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M&T Starter Savings account review

Interest compounds daily, but expect long hold times with customer service.’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% to 0.02% depending on your balance and doesn’t offer any special features to help teach young savers how to manage their money.

Up to 0.01%





Minimum deposit to open


Annual percentage yield (APY)0.01% on balances of $1 to $99,999.99
0.02% on balances of $100,000+
Minimum deposit to open$25
Interest compoundingDaily
More info

More Info

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 balances up to $99,999.99 and a measly 0.02% APY on balances over $100,000. You’ll find other savings accounts for kids that earn much more in interest.

For instance, with Alliant Kids Savings Account, you’ll earn 0.55% APY as long as you maintain a $100 balance. 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 account, you’ll earn $27.57.

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

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’ll need to meet the following requirements:

  • A minor under age 18 and a US citizen
  • A custodian over age 18 and a US citizen or permanent resident
  • Unlike some savings accounts, this account doesn’t automatically convert to a regular savings account when the child turns 18. Custodians are responsible for closing the account or distributing the funds to another savings account.


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?

Check out the advantages of an M&T Starter Savings account:

  • No monthly maintenance fee. Like most kid’s savings accounts, the M&T Starter Savings account is free to use.
  • ATM card. Withdraw cash at any of M&T’s 1,500 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.
  • 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

What should I look out for?

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

  • Opening deposit. You’ll need to set aside at least $25 to fund your account. While this amount is low, you can find other accounts like Capital One Kids Savings that don’t require a minimum opening deposit.
  • Variable interest rate. APYs vary by location. For example, an M&T Starter Savings account in New York currently earns 0.01% APY on balances between $1 and $99,999.99, and 0.02% APY on all balances $100,000 and over, which is nothing to write home about.
  • Overdraft fee. Watch out for the $30 insufficient funds fee if a transaction, withdrawal or transfer drops your balance below $0.
  • Long early close-out period. If you’ve changed 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.
  • Paper statement fee. Opt for e-statements to avoid the $5 monthly statement fee.
  • 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.
  • 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.

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

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Alliant Kids Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Alliant Kids Savings Account
$1 per month
(can be waived)
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
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
Justice Federal designed the Young Savers Account especially for children to start saving money early and to learn money management skills.
Bank of America Minor Savings Account
Finder Rating: 3.6 / 5: ★★★★★
Bank of America Minor Savings Account
Help a child build a savings account and learn about banking.

Compare up to 4 providers

How do I deposit or withdraw my money?

On top of ACH and wire transfers, you can also access your funds by:


  • Direct deposit
  • Mobile check deposit via the M&T Mobile Banking app


  • ATM withdrawals
  • Online bill pay
  • Zelle

What other savings options does M&T Bank offer?

M&T Bank has several other savings options to help you reach your savings goals:
  • M&T Relationship Savings. A savings account with an avoidable $7.50 monthly maintenance fee and overdraft protection when you link an M&T checking account
  • M&T MyChoice Money Market. A money market account with tiered interest rates and a waivable $15 monthly service fee.
  • M&T Bank CDs. Choose from a variety of certificates of deposits with terms from 32 days to 72 months and a minimum opening deposit of $1,000.

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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