges $7.50 each month. You can waive this fee in a few different ways. Again, a relationship with an M&T checking account will come in handy here. This account also limits you to six outgoing transactions per statement cycle, as is the case with all savings accounts. Any excess transactions will cost $12.50 each. 

M&T Starter Savings Account

This simple savings account is designed for children under age 18. The account doesn’t charge a monthly fee, nor does it require a minimum balance for you to maintain. You can use the account jointly or as a custodial account to help save for your child and teach them about savings as well. Plus, this account allows you to make easy transfers from an M&T checking account with Easy Save. 

You will have to visit an M&T branch to open this account.

M&T Bank CDs (Certificates of Deposit)

M&T CDs range from 32 days to 72 months. However, only the bank’s Promo and Select Promo rates are featured online. The rates given aren’t entirely impressive across the board, but it has standout accounts with some competitive rates. 

You’ll need to head to an M&T Bank branch to open a certificate of deposit with them. Most M&T CD accounts require a minimum of $1,000 to open. For promotional CDs, you need at least $1,000 not already on deposit with M&T Bank to open one. M&T Select CD accounts also require a qualifying M&T Bank checking account to open. This includes MyChoice Premium Checking, M&T Select, M&T Select With Interest, Power Checking or Advantage Checking accounts. 

CDs require you to keep your original deposit in the account until the end of its term, also known as its maturity date. You can take payouts of any earned interest, but the principal amount must remain untouched. Plus, making any withdrawals will lessen your total earnings. If you do need to withdraw any of the principal in case of emergency, you will face an early withdrawal penalty. If you withdraw from an account less than 365 days, M&T will charge you $25 plus 91 days’ interest on the non-interest portion of the withdrawal. Withdrawals from accounts longer than 365 days will incur a fee of $50 plus 182 days’ interest on the non-interest portion of the withdrawal. 

M&T MyChoice Money Market Account

M&T Bank’s MyChoice Money Market account will work best for customers with higher balances. It works even better for existing M&T customers with other accounts. That allows you both to waive the monthly fee and earn at slightly higher interest rates. Overall, the account doesn’t have incredibly competitive rates. However, there are some noteworthy introductory rates that you can snag by opening the account with at least $10,000 not already on deposit at M&T Bank. The introductory rate applies for the first three months after the account opening. 

To qualify for premium rates after the introductory period, you’ll need to meet a couple of requirements. For starters, you must also own an eligible M&T checking account. MyChoice Premium Checking and Power Checking Account are eligible accounts. You will also have to make at least three customer-initiated checking transactions in that account each cycle. 

The account includes a number of perks like check-writing capabilities, overdraft protection, account alerts, and M&T's Easy Save. 

M&T EZChoice Checking Account

For simple, straightforward and free checking, turn to the EZChoice Checking account. There is no monthly fee nor minimum balances to keep up while you own the account. You will have to open the account with at least $25, which is standard. 

As is the case with all M&T Bank checking accounts, this one includes an M&T Debit Card? with M&T Assurance, Overdraft Protection options, M&T's Easy Save and account alerts. You’ll even have the opportunity for a complimentary financial review with a personal banker. 

M&T MyChoice Plus Checking Account

The MyChoice Plus Checking account offers a handful of useful banking perks, in addition to earning interest on all balances. For further savings growth, owning this account gives you the opportunity to open a Relationship Savings Account with no monthly maintenance fee. You’ll also be able to use other banks’ ATMs without facing an M&T fee. Plus, M&T will refund you for other banks’ ATM fees. 

M&T MyChoice Premium Checking Account

The MyChoice Premium Checking account includes all the same perks as its non-premium counterpart. However, it also adds on discounts on standard checks and a safe deposit box, free Overdraft Protection transfers and no M&T fee for incoming foreign and domestic wire transfers. The account also unlocks special rates on M&T Select CDs and a fee-free MyChoice Money Market account. 

This account also earns interest according to balance tiers. That way, higher balances can earn at slightly higher rates. 

M&T MyWay Banking Account

The bank’s most bare bones account, the MyWay Banking account charges a small monthly fee. This fee cannot be waived. While it’s not free, the account does make for a reliable expense from month to month. The account also allows you to open a Relationship Savings Account? without a monthly fee on that account. 

You will still receive all the standard M&T checking account perks like M&T's Easy Save and Overdraft Protection options. 

Where Can I Find M&T Bank?

You can find M&T Bank at any of its 750 M&T branches and 1,800 ATMs in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia and Washington, D.C. 

You can also find the bank online at its website and on both iPhone® and Android apps.

What Can You Do Online With M&T Bank?

You can bank pretty thoroughly online with M&T Bank. Once you’re a customer, you can set up your online user ID and passcode to access your accounts safely. There, you can check up on your accounts, make transfers, send money and more. Even before you become a customer, you can browse the M&T website to find the right account for you in terms of fees and rates. You can also find nearby locations. 

You can also open almost any account online. You cannot open CD accounts or Starter Savings Accounts online, however. For that, you will have to visit a branch in person. 

How Do I Access My Money?

You can access your money with M&T in a number of ways. For your convenience, you can access your accounts anywhere online or on mobile with your unique user ID and passcode. Once logged in, you can manage your money however you want by making transfers, adding money, opening new accounts and more. You can also use your mobile phone’s payment system to make purchases from your M&T accounts. 

You can also visit your local M&T Bank branch or ATM, if available, to withdraw cash or speak to a representative in person about your account. 

How Can I Save More Money With a M&T Bank Account?

Overall, you won’t get the best returns from most M&T Bank accounts. The best savings accounts in the industry typically come from online banks that don’t have to keep up with brick-and-mortar expenses. This makes it difficult for more regional banks with convenient physical locations to compete rate-wise. However, M&T Bank does offer some great CD rates on its promotional accounts. These rates can certainly boost your savings. 

There is still the potential to maximize your earnings with other M&T Bank accounts. With some accounts earning interest according to balance tiers, it may be in your best interest to have higher balances in those accounts. That way, you can snag the higher rate. 

What’s the Process for Opening an Account With M&T Bank?

You can easily open most M&T Bank accounts online. The entire process shouldn’t take more than 10 minutes. For your application, you’ll need to provide your government issued ID information and Social Security Number. M&T requires you to be a U.S. citizen or legal resident of the U.S. to open an account. You’ll also need to provide your contact information including phone numbers and addresses. If the account you’d like to open requires a minimum deposit to open, you will also make that deposit during this process. 

What’s the Catch? 

M&T Bank offers a great variety of accounts, each with solid banking perks and benefits. However, the main catch to these accounts is their relatively low-earning interest rates. You can snag the bank’s best rates in a few ways, detailed above, but overall, you won’t find incredibly competitive rates. 

You may also want to be careful of potentially high monthly fees. Only a few accounts charge a monthly fee, and these fees can always be waived, with the exception of one account. You’ll just want to make sure you can meet the requirements to waive the fee. That way, you won’t lose any money on unnecessary fees. 

Bottom Line

M&T Bank is a great regional bank for those who live in its serviced areas. It offers its customers a more personalized banking experience in addition to the helpful banking features and perks that come with its accounts. You typically won’t be met with unreasonably high minimum deposit amounts, so it should be relatively easy to open an account. If you’d like to maximize your savings with the bank, consider opening a Promo CD to snag the best CD rates. You can also increase your account balances if possible to potentially earn at higher rates.