In this article, we will delve into a detailed comparison of savings accounts, checking accounts, CDs, credit cards, and lending products from both Chase and M&T Bank.
Checking Accounts
-
Account Types
M&T Bank offers four main types of checking accounts, such as the EZChoice checking and MyChoice Plus, each catering to different needs:
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 |
Chase Bank offers a variety of checking account types to suit the diverse needs of its customers. One notable option is the Total Checking account, which provides access to a widespread network of ATMs and a range of digital banking tools.
For customers with a premium banking preference, Chase presents the Sapphire Checking account and private client checking, renowned for its exclusive benefits like enhanced travel rewards.
Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Chase Total Checking | $12 | $1,500 |
Chase Premier Plus Checking | $25 | $15,000 |
Chase Sapphire Checking | $25 | $75,000 |
Chase College Checking | $12 | $1,500 |
Chase Private Client Checking | $30 | $150,000 |
Chase Business Complete Banking | $15 | $2,000 |
Chase Performance Business Checking | $30 | $35,000 |
Chase Platinum Business Checking | $95 | $100,000 |
-
Features
Chase offers a comprehensive set of features with its checking accounts, catering to diverse financial needs.
Chase Everyday Accounts offer a host of benefits for customers. There's no minimum deposit required to open an account, providing accessibility for all. With an extensive network of over 15,000 ATMs and 4,700 branches, customers enjoy widespread access.
Chase Premium Accounts offer an array of exclusive benefits for a superior banking experience. Customers enjoy no Chase fees at non-Chase ATMs, providing extensive access to cash without additional charges.
The dedicated 24/7 banking service line ensures round-the-clock assistance for premium account holders, along with elevated daily purchase and ATM withdrawal limits.
Chase Bank Account | Main Features |
|---|---|
Chase Total Checking | Overdraft assist, chase credit journey, alerts |
Chase Premier Plus Checking | Interest on balance, free checks , free counter checks |
Chase Sapphire Checking | JPM wealth management, no ATM fees, no wire transfer |
Chase College Checking | No monthly fees, free credit score, new account promotion |
Chase Private Client Checking | Priority service, preferred rates, J.P. Morgan advisor |
Chase Business Complete Banking | Chase QuickAccept, fraud protection, chase business online |
Chase Performance Business Checking | No cost wires, unlimited electronic deposits, Chase business |
Chase Platinum Business Checking | No fee transactions, cash management support, platinum service |
Chase's digital assistant can provide details on many products, including personal help. However, it still not able to perform any task:
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 |
Top Offers From Our Partners
Top Offers From Our Partners
Savings Accounts
The interest rates provided by Chase Premier Savings and the Relationship Savings Account from M&T Bank are comparatively modest, falling below the rates available with other savings accounts.
However, both accounts feature a relatively low minimum deposit requirement, and the monthly fees are easily waivable.
M&T Bank Savings | Chase Premier Savings | |
|---|---|---|
Savings Rate | 0.01% | 0.01% |
Minimum Deposit | $0 | $25 |
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
| $25 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
|
Certificate Of Deposits (CDs)
When it comes to CDs, M&T Bank is our winner due to its better CD rates. While Chase offers more options, which is nice, the difference in yield is significant.
-
Chase Bank CD Rates
Chase offers two primary CD categories: Standard and Relationship. Individuals without a Chase checking account can opt for the Standard CD. On the other hand, those with an existing Chase checking account can link it to their CD account to unlock slightly higher APYs through Relationship CDs.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 4.25% – 4.75% | 90 days of interest |
6 Months | 3.00% | 180 days of interest |
9 Months | 3.50% – 4.00% | 180 days of interest |
12 Months | 2.00% | 180 days of interest |
18 Months | 2.50%
| 180 days of interest |
24 Months | 2.50% | 365 days interest |
30 Months | 2.50% | 365 days interest |
36 Months | 2.50% | 365 days interest |
48 Months | 2.50% | 365 days interest |
60 Months | 2.50% | 365 days interest |
120 Months | 2.50% | 365 days interest |
-
M&T Bank CD Rates
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% 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
Credit Cards
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 |
Card | Rewards | Bonus | Annual Fee |
| Chase Sapphire Preferred® Card | 2X – 5X
5x total points on travel purchased through Chase Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
| 60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
| $95
|
|---|---|---|---|---|
 | Chase Freedom Flex℠ Card | 1-5%
5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
| $200
$200 bonus after you spend $500 on purchases in the first 3 months from account opening
| $0 |
| Chase Freedom Unlimited® | 1.5% – 5%
5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
| $200
Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.
