Banking » Reviews » M&T Bank Review 2024
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M&T Bank Review 2024

M&T Bank offers many financial services tailored for individuals and businesses. It offers high CD rates and 4 types of checking accounts.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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M&T Bank

M&T_Bank logo
M&T_Bank logo

M&T Bank

Checking Fees

$0 – $24.95

Savings APY

0.01%

Minimum Deposit

$0

CDs APY Range

3.75% – 4.75%

M&T Bank, despite being classified as a commercial bank, M&T Bank offers a wide range of financial services tailored for individuals and businesses. These services include checking accounts, savings accounts, CDs, credit cards, various lending products, and more.

With a significant presence, M&T Bank operates through an extensive network of 1009 branches scattered across 13 states. Notably, the bank's largest branch concentration can be found in New York, Connecticut, Maryland, Pennsylvania, and New Jersey. Presently, M&T Bank is the 11th largest bank in the United States regarding branch count.

Headquartered in Buffalo, New York, M&T Bank is the 17th largest bank in the country based on its total assets. It has been selected as one of our top banks in New York.

Pros & Cons

Like any other bank, M&T has some pros and cons that important to know:

Pros
Cons
Many branches in New York, Connecticut, Maryland, Pennsylvania and New Jersey
Active in 13 states
Competitive CD rates
Low savings rates
Variety of financial products
There are better credit cards elsewhere
4 types Checking accounts for every need

4 Types Of Checking Accounts

M&T Bank offers four distinct checking account options to cater to various customer needs:

  1. EZChoice: This account provides the essentials with no monthly maintenance fee. There are no charges if requirements are not met, and it includes a relationship savings account with no monthly fee.

  2. MyWay Banking from M&T Bank™: A checkless account with no overdraft fees. The maintenance fee is either $4.95 or $0 if there's at least one transaction each monthly service charge cycle, such as a deposit, withdrawal, or debit payment. It also includes a relationship savings account with no monthly fee.

  3. MyChoice Plus: This account offers ATM surcharge rebates and the ability to earn interest. The maintenance fee is $14.95 or can be waived with an average daily balance of $2,500 or more per monthly service charge cycle, or direct deposits totaling $1,500 or more. Additionally, it features no fees at non-M&T ATMs and rebates of other banks' ATM fees, along with no overdraft fees.

  4. MyChoice Premium: Customers with this account enjoy exclusive rates on deposits, loans, and more. The maintenance fee is $24.95 or can be waived with an average daily balance of $7,500 or more per monthly service charge cycle, or combined daily average balances of $25,000 or more in eligible accounts. 

It includes benefits like no fees at non-M&T ATMs, rebates of other banks' ATM fees, interest-bearing features, discounted personal loan rates, a MyChoice Money Market with no monthly fee, special deposit interest rates, no fee for incoming wire transfers, and safe deposit box discounts.

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Savings Accounts: Low Rates

The Relationship Savings Account offered by M&T Bank provides a convenient way for individuals to work towards their savings goals while avoiding monthly maintenance charges. However, the rates are quite low and far from the best savings account rates.

The account offers easy access and management through M&T Online & Mobile Banking, as well as at M&T Bank branches and ATMs. It can also serve as overdraft protection for a linked M&T checking account.

Relationship Savings
Savings APY
0.01%
Savings Fees
$7.5 Can be waived if you maintain a minimum daily balance of $500 or more or have a personal checking account with M&T Bank or by making at least one deposit in your Relationship Savings account
Can Be Opened Online?
Yes

To avoid the $7.50 monthly maintenance charge, customers need to maintain a minimum daily balance of $500 or have a personal checking account with M&T Bank, or simply make at least one deposit into their Relationship Savings account.

Eligibility for the account is limited to individuals, and interest rates are compounded daily and paid monthly. Also, the account's features and products may differ based on the customer's location.

M&T Money Market Account

M&T Bank offers the “MyChoice Money Market” account, providing customers with an opportunity to save and earn more with tiered interest rates. 

Key features of the account include tiered interest rates, with premium rates available to qualifying customers. Account management is made easy through online and mobile banking, as well as in-person at M&T Bank branches or ATMs. Additionally, customers have the option for check writing capability.

To avoid the monthly maintenance charge, customers must either have a MyChoice Premium Checking or Power Checking account or maintain a minimum daily balance of $2,500.

M&T Money Market Account
Money Market APY (Min $10K)
2.04%
Money Market APY (Below $10K)
0.03%

Interest on the MyChoice Money Market account is compounded daily and paid monthly. The account comes with an introductory interest rate for the first six months, applicable for opening deposits of at least $10,000. 

After the introductory period, customers may qualify for a premium interest rate by having an eligible M&T Checking account and completing three or more qualifying customer-initiated checking transactions during the monthly service charge cycle.

