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M&T Bank offers a wide range of checking, savings and CD account options for individuals and businesses alike. But watch out for low interest rates, limited branch locations and monthly fees.
What banking products does M&T Bank offer?
You’ll find a wide variety of accounts at M&T Bank:
Personal banking
- EZ Choice checking account. A basic checking account with no monthly maintenance fees.
- MyWay Banking checking account. Avoid the $4.95 monthly maintenance fee for this checkless account when you make one transaction a month.
- MyChoice Plus checking account. M&T Bank reimburses ATM fees with this interest-bearing checking account, but you’ll need to meet certain requirements to avoid the $0 monthly fee.
- MyChoice Premium checking account. There’s a $24.95 waivable monthly fee attached to this interest-bearing checking account, but you’ll get free standard checks and discounts on deposits.
- Relationship Savings account. This account aims to help you reach your financial goals but there’s a $7.50 waivable monthly maintenance fee.
- M&T Starter Savings account. This no-monthly maintenance fee savings account is for those under 18, but you must visit a branch location to open the account.
- Money Market account. This M&T Bank account has tiered rates, checkwriting privileges and a waivable monthly maintenance fee.
- CDs. M&T Bank offers flexible CDs with fixed or variable rates, but you must visit a branch location to open the account.
Business banking
- M&T Simple Checking for Business. This flexible, low-cost account is best for new business owners. It has a waivable $10 monthly fee.
- M&T Tailored Business Checking. This checking account has a waivable $20 monthly fee and there’s no charge for your first 500 transactions per month.
- M&T BizFlex Checking. This checking account has a waivable $50 monthly fee if you have an account balance of at least $50,000.
- Non-Profit Checking. Not-for-profit organizations of all sizes get 50 free transactions per month. You can avoid the low $7.50 monthly fee under certain conditions.
- M&T Medical Services Checking. This checking account was designed for medical practices. There’s no charge on your first 1,000 transactions, but there is an unwaivable $25 monthly maintenance fee.
- M&T Professional Services Checking. Ideal for professional service firms, this account comes with a debit card, a waivable $10 monthly fee, no charge for your first 300 transaction items and a waived annual fee on a business access line of credit.
- M&T Business Interest Checking. This interest-bearing checking account comes with unlimited checks, overdraft protection and 24/7 account management. But the $25 monthly maintenance fee isn’t waivable and you must have a balance of $500 to earn interest.
- M&T Market Advantage for Business Savings. This savings account features tiered interest rates, but it requires a $10,000 minimum balance to avoid the $12.50 monthly maintenance fee.
Commercial banking
- Commercial Checking. This checking account offers an earnings credit rate, but watch out for the unwaivable $27 monthly maintenance fee.
- Commercial Money Market Savings Account. This money market account is ideal for sole proprietorships, partnerships, DBAs and non-profits. It features tiered interest rates and no charge for 10 transactions a month.
- Commercial Savings Account. Earn variable interest on your cash balance with this savings account. The $5 monthly maintenance fee is waived with a $300 minimum daily balance.
Other products
Compare M&T bank accounts
M&T branch locations
M&T Bank has branch locations spread across the east coast:
Eligible states
- Connecticut
- Delaware
- Florida
- Maryland
- New Jersey
- New York
- Pennsylvania
- Virginia
- Washington, D.C.
- West Virginia
How does M&T Bank compare to other banks and services?
M&T Bank is headquartered in Buffalo, New York and has 1,600 ATMs and over 750 locations in 10 states. It manages over $120 billion in assets and is ranked as the 462nd largest bank, according to Fortune 500.
Checking accounts
Pros
- Low opening deposits. You only need $25 to open most M&T Bank checking accounts.
- Earn interest. M&T Bank has several interest-bearing checking account options for personal and business use.
- Variety. With 12 checking account options, you have the ability to choose an account that suits your needs.
Cons
- Monthly maintenance fees. Monthly maintenance fees range from $0 to $24.95 for personal accounts and up to $50 for business accounts. Some business fees aren’t waivable.
- ATM fees. Unless you have easy access to one of M&T Bank‘s 1,500 ATMs, you’ll pay for non-network ATM fees.
Savings accounts
Pros
- Relationship perks. M&T Bank waives the monthly fee when you link your savings to an M&T Bank checking account or meet certain minimum daily balance requirements.
- Serves as overdraft protection. Link your savings account to your M&T Bank checking account and money will automatically transfer to checking if your balance dips below $0.
Cons
- Low rates. Even M&T Bank‘s promotional APYs are lower than the competition.
- Expensive excessive withdrawals. You’ll pay $12.50 each time you make more than six outgoing transactions a month, which is high considering most banks charge around $5.
CDs
Pros
- Flexible terms. Terms start out at 32 days and go up to six years.
- Accessible interest. Have your interest deposited back into your CD each month so it can keep growing. Or, have it mailed to you or sent to your M&T checking or savings account.
Cons
- Low rates. M&T Bank‘s interest rates are much lower than other banks.
- Opening deposit. M&T CDs require a $1,000 deposit to get started, which is average for most banks.
- Must be opened in-person. Some banks let you open a CD online, but M&T Bank requires you to visit a local branch.
Overall banking
Pros
- Business and commercial options. M&T Bank has a variety of checking, savings and money market options for business and commercial use.
- Resources. M&T Bank has a well-rounded resource center where you can get tips and tricks for managing your money.
Cons
- In-person banking. You’ll have to visit an M&T branch location to open a CD or an M&T Starter Savings account, or change your name and address with a debit card order.
- Limited branch locations & ATMs. M&T Bank has 1,600 ATMs and over 750 locations across the East Coast.
M&T Bank customer service
There are three ways to get in touch with M&T Bank:
- Call 800-790-9130 weekdays from 8 a.m. to 9 p.m. ET and weekends from 9 a.m. to 5 p.m. ET.
- Email custserv@mtb.com.
- Visit a branch location near you.
Compare M&T Bank to the competition
Thinking M&T Bank isn’t for you? Compare accounts from other top-rated institutions:
Bottom line
If you’re an individual or business looking for a wide range of banking products, M&T Bank may fit your needs. But if a high-yield, fee-free account is what you’re after, shop around for other options.
