Checking Accounts
-
Account Types And Fees
M&T Bank offers four main types of checking accounts, such as the EZChoice checking for basic needs, MyChoice Plus for more features and benefits and MyChoice Premium for premium perks such as waived fees for multiple banking activities:
M&T Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
M&T Bank EZChoice Checking | $0 | N/A |
M&T Bank MyChoice Plus | $14.95 | $2,500 |
MyWay Banking from M&T | $4.95 | Single monthly deposit/withdrawal/debit payment |
M&T Bank MyChoice Premium | $24.95 | $7,500 |
BofA Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Safe Balance | $4.95 | $500 |
Advantage Plus | $12 | $1,500 |
Advantage Relationship
| $25 | $20,000 |
-
Features
Bank of America offers some great features for both individuals and businesses.
For personal accounts, you can get paper checks, overdraft protection, and they assure you won't lose money if your card gets stolen. They also provide online banking, allowing you to check your account whenever it suits you.
BofA Checking Account | Main Features |
|---|---|
Safe Balance | Digital banking, no overdraft fees, $0 liability guarantee |
Advantage Plus | Paper checks, overdraft protection, $0 liability guarantee |
Advantage Relationship
| Earns interest, no fees on select banking service ,overdraft protection |
Business Advantage Fundamentals
| QuickBooks® integration, Cash Flow Monitor, Erica, Mobile Check Deposit, Zelle® for business |
Business Advantage Relationship
| No fees for incoming wires, stop payments, electronic deposits & more |
M&T Bank's Basic Checking Account offers convenient features, including Online and mobile Banking, M&T Alerts, access to 2,000 ATMs and 900 branches, and a debit card.
On the other hand, the Premium Checking Account takes banking convenience a step further. It includes all the benefits of the Basic account, such as Online and mobile banking and account alerts, but adds more perks.
These include no fees at non-M&T ATMs, interest-bearing capabilities, Mobile Deposit for easy check handling, an M&T Debit Card, no fees for non-M&T ATM use, free standard check orders, and special deposit rates.
M&T Bank | Main Features |
|---|---|
M&T Bank EZChoice Checking | Online & mobile banking, alerts, 2,000 ATMs, 900 branches, debit card |
M&T Bank MyChoice Plus | No Fee at non-M&T ATMs, Interest-bearing, mobile deposit, debit card |
MyWay Banking from M&T | No overdraft fees, online and mobile bill pay, checkless account |
M&T Bank MyChoice Premium | No fee at non-M&T ATMs, free check orders, special deposit rates |
Savings Accounts
There's no decisive winner in the savings account category, as both banks provide comparable rates, which unfortunately fall below those offered by other savings accounts.
Also, neither Bank Of America nor M&T bank offers or money market account.
M&T Bank Savings | Bank Of America Savings | |
|---|---|---|
Savings Rate | 0.01% | 0.01% – 0.04% |
Minimum Deposit | $0 | $100 |
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
| $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
|
Certificate Of Deposits (CDs)
When it comes to CDs, Bank Of America is our winner as it offers a bit higher interest rates.
However both banks offer competitive CD rates only on specific terms, so customers can't really make strategies such as CD laddering due to the limited terms with high rates.
-
Bank Of America CD Rates
CD Term | APY |
|---|---|
3 Months | 3.75% |
6 Months | 0.03% |
7 Months (Featured) | 3.80% |
12 Months | 0.03% |
13 Months (Featured) | 2.75% |
24 Months | 0.03% |
25 Months (Featured) | 2.00% |
36 Months | 0.03% |
-
M&T Bank CD Rates
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.35% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Advertiser Disclosure
Credit Cards
Card | Rewards | Bonus | Annual Fee |
| Bank of America Unlimited Cash Rewards
| 1.5%
unlimited 1.5% cash back on all purchases
| $200
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
| $0 |
|---|---|---|---|---|
| Bank of America® Customized Cash Rewards credit card | 1-3%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
| $200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
| Bank of America® Travel Rewards credit card | 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 |
| BankAmericard | N/A | 21 billing cycles on purchases and balance transfers made within the first 60 days | $0 |
| Bank of America® Premium Rewards® Elite | 1.5x – 2x
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases | 75,000 points
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
| $550 |
| Bank of America Premium Rewards | 1.5X – 2X
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases | 60,000 points
60,000 online bonus points after spending $4,000 on purchases in the first 90 days.
| $95 |
M&T Bank offers credit cards with varying features, including cash rewards and low introductory APR. The M&T Visa Signature Credit Card is notable for its rewards program and benefits.