M&T CDs: Limited Terms, Competitive Rates

M&T Bank offers promotional options for their Select CDs, with attractive rates for both 8-Month and 12-Month terms.  To open these CDs, a minimum deposit of $1,000 is required.

However, it's important to note that a qualifying checking account is necessary for the Select CDs, and this includes specific accounts such as MyChoice Premium Checking, M&T Select, M&T Select With Interest, Power Checking, or Advantage Checking.

Additionally, M&T Bank provides standard 24-Month and 12-Month CDs with slightly lower rates but without the requirement of a qualifying checking account or an existing M&T Bank relationship.

M&T CDs
Select CD 12 Month
4.50%
Select CD 24 Month
3.75%
Regular CD 8 Month
4.75%
Minimum Deposit
$1,000

Customers should be aware of early withdrawal penalties, which vary based on the account term. For terms greater than 364 days, the penalty is $50 plus 182 days' interest on the non-interest portion of the withdrawal, while for terms less than 365 days, the penalty is $25 plus 91 days' interest on the non-interest portion of the withdrawal.

Credit And Lending Products

M&T Bank provides a comprehensive range of lending and credit options to meet diverse financial needs:

Mortgages:

  • Offers a wide range of mortgage options with varying rates and experienced representatives to find the right solution for each borrower.
  • Renovation Mortgages with low down payments, low closing costs, and flexible loan terms for buying homes in need of improvement.
  • Online access to manage existing mortgages, make payments, and more through the M&T Bank portal.
  • Provides a Mortgage Calculator Library to explore options before buying or refinancing.

Lending Options:

  • M&T Visa Credit Cards with competitive rates, rewards program, and introductory offers.
  • CHOICEquity Home Equity Line of Credit, featuring variable and fixed rates to utilize home equity efficiently.
  • Personal Loans with competitive rates and various options to suit individual needs.
  • Student Loans as an alternative for education financing when federal aid is insufficient.
  • Auto Loans with a quick approval process for both new and used vehicles.
  • Marine & Recreational Vehicle Loans offering competitive rates for boats, RVs, motorcycles, and other recreational vehicles.
  • Convenient payment methods to manage M&T loans, lines, or credit cards.

M&T Bank aims to provide customers with flexible and beneficial lending and credit solutions to support their financial goals and aspirations.

FAQs

M&T charges a $15 overdraft fee per day on personal checking accounts, with a maximum of one fee per day, even if multiple transactions overdraw the account.

However, you will not be charged an overdraft fee for transactions under $5, if your account has already been charged an overdraft fee on that business day, if the overdraft results from ATM or everyday debit card transactions without opting for authorization, or if you have a MyWay Banking account (which doesn't incur overdraft fees and cannot be linked to an Overdraft Line of Credit).

There are no annual or monthly fees for the M&T Debit Card. However, transaction fees may apply.

When you use your M&T Debit Card for a purchase, the funds are deducted from your linked M&T checking account. You may need to enter your PIN or sign for the transaction, but there are no fees for purchases made within the U.S.

M&T can be a good idea if you are looking for checking accounts, want to deposit money in CDs, or need access to branches.  However, the savings account rates are quite low. The bank is included among our top picks for Pennsylvania banks.

Yes, you can easily enroll in Online Banking through the M&T Bank mobile app by following the Enroll link. The enrollment process is the same as enrolling through the Online Banking platform.

Compare M&T Bank Versus Other Banks

In our opinion, Chase is the preferred option in this battle. But, there are signficiant differences between products. Here's our comparison: Chase vs. M&T Bank

We'll explore Bank of America and M&T Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Bank of America vs. M&T Bank

Let's compare savings accounts, checking accounts, CDs, credit cards, and lending products offered by Wells Fargo and M&T Bank.

Wells Fargo Bank vs. M&T Bank: Which Bank Account Is Better?

We'll explore Citibank and M&T Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Citibank vs. M&T Bank

Each bank excels in different categories, but our winner is M&T Bank over Truist. There are some reasons for that, here's our comparison: Truist Bank vs. M&T Bank

We prefer PNC Bank over M&T, mainly due to higher savings and money market account rates and better credit cards. Here's our comparison: PNC Bank vs. M&T Bank

TD Bank is our winner with better banking products compared to M&T, but there are cases when M&T wins. See our complete comparison: TD Bank vs. M&T Bank

Citizens Bank and M&T have a strong presence in states like New York, New Jersey, Pennsylvania, Massachusetts. Here's our winner: M&T Bank vs. Citizens Bank

Capital One is our winner as it offers a full banking package. But if you have specific checking requirements, M&T Bank may win. Here's why.

M&T Bank vs. Capital One: Which Bank Account Is Better?

How We Rate And Review Banks: Our Methodology

The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:

  • Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.

  • Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.

  • Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.

  •  

By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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