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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.
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 $14.95 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.
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 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.
Get $150 if you open an EZChoice M&T checking account
Get $150 if you open an EZChoice M&T checking account by March 2, 2020, and make qualifying direct deposits totaling at least $500 within 90 days of account opening.
Get up to $250 when you open a MyChoice Plus Checking account
Get up to $250 if you open a MyChoice Plus M&T checking account by March 2, 2020, and make qualifying direct deposits totaling at least $500 within 90 days of account opening.
In addition to standard banking features like FDIC insurance and mobile banking, M&T Bank has:
Variety. M&T Bank has nearly 20 different banking options you can manage all in one place for personal, business and commercial use.
Business and commercial options. M&T Bank offers a wide range of checking, savings and money market options for business and commercial use.
Resources. M&T Bank has a well-rounded resource center for individuals and businesses.
What should I look out for?
Potential drawbacks of M&T Bank include:
Monthly maintenance fees. Monthly maintenance fees range from $0 to $50 depending on the account type — and some are not waivable.
Low rates. M&T Bank’s interest rates are much lower than other banks.
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.
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 690 locations in the following states:
Florida
Maryland
New Jersey
New York
Pennsylvania
Virginia
Washington, D.C.
West Virginia
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.
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.
Frequently asked questions
You’ll want to verify your M&T Bank routing number once you open your account. But generally it uses the following numbers:
022000046 – For accounts opened online or in-person in Connecticut, New Jersey and New York
031302955 – For accounts opened in-person in Delaware and Pennsylvania
052000113 – For accounts opened in-person in Maryland, Virginia, Washington DC and West Virginia
The SWIFT/BIC code is MANTUS33.
Yes. But you’ll pay ATM fees for non-network ATMs and you’ll have to visit a branch location to change your name, open a CD or an M&T Starter Savings account, or change your address on a debit card order.
You won’t pay an annual or monthly fee for your M&T Debit Card, but transaction fees may apply.
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
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M&T Bank
M&T Bank