However, there is a limited selection of cards and lower rewards compared to BofA.
Card | Rewards | Bonus | Annual Fee |
| M&T Visa Signature Credit Card
| 1.5%
1.5% cash back on every purchase | 10,000 points
10,000 bonus points after $500 in purchases made in the first 90 days from account opening | $0 |
|---|---|---|---|---|
| M&T Visa Credit Card with Rewards | 1x
1 point per $1 spent on every purchase | 10,000 points
10,000 bonus points after $500 in purchases made in the first 90 days from account opening | $0 |
| M&T Visa Credit Card | N/A | 0% Intro APR: 12 billing cycles on balance transfers and purchases | $0 |
| M&T Secured Credit Card | N/A | N/A | $0 |
Mortgage And Loans
M&T Bank is our winner when it comes to lending options, as it offers more options for borrowers than Bank of America.
M&T Bank, with a strong foothold in the market, excels in mortgage offerings and home equity loans. They provide a variety of mortgage products tailored to individual preferences, including fixed-rate and adjustable-rate mortgages. M&T Bank also offers auto loans, personal loans, and student loans, which are not available through Bank of America.
Bank of America lending options include offers mortgages, mortgage refinancing, and home equity loans. Additionally, they offer auto purchase loans and auto refinancing options.
Which Bank Is Our Winner?
While M&T Bank is our winner when it comes to options for borrowers, Bank of America wins when it comes to credit cards, variety of checking options and a bit better CD rates. Therefore, it's our winner.
However, it is crucial to assess various factors, primarily focusing on those significant for your specific considerations, such as banking services, overdraft assistance, frequent ATM usage, proximity to bank locations, and other elements that vary from person to person.
Top Offers From Our Partners
Top Offers From Our Partners
Comparing Bank Of America and M&T Bank: Our Methodology
In our detailed banking comparison, The Smart Investor team thoroughly looked in five main areas in both banks and compare them side by side:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare BofA With Alternative Banks
Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.
Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.
Read Full Comparison: Discover vs Bank of America: Compare Bank
Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.
One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.
Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.
Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.
Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?
Bank of America has an impressive line of banking products, as one would expect from a large banking institution. Aside from various checking and savings accounts, there are auto loans, home loans, a variety of credit cards, and investment options. This makes switching from your current bank easier because you'll find many familiar products.
Chase also has a good selection of banking products. There are checking and savings accounts, auto loans, home loans, and home equity options, as well as a fantastic selection of credit cards.
Read Full Comparison: Bank of America vs Chase: Where to Save Your Money?
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.
Read Full Comparison: Bank of America vs US Bank: Which is Best For You?
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
Both banks have a decent selection of banking products, but there are some gaps in each line up. If you’re looking for the best returns, Capital One does have the edge in terms of CD and savings rates.
There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.
Truist Bank vs. Bank Of America: Which Bank Account Is Better?
Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America
We'll explore Bank Of America and TD Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: TD Bank vs. Bank Of America
BMO is the winner when it comes to savings products, while Bank Of America offers many more credit card options. Here's our winner: Bank of America vs. BMO Bank
There is no clear-cut winner, but we prefer Bank Of America. But, there are cases when Citizens is best. Here's our comparison: Bank of America vs. Citizens Bank
While Bank of America and Fifth Third Bank offer a range of banking services, Fifth Third is our winner in this competition. Here's why.
Bank of America vs. Fifth Third Bank: Which Bank Account Is Better?
We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank
While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison: Regions Bank vs. Bank of America
If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.
Ally Bank vs. Bank of America: Which Bank Account Is Better?
For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.
American Express Bank vs. Bank of America: Which Bank Account Is Better?
