Citizens Bank and M&T have a strong presence in states like New York, New Jersey, Pennsylvania, Massachusetts, and more states on the East side.
In this comparison, we'll compare Citizens and M&T banking products side by side, including checking accounts, savings options, credit cards, and lending products.
Checking Accounts
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Account Types
Citizens Bank offers checking accounts like One Deposit Checking and Citizens Quest Checking, each catering to different needs:
Citizens Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
One Deposit Checking from Citizens | $9.99 | Make one deposit each statement period |
Citizens Quest Checking | $25 | $25,000 |
Citizens Private Client Checking | $0 | $200,000 |
Citizens EverValue Checking | $5 | Can't be waived |
Citizens Student Checking | $0 | under 25 |
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Features
M&T Bank's Basic Checking Account comes with useful features like online and mobile banking, M&T Alerts, access to 2,000 ATMs and 900 branches, and a debit card.
For added convenience, customers can opt for the Premium Checking Account. With this upgrade, you enjoy all the benefits of the Basic account, plus extras like no fees at non-M&T ATMs, the chance to earn interest, easy check handling through mobile deposit, a debit card, no fees for using non-M&T ATMs, 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 |
Citizens Bank customers can easily access a vast network of over 1,000 branches and 3,000 ATMs. To help prevent overdrafts, Citizens provides solutions like Citizens Fee Relief and Citizens Peace of Mind, where the first overdraft each year incurs no fee.
Premium accounts at Citizens come with exclusive benefits and rewards that increase as your relationship with the bank grows.
Citizens Bank Account | Main Features |
|---|---|
One Deposit Checking | Digital wallet, Zelle, overdraft solutions, Citizens paid early |
Citizens Quest Checking | CitizensPlus, no fee for additional services, personalized guidance |
Citizens Private Client Checking | CitizensPlus benefits, Dedicated team of advisors, preferred rates |
Citizens EverValue Checking | No overdraft fees, Reduced fees for Non-Citizens ATM |
Citizens Student Checking | No fees for Non-Citizens ATM, No overdraft fees, Free design checks |
Savings Accounts
There is no real difference between both banks savings accounts. However, if you are willing to use an online bank for savings, Citizens online division (Citizens Access) offers better rates, but keep in mind it's a separate unit.
Also, unlike M&T Bank – Citizens bank does offer a money market account, but the rates are low.
Citizens Access | Citizens Savings | M&T Bank Savings | |
|---|---|---|---|
Savings Rate | 3.70% | 0.05% – 0.15% | 0.01% |
Minimum Deposit | $0.01 | $0 | $0 |
Fees | $0 | $4.99 per month
Can be waived if you maintain a $200 minimum daily balance, or under age 25 or 65 and older.
| $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
|
Certificate Of Deposits (CDs)
When it comes to CDs, M&T is our winner – but the differences are insignificant.
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Citizens Bank CD Rates
CD Term | APY |
|---|---|
10 Months | N/A |
14 Months | 2.75% |
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M&T Bank CD Rates
M&T CDs | |
|---|---|
Select CD 6 Month | 3.90% |
Select CD 12 Month | 3.00% |
Regular CD 6 Month | 3.25% |
Minimum Deposit | $1,000 |
Credit Cards
There is no clear winner when it comes to credit cards, as both banks offer similar products. None of these banks offer a wide credit card portfolio or high cashback, as you can find with other issuers.
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.
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 |
Citizens Bank presents a trio of primary credit cards. The initial two options consist of a cashback card and a 0% intro card, both of which boast no annual fee. Each card offers distinct rewards, catering to varied preferences and spending habits.
The third card is a premium offering featuring an attractive cashback rate along with an array of travel perks. This premium card extends benefits such as TSA Pre-Check or Global Entry Fee Rebate, access to airport lounges, and comprehensive travel insurance.
Card | Rewards | Bonus | Annual Fee |
| Citizens Cash Back Plus World Mastercard
| 1.8%
1.8% cash back on everything you buy | 0% Intro APR: 15 billing cycles on balance transfers | $0 |
|---|---|---|---|---|
| Citizens Clear Value Mastercard | N/A | 0% Intro APR: 18 billing cycles on balance transfers | $0 |
| Citizens Private Client World Elite Mastercard | 2%
2% cash back on everything you buy | 0% Intro APR: 15 billing cycles on balance transfers | $195 |
Lending Options For Borrowers
When it comes to lending products, M&T Bank offers better options for borrowers.
M&T Bank and Citizens offers mortgages for buying or refinancing homes, and home equity lines of credit. Student loans are also available with both banks.
However, M&T Bank also offers auto loans for vehicle financing, and personal loans for various financial needs.
Which Bank Is Our Winner?
Overall, both M&T and Citizens Bank are quite similar – they offer decent checking account options, lower-than-average rates on deposits, and a similar portfolio of credit cards.
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Our Methodology for Comparing Banks
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features 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 available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
