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

Each bank excels in different categories, but our winner is M&T Bank over Truist. There are some reasons for that, 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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When you're choosing a bank, it's crucial to look at things like the kinds of products they have, what features their accounts offer, the fees involved, and how well they treat their customers.

Truist Bank and M&T Bank are both major players in the banking scene and in this article, we'll compare the two to help you determine which one is a better match for your financial needs.

Checking Accounts

When it comes to checking accounts, M&T Bank is our winner as it offers a variety of bank account options, including free checking accounts.

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

Truist bank offers personal checking accounts with many features and easily waived monthly fees. However, there is no wide selection of accounts as you have with M&T Bank:

Truist Bank Account
Monthly Fee
Average Day Balance To Waive
Truist One Checking account
$12
$500
Truist Confidence Account
$5
$500

Truist offers two checking account options: the basic one is the Truist Confidence Account, which includes features like mobile bill pay, no overdraft fees, and no check cashing fees, and the Truist One Checking account, a regular checking option.

The Truist One Checking provides benefits such as a loyalty bonus on Truist credit cards, a free first order of 10-pack checks, loyalty bonuses, and more perks.

Truist Bank Account
Main Features
Truist One Checking account
Loyalty Bonus on Truist credit cards, Free first order 10-pack checks
Truist Confidence Account
mobile bill pay, No overdraft fees, No check cashing fees

With Truist bank, customers can transfer funds and pay online. It can be a direct ACH transfer, sending money with Zelle or pay bill:

Truist Transfer And Pay Options
(Screenshot from Truist Bank app)

M&T Bank's Basic Checking Account gives you handy features like online and mobile banking, M&T Alerts, access to 2,000 ATMs and 900 branches, and a debit card.

Customers can upgrade to the Premium Checking Account for even more convenience. You get all the Basic account benefits, plus extra perks like no fees at non-M&T ATMs, the ability to earn interest, easy check handling with Mobile Deposit, an M&T 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

Both Truist and M&T Bank offer savings accounts, but they are not attractive as they offer low rates, far behind what customers can get with other banks.

Truist also has a money market account, but the rates are comparatively low.

Truist One Savings
M&T Bank Savings
Savings Rate
0.01%
0.01%
Minimum Deposit
$50
$0
Fees
$5 The monthly maintenance fee can be waived by maintain a minimum daily ledger balance of $300 OR schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into the Truist One Savings account OR waived for a minor under the age of 18 OR waived with ANY related Truist checking product
$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 Truist .

M&T Bank and Truist have higher rates, but it's important to note that these rates are only for promotional terms. 

Remember that Truist Bank doesn't show CD rates on its website, and you can only open both M&T Bank and Truist CDs in person at a branch, not online.

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

Credit Cards

When it comes to credit cards, Truist Bank is our winner due to a bit better credit card features and more options for customers.

The Truist Enjoy Cash is best for those who want to earn cashback, while travelers may prefer the Truist Enjoy Travel which offers a higher point rewards ratio on travel categories. The Truist Enjoy Beyond offers even more travel benefits.

For those who don't have good credit, the Truist Future card can help those who need 0% intro APR, and there is also a secured card, with a modest annual fee.

Card
Rewards
Bonus
Annual Fee