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M&T Bank MyChoice Premium Checking review

Earn premium perks if you maintain a high account balance.’s rating: 2.2 / 5.0


M&T Bank’s interest-bearing MyChoice Premium Checking offers a wide array of features and
benefits from free checks to special interest rates on loans and investments. But if you can’t
maintain a high balance, you’ll pay a hefty monthly maintenance fee for this account.

$24.95 per month


Up to 0.05%



Minimum deposit to open


APY0.05% on balances of $100,000+
0.03% on balances of $50,000 to $99,999.99
0.01% on balances of $1 to $49,999.99
Fee$24.95 per month
To waive the feeMaintain an average balance of $7,500 or more per service charge cycle
OR a combined balance of $25,000 or more in eligible accounts
Minimum deposit to open$25
Intro or bonus offerGet up to $250 if you open a MyChoice Premium M&T checking account by March 2, 2020, and make qualifying direct deposits totaling at least $500 within 90 days of account opening.
ATMsOver 1,500 free M&T Bank ATMs and up to $2 rebates when using all other ATMs
ATM transaction fee$0
ATM fee rebatesUp to $2 toward other bank ATM fees
Out-of-network ATM fee$0
Foreign transaction fee3%
Nonsufficient funds fee$38.50

Review by

Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, and, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

The MyChoice Premium account is a great choice for anyone who can maintain a high account balance and wants to take advantage of the long list of banking perks that comes with it. The account offers 0.01% APY on as little as $1, free checks and waived fees on out-of-network ATMs and overdraft protection transfers on domestic and foreign wire transfers. But the account comes with a high monthly maintenance fee. You’ll pay $24.95 a month unless you meet certain criteria.

How do I open a M&T Bank MyChoice Premium Checking account?

Open your account at a branch or online:

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


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

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

In addition to a customizable ATM card and unlimited checking, MyChoice Premium offers the following perks:

  • Interest-bearing checking. Earn 0.01% APY compounded daily and paid monthly on a minimum balance of $1 or more.
  • Waived fees. M&T Bank waives overdraft protection transfers on domestic and foreign wire transfers and out-of-network ATM fees, and reimburses charges from any other US banks up to $2 per transaction.
  • Free checks. You get free standard checks and 50% off all check styles.
  • No-fee money market account. MyChoice Premium account holders can open a money market account and pay no monthly maintenance fee.
  • Premium discount on personal loans. Get discounted interest rates on any personal loans you take out from M&T Bank.
  • Safe deposit box discount. Get a discounted rate on your safe deposit box rental.

What should I look out for?

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

  • High monthly maintenance fee. You’ll pay $24.95 a month unless you maintain a $7,500 average daily balance or have a combined balance of $25,000 across your M&T linked accounts.
  • 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 that goes overdraft, up to five business days.

If your bank balance fluctuates or you’re worried about overdraft 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 MyChoice Premium debit card at 690 M&T branch ATMs in any of the states it serves, at four M&T ATMs in Florida and at 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

How do I deposit or withdraw my money?

Use the following methods to access your account funds:


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


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

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 free unlimited checking and no monthly maintenance fees.
  • MyWay Banking. All the features of a checking account without the checks and with no overdraft fees.
  • MyChoice Plus. Get discounted personal loan rates, refunded ATM fees and an option to make the account interest-bearing.
  • Simple Checking for Business. A low-cost account perfect for start-ups, 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.
  • 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.
  • Medical Services Checking. Designed for medical practices with 1,000 free transactions and $35,000 in free deposits.
  • Professional Services Checking. Offers 300 free transactions 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

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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