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M&T Starter Savings account review

A basic kids’ savings account with parental controls, but no features for teaching money management’s rating: 3.4 / 5.0


The M&T Starter Savings account is a free savings account designed for children under age 18. But it earns a low interest rate of 0.01% and doesn’t offer many special features to teach young savers about money management.

Up to 0.01%





Minimum deposit to open


Annual percentage yield (APY)0.01% on balances of $1+
0.02% on balances of +
Minimum deposit to open$0
Interest compoundingDaily

Review by

Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The M&T Starter Savings account offers essential banking services for minors under 18.

But you’ll only earn 0.01% APY on your balance, and its parental control features are expected for this type of account.

One of the biggest reasons that you might use this account is that you have branch locations near you or are already banking with M&T. However, you’ll find other savings accounts for kids that earn much more in interest. Other kids’ accounts also have features that teach money management, such as setting up savings goals or offering rewards or games to improve their financial literacy.

How do I open an M&T Starter Savings account?

You’ll need to visit a local M&T branch to open an M&T Starter Savings account for your child.


To qualify for an M&T Starter Savings account, you need to be:

  • A minor under age 18 and a US citizen
  • A custodian over age 18 and a US citizen or permanent resident


    Bring the following information with you when you sign up at your local branch:

    • Your child’s Social Security number
    • Your child’s birth certificate
    • Your valid state ID
    • Your Social Security number

    What are the benefits of a savings account with M&T Bank?

    The M&T Starter Savings account offers features on par with other kids savings accounts, such as parental controls and no monthly maintenance fee. Benefits to using this account:

    • No monthly fee or minimum deposit. Like most kids’ savings accounts, the M&T Starter Savings account is free to use. You also don’t need a minimum balance in the account at signup.
    • Parental controls. The account custodian can control how much access the child can have to this savings account — from full reigns to nothing at all
    • ATM card. Withdraw cash at any of M&T’s 1,800 ATMs.
    • Interest rate compounded daily. Unlike some savings accounts that compound interest monthly, the M&T Starter Savings account compounds interest daily, which means your money grows faster.

    How much interest you’ll earn

    To put things into perspective, if you keep $5,000 in an M&T Starter Savings account for one year, you’ll only earn $0.50 back. But if you keep the same amount in an Alliant Kids Savings account, you’ll earn $27.57.

    What should I look out for?

    Be aware of the following pitfalls before signing up for an M&T Starter Savings account:

    • Must open in person. You can’t open this account online or via phone. You must visit an M&T Bank branch to open it.
    • Fee for closing within one year. If you change your mind about this account, you’ll get hit with a $30 fee for closing your M&T Starter Savings Account within one year of opening.
    • Limited customer service. Unless you stop by a local branch, the only other ways to get support are by phone and Twitter. We experienced long hold times on the phone, and Twitter support couldn’t answer any questions about the M&T Starter Savings account.
    • Doesn’t convert to regular savings. Unlike some savings accounts, this account doesn’t convert to a regular savings account when the child turns 18. Custodians have to close the account or distributing the funds to another savings account.

    If you’re looking to teach your children how to grow their money, try looking elsewhere for kid-friendly savings features and a high-yield APY. For instance, with an Alliant Kids Savings account, Alliant Kids Savings Account</a>, you’ll earn 1.7% APY as long as you maintain a $100 balance.

    If you want an interest rate that’ll jump-start your child’s savings goals, compare this with the top savings accounts for kids.

    Compare M&T Starter Savings Account with other kids savings accounts

    See which account has the features you need, and choose Go to site when you’re ready to apply.

    Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
    Not rated yet
    EarlyBird doesn’t charge a management fee on the first $200 of assets in the account
    This gifting app lets you open a custodial account for your child.
    Alliant Kids Savings Account
    Finder Rating: 4.6 / 5: ★★★★★
    Alliant Kids Savings Account
    $1 per month
    (can be waived)
    Alliant Credit Union will pay the $5 initial deposit
    This Kids Savings Account has no maintenance fees with e-statements and a high APY with a minimum daily balance of $100.
    Capital One Kids Savings Account
    Finder Rating: 4.7 / 5: ★★★★★
    Capital One Kids Savings Account
    Kids Savings Accounts are fee-free and don’t require a minimum balance.
    BECU Early Saver Youth Account
    Finder Rating: 4.7 / 5: ★★★★★
    BECU Early Saver Youth Account
    Up to 4.07%
    Offers your child a premium interest rate on the first $500 in deposits.
    Justice Federal Credit Union Young Savers
    Finder Rating: 4 / 5: ★★★★★
    Justice Federal Credit Union Young Savers
    Up to 0.25%
    Justice Federal designed the Young Savers Account especially for children to start saving money early and to learn money management skills.

    Compare up to 4 providers

    How do I deposit or withdraw my money?

    M&T Bank gives you control over how you handle your money with a variety of ways to access it.


    Put money into your account by:

    • Direct deposit
    • Automatic or one-time transfers online
    • Mobile check deposit via the M&T Mobile Banking app
    • Wire transfers


    You won’t have as many ways of getting funds out of your account. But keeping money in is the goal of saving, after all.

    • ATM withdrawals
    • Online bill pay
    • Zelle

      How to contact M&T Bank about my savings account?

      Aside from stopping into a local branch, you have two options to get in touch with an M&T Bank representative:

      1. Call 800-724-2440 any time.
      2. Tweet @MandT_Help weekdays 8 a.m. to 5 p.m. ET.

      Savings account ratings

      ★★★★★ — Excellent

      ★★★★★ — Good

      ★★★★★ — Average

      ★★★★★ — Subpar

      ★★★★★ — Poor

      We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

      Read the full methodology of how we rate savings accounts.

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