| $0 |
| Chase Sapphire Reserve® | 1X – 10X
5X total points on air travel and 10X total points on hotels, car rentals and dining when you purchase through Chase Ultimate Rewards®, immediately after earning your $300 annual travel credit. Also, earn 3x points on dining at restaurants and travel (after meeting the $300 travel credit), then 1x points per dollar spent on all other purchases. | 60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
| $550 |
| Marriott Bonvoy Boundless Card | 1x – 6X
6X points for every $1 spent at over 7,000 hotels participating in Marriott Bonvoy® with the Marriott Bonvoy Boundless® credit card. Plus, earn up to 10X points from Marriott for being a Marriott Bonvoy® member. Plus, earn up to 1X point from Marriott with Silver Elite Status. Earn 3X points for every $1 on the first $6,000 spent in combined purchases each year on grocery stores, gas stations, and dining. Earn 2X points for every $1 you spend on all other purchases.
| 3 Free Nights
3 Free Nights (each night valued up to 50,000 points) after you spend $3,000 on purchases in your first 3 months from your account opening
| $95 |
 | United Explorer Card | 1X – 2X
2x per $1 spent on United purchases, hotel accommodations, restaurants & eligible delivery services and 1x per $1 spent on all other purchases
| 50,000 miles
50,000 miles after you spend $3,000 on purchases in the first 3 months your account is open.
| $95 ($0 first year) |
Mortgage And Loans
M&T Bank is our winner when it comes to lending options, as it offers more options for borrowers than Chase.
Chase, a major player in the banking industry, provides a comprehensive suite of lending solutions. Their mortgage options cater to homebuyers, offering various loan types, fixed or adjustable rates, and personalized advice.
Additionally, Chase extends auto loans, providing financial flexibility to its customers. The online platform simplifies the application process, making it convenient for borrowers to explore and secure the financing they require. Chase doesn't offer personal loans.
M&T Bank, with a strong foothold in the market, excels in mortgage offerings, home equity loans, and car loans. M&T Bank also offers personal loans and student loans, which are not available through Chase.
Which Bank Is Our Winner?
While M&T Bank is our winner when it comes to CDs and options for borrowers, Chase is better when it comes to credit cards and checking account options, and 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.
Comparing Chase 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 Chase Versus Alternative Banks
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?
The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.
Furthermore, both have a very impressive selection of more than credit card options.
Read Full Comparison: Chase vs Citi: Which Bank Account Wins?
The Discover checking account is more traditional. While the account does not pay interest, you can earn 1% cash back on debit card purchases. There are also no fees if you require a replacement debit card, have a deposit item returned, or have insufficient funds in your account.
Chase offers a wide range of banking products, including savings accounts, checking accounts, home loans, home equity options, auto loans, and a wide range of credit cards. In addition, Chase's customer service system is quite extensive.
Read Full Comparison: Discover vs Chase: Which Bank Account Suits You Best?
Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.
Read Full Comparison: Chase vs PNC Bank: Which Bank Account Is Better?
Because both Chase and TD Bank provide a comprehensive range of products, we'll need to summarize the benefits and drawbacks to determine which bank is superior.
Chase offers some novel features, including the possibility of comparable CD rates without the TD Bank's minimum deposit. However, there is little to distinguish the checking accounts, as TD Bank's savings rate is twice that of Chase.
Although Chase has more credit card options, don't discount TD Bank, which has some interesting options.
Read Full Comparison: Chase vs TD Bank: Which Bank Suits You Best?
Chase and Capital One both have banking product lines that compete with traditional high street banks.
Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.
However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.
Read Full Comparison: Chase vs Capital One: Compare Banking Options
Both banks have account maintenance fees that can be waived by meeting one of several requirements. The rates are also quite similar, so which bank is best will come down to what products you’re looking for.
While Chase and U.S. Bank offer many banking services, Chase Bank is our winner in this competition. Here's why – and what else to know:
While Truist is a full service bank where you can find almost any financial product, Chase is our winner. Here's why – and what else to know:
We'll explore Chase and BMO Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner:
In our opinion, Chase is the preferred option in this battle. But, there are significant differences between products. Here's our comparison:
We believe Chase is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Chase vs. Fifth Third Bank
While Huntington Bank offers some better conditions when it comes to CDs and lending options, Chase is our winner. Here's why: Chase vs. Huntington Bank
Even though Regions Bank has better terms for CDs and loans, we're leaning towards Chase. Here's why, and our complete banking comparison: Chase vs. Regions Bank
Chase is the largest brick-and-mortar bank, while Ally Bank is among the best online banks. Here's our comparison and our winner: Chase vs. Ally Bank
Chase Bank is our winner, while Amex and Chase offer great banking services and credit card portfolios. Here's our side-by-side comparison: American Express Bank vs. Chase Bank
Chase is our winner as it is a better fit for most consumers than HSBC bank. But, there are important things to consider when comparing them: Chase Bank vs. HSBC Bank
Both Chase and Barclays offer a significant portfolio of banking services for US-based customers, but Chase is our winner. Here's why: Chase Bank vs. Barclays Bank
Chase Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.
