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

TD Bank is our winner with better banking products compared to M&T, but there are cases when M&T wins. See our complete 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.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Both TD 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 TD and M&T banking products side by side including checking accounts, savings options, credit cards and lending products.

Checking Accounts

TD Bank is our winner when it comes to checking accounts. TD Bank offers a variety of options for personal customers and including special accounts for seniors and students with enhanced 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

TD Bank offers various checking accounts for individuals, including for particular audiences such as students and seniors, while most accounts monthly fees can be waived:

TD Checking Account
Monthly Fee
Average Day Balance To Waive
TD Convenience Checking Account
$15
$100
TD Beyond Checking Account
$25
$2,500
TD Simple Checking Account
$5.99
Can't be waived
TD Essential Banking
$4.95
Can't be waived
TD 60 Plus Checking Account
$10
$250
Student Checking Account
$0
N/A

Zelle is available to use on all TD bank checking accounts:

TD bank Use Zelle
Using Zelle on TD Bank (Screenshot from TD Bank)

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

TD Bank's basic checking accounts give you useful things like online bill pay, free statements, mobile deposit, Zelle, and a debit card.

The premium account takes it up a notch by giving you even more perks: no ATM fees, reversing two overdraft fees, overdraft payback, interest on your balance, and free checks.

TD Checking Account
Main Features
TD Convenience Checking Account
Online banking, mobile deposit, Zelle, debit card
TD Beyond Checking Account
No ATM fees, 2 overdraft fees reversed, overdraft payback, interest bearing
TD Simple Checking Account
Online banking, mobile deposit, Zelle, debit card
TD Essential Banking
digital tools, no overdraft fees, debit card
TD 60 Plus Checking Account
Interest bearing, free checks, money orders and paper statements
Student Checking Account
Online banking, mobile deposit, Zelle, debit card

Savings Accounts

TD Bank is the winner when it comes to savings accounts as it offers a competitive rate, much higher than customers can get with M&T Bank.

TD Simple Savings has a lower interest rate and a small monthly fee. But TD Signature Savings offers higher interest rates (0.01% – 4.00%), but you need to keep at least $100,000 in your account to get the best rate.

Meanwhile, like many regular banks, M&T Bank's savings account doesn't give you very high rates. Also, neither bank has a money market account.

TD Savings
M&T Bank Savings
Savings Rate
0.01% – 4.00%
0.01%
Minimum Deposit
$0
$0
Fees
$5 Can be waived if you carry $300 minimum account balance or $25+ recurring transfer
$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
TD Open a savings account
Open a savings account with TD Bank (Screenshot from TD Bank)

Certificate Of Deposits (CDs)

When it comes to CDs, there is no clear winner. Both TD and M&T banks offer high rates only on specific, promotional terms.

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
3 Months
1.00% – 2.50%
6 Months
1.00% – 5.00%
12 Months
1.00% – 4.00%
18 Months
1.00% – 2.50%
24 Months
1.00% – 2.50%
36 Months
1.00% – 2.50%
48 Months
0.05%
60 Months (Step Rate CD)
1.00% – 2.50%

Credit Cards

TD Bank is our winner when it comes to credit cards, with more options and better rewards compared to M&T Bank.

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

Card
Rewards
Bonus
Annual Fee

TD Cash Credit Card

TD Cash Credit Card
1% – 3% 3% and 2% Cash Back on your choice of Spend Categories (you can switch your categories quarterly), and 1% Cash Back on all other purchases
$200 $200 Cash Back when you spend $500 within 90 days after account opening
$0

TD Double Up Credit Card

TD Double Up Credit Card
2% 2% unlimited Cash Back – no rotating Spend Categories, no caps or limits
$150 $150 Cash Back in the form of a statement credit when you spend $1,000 within the first 90 days after account opening
$0

TD FlexPay Credit Card

TD FlexPay Credit Card
N/A
0% Intro APR: 18 billing cycles on balance transfers
$0

TD First Class Visa Signature Credit Card Review

TD First Class Visa Signature Credit Card
1X – 3X 3X First Class miles on travel and dining purchases and 1X First Class miles on all other purchases
25,000 miles 25,000 miles on $3,000 spent in first 6 cycles
$89 (waived first year)

TD Clear Visa Platinum Credit Cards

TD Clear Visa Platinum Credit Card
N/A
N/A
$120 / $240

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

Lending Options For Borrowers

When it comes to lending products, M&T Bank offers better options for borrowers.

M&T Bank offers mortgages for buying or refinancing homes, home equity lines of credit, loans for building or buying property, auto loans for vehicle financing, and personal loans for various financial needs.

M&T Bank even specializes in student loans and student loan refinancing for education expenses, which is not available through TD Bank.

TD bank Request a loan
TD bank Request a loan (Screenshot from TD Bank)

Which Bank Is Our Winner?

Overall, TD Bank is our winner with better banking products compared to M&T –  higher savings account rates, more options for checking and better rewards on their 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.

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The product offers that appear on this site are from companies from which this website receives compensation.
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Promotion:
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• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
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.

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 TD Bank

Chase has some innovative features with the potential for comparable CD rates without TD Bank’s minimum deposit. However, there is little to separate the checking accounts, TD Bank’s savings rate is double that of Chase.

Chase does offer more credit card choices, but don’t rule out TD Bank, which has some interesting options.

Read: Chase vs TD Bank

 

We'll explore Bank Of America and TD Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner.

There is no clear winner when comparing Wells Fargo and TD bank, but if we have to pick, TD comes out ahead.

Citibank leads in credit cards, and TD Bank options for borrowers are broader. But what about the rest? Here's our comparison and winner:

Both Truist and TD Bank are active in a variety of states, such as Florida, Georgia, North And South Carolina, and more. Here's our winner:

Capital One is our winner as it offers a full banking package, which is better than TD Bank, especially if you have deposit needs. Here's why.

While TD offers a better selection of checking accounts and credit cards, Ally is also a great option for those who want an online-only bank.

Read: Ally vs TD Bank

While TD offers a better selection of checking accounts and lending options, Amex is a great option for online banking. How do they compare?

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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Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
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

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
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• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
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.

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