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M&T Bank MyChoice Plus Checking ‌review‌

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Earn interest on as little as $1 and free yourself from ATM fees.

With MyChoice Plus Checking, you choose whether or not you want to earn interest. The account also comes with ATM fee reimbursements. But if you live outside the states M&T Bank serves or don’t want to pay a maintenance fee, this account may not be right for you.

Details

What are the benefits of a MyChoice Plus checking account with M&T Bank?

In addition to unlimited checking, MyChoice Plus offers the following perks:

  • ATM rebates. M&T Bank waives out-of-network ATM fees and reimburses any charged by other banks within the US, up to $2 per transaction.
  • Interest bearing option. Choose whether or not you want to earn interest on your balance. As an interest-bearing account, you earn 0.01% APY compounded daily and are paid monthly on a minimum balance of $1 or more.
  • Free linked savings account. M&T waives your Relationship Savings account monthly fee if linked to your checking account.
  • Discount on personal loans. Get discounted interest rates on any personal loans from M&T Bank.
  • Free customizable ATM card. Your card comes with all the usual features, like chip and contactless technology, but M&T also lets you customize your card’s background image and include an ID photo.

What should I look out for?

Keep the following in mind before you open a MyChoice Plus account with M&T:

  • Monthly maintenance fee. You’ll pay $14.95 a month unless you have $1,500 in monthly direct deposits or carry an average $2,500 daily balance on the account.
  • Limited locations. M&T bank only operates in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, Washington, D.C. and West Virginia.
  • High overdraft fees. If you overdraft by more than $5, M&T charges $38.50 for every transaction, up to five per business day.

If want an account with no monthly fees, you’ll want to keep looking. As always, compare your options when considering a checking account.

M&T Bank’s ATM network and fees

Use your MyChoicePlus Checking debit card at 690 M&T branch ATMs in the states it operates, at four M&T ATMs in Florida and in over 1,500 ATMs nationwide.

You can also use your M&T debit card with the following online and mobile services:

  • Apple Pay
  • Google Pay
  • Samsung Pay
  • Visa Checkout

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Chase Total Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
HSBC Advance Checking
$0
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
BBVA Online Checking
$25
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$3
A full-service account with convenient, surcharge-free access to two massive ATM networks, plus a $200 signup bonus when you meet deposit requirements
Aspiration Spend & Save Account
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
SoFi Money
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
NorthOne Business Banking
$50
More than 300,000 ATMs across America.

$0
A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
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Compare up to 4 providers

How do I open a MyChoice Plus Checking account?

Open your account inside a branch or online:

  1. From the main M&T Bank page, roll over the Banking tab and select Checking.
  2. Under MyChoice Plus, click Open Account.
  3. Select whether you want to open an Individual or Joint account, and click Continue.
  4. Enter a promo code if you have one and note the information you’ll need to open the account online. Click Continue.
  5. Enter your name, street address, phone number and email. If you have a different mailing address, click the box and enter it. Otherwise, click Continue.
  6. Enter your employment information, driver’s license number, Social Security number, birth date and select your citizenship status. Click Continue.
  7. Click Accept to receive information from the bank electronically instead of by paper.
  8. Once your identity is confirmed, choose how to fund your account and open it.

Eligibility

To open an account you must meet the following criteria:

  • At least 18 years old
  • US citizen or resident
  • Valid Social Security number

Required information

Have the following information ready to open your account:

  • Full name
  • Birth date
  • Street and mailing address
  • Phone
  • Email
  • Driver’s license number
  • Social Security number
  • Bank information or debit card to fund the account

How do I deposit or withdraw my money?

Use the following methods to access your account funds:

Deposit

  • Check or cash at ATM
  • Check
  • Wire transfer
  • Transfer from another account
  • Direct deposit
  • Deposit at bank branch
  • Mobile check deposit

Withdrawal

  • ATM withdrawal
  • Check
  • Cash withdrawal at bank branch
  • Transfer to another account
  • Wire transfer
  • Online or mobile bill pay

What other checking options does M&T Bank offer?

M&T Bank offers a wide array of personal and business checking accounts:

  • EZChoice Checking. A basic account that offers no monthly maintenance fees.
  • MyWay Banking. All the features of a checking account without the checks and with no overdraft fees.
  • MyChoice Premium. An interest-bearing account that gives you premium interest rates on CDs and personal loans and waives the monthly maintenance fees on any linked savings or money market accounts.
  • Simple Checking for Business. A low-cost account perfect for startups, with 100 free transactions, up to $5,000 in free deposits and a $10 monthly maintenance fee that gets cut in half if you choose e-statements over paper.
  • Tailored Business Checking. Offers 500 free transactions, up to $20,000 in free deposits, and a higher interest rate when you link your Commercial Savings account.
  • Bizflex Checking. Allows you to link up to four Bizflex accounts and waives the $50 monthly maintenance fee as long as you keep a $50,000 balance combined across the accounts.
  • Commercial Checking. A low-fee account that allows you to offset your service fees with an Earnings Credit Rate.
  • Non-Profit Checking. Available to not-for-profit organizations, with 50 free transactions and a $7.50 monthly fee that gets waived if you choose e-statements over paper.
  • Medical Services Checking. Designed for medical practices with 1,000 free transactions and $35,000 in free deposits.
  • Professional Services Checking. Offers 300 free transaction and $35,000 in free deposits.
  • Business Interest Checking. Earn interest if you meet the $500 minimum collected balance, as well as perks like unlimited checking and overdraft protection.

Frequently asked questions

Expert review

Heather Petty

Review by


Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

The MyChoice Plus account is great for anyone looking for the freedom of a more basic account with the option to earn interest. The account offers 0.01% APY on as little as $1 and ATM rebates.

But you’ll pay $14.95 a month to maintain the account unless you meet certain criteria.

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