Banking » Compare Banks » PNC Bank vs. M&T Bank: Which Bank Account Is Better?
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PNC Bank vs. M&T Bank: Which Bank Account Is Better?

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:
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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PNC operates in many states and the District of Columbia, with a strong focus on the Eastern U.S., while M&T Bank spans primarily in the Northeast and Mid-Atlantic regions.

Despite differing physical footprints, both banks provide online banking services nationwide, allowing customers in states without physical branches to access their services remotely.

In this comparison, we'll compare PNC and M&T banking products side by side.

Checking Accounts

When it comes to checking accounts, there is no clear winner, as both PNC and M&T offer various bank account options for different purposes and more or less similar features.

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

PNC Bank's Virtual Wallet gives you a complete digital banking experience. It includes Spend (your main checking account), Reserve (for short-term planning), and Growth (for long-term savings).

You can pick from three options – Virtual Wallet, Performance Spend, and Performance Select, each of them sets different tiers of benefits and perks. There is also a foundation checking account for basic needs.

PNC Checking Account
Monthly Fee
Average Day Balance To Waive
Virtual Wallet Performance Select Checking
$25
$5,000
Virtual Wallet Performance Checking
$15
$2,000
Virtual Wallet Standard Checking
$7
$500
Foundation Checking
$5
Can't be waived

PNC's Virtual Wallet offers a range of features, including Zelle for easy money transfers, spending analysis tools, and the ability to set savings goals. Account holders may also enjoy reimbursements for select non-PNC ATM fees and benefit from higher relationship interest rates. 

PNC's Foundation Checking account provides convenient mobile banking services, waives overdraft fees, and offers complimentary cashier checks.

PNC Checking Account
Main Features
Virtual Wallet Performance Select
No PNC charges for using other banks' ATMs or domestic wires
Virtual Wallet Performance
Reimbursements for some non-PNC ATM fees, higher relationship interest rates
Virtual Wallet Standard
Zelle, spending analysis, savings goals
Foundation Checking
Mobile banking, no overdraft fee, free cashier checks, debit card

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

Savings Accounts

If you're looking for a high-yield savings account, PNC is the way to go because it gives you much better rates than M&T Bank.

PNC offers a special High Yield Savings account just for certain customers, and it comes with a really good online rate. The best part is, you don't need to deposit a minimum amount.

On top of that, PNC has a Premiere Money Market account with rates that go up as your balance increases. You can make unlimited deposits, and they even throw in a debit card for account holders.

Meanwhile, M&T Bank's savings account, like many regular banks, doesn't give you very high rates.

PNC Savings
PNC Money Market
M&T Bank Savings
Savings Rate
4.65% The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
0.02% – 1.25%
0.01%
Minimum Deposit
$0
$25
$0
Fees
$0
$12 Can be waived if you maintain a minimum daily balance of $5,000
$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)

For CDs, M&T Bank offers slightly better options than PNC Bank.

PNC Bank and Truist have higher rates, but it's important to note that these rates are only for promotional terms, and M&T bank offers a better selection of such terms than PNC.

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
CD Term
APY
7 Months (Featured)
0.01% – 0.05%
12 Months
0.01% – 0.03%
13 Months (Featured)
0.01% – 2.00%
19 Months (Featured)
0.01% – 1.25%
24 Months
0.01% – 0.03%
25 Months (Featured)
0.01% – 1.50%
24 Months
0.01% – 0.03%
37 Months (Featured)
0.01% – 1.75%
36 Months
0.01% – 0.03%
61 Months (Featured)
0.01% – 2.00%

Credit Cards

When it comes to credit cards, PNC bank is our winner as it offers more credit cards options for consumers with different types of rewards, including a secured card to help consumers build credit.

PNC Bank offers a couple of rewards credit cards, including cash back and points rewards, as well as secured cards and long 0% intro APR cards. 

Card
Rewards
Bonus
Annual Fee

PNC Cash Unlimited Visa Signature® Credit Card

PNC Cash Unlimited Visa Signature Credit Card
2% unlimited 2% cash back on every purchase
0% Intro APR: 12 billing cycles on purchases and balance transfers
$0

PNC Cash Rewards® Visa® Credit Card

PNC Cash Rewards Visa Credit Card
1% – 4% 4% on Gas station purchases, 3% on Restaurant and 2% on Grocery store (for the first $8,000 in combined purchases in these three categories) and 1% cash back on all other purchases
$200 $200 cash back after you make $1,000 or more in purchases during the first 3 billing cycles following account opening
$0

pnc point visa card review

PNC points Visa Credit Card
4x – 7x 4 points per $1 on purchases + 25% / 50% /75% bonus on all base points for PNC customers
100,000 bonus points 100,000 bonus points after you make $1,000 in purchases during the first 3 billing cycles following account opening
$0

PNC core Credit Card

PNC Core Visa Credit Card
N/A
0% Intro APR: 15 billing cycles on purchases and balance transfers
$0

PNC Secured Visa® credit card

PNC Secured Visa credit card
N/A
N/A
$0

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

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

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

M&T Visa Credit Card
N/A
0% Intro APR: 12 billing cycles on balance transfers and purchases
$0

M&T Secured Credit Card

M&T Secured Credit Card
N/A
N/A
$0

Mortgage And Loans

When it comes to borrowing money, there is no clear winner as both PNC and M&T Bank offer a comprehensive set of lending products with many options for borrowers.

PNC and M&T Bank offer mortgages for buying or refinancing homes, home equity lines of credit, loans for building or buying property, auto loans for vehicle financing, personal loans for various financial needs, and even student loans and student loan refinancing for education expenses.

Which Bank Is Our Winner?

Overall, we prefer PNC Bank over M&T, mainly due to higher savings and money market account rates and better credit cards.

But it's really important to think about different things, especially the ones that matter most to you. This might include looking at banking services, help with overdrafts, how often you use ATMs, how close the bank is to where you live, and other things that are different for each person.

Our Methodology for Comparing Banks

In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

Compare PNC With Other Banks

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?

The Wells Fargo service is even more extensive. Checking accounts, various savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management solutions are all available.

PNC offers checking and savings accounts, home loans, mortgages, investments, student loan refinancing, and a variety of credit cards.

Read full comparison: Wells Fargo vs PNC: Which Bank Account Wins?

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Top Offers From Our Partners

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Promotion:
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Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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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Promotion:
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With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Promotion:
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