Checking Accounts
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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 |
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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
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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.
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Bank Of America CD Rates
CD Term | APY |
|---|---|
3 Months | 4.00% |
6 Months | 0.03% |
7 Months (Featured) | 4.05% |
12 Months | 0.03% |
13 Months (Featured) | 3.00% |
24 Months | 0.03% |
25 Months (Featured) | 2.00% |
36 Months | 0.03% |
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M&T Bank CD Rates
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Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.00% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
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- Up to 4.55% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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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.
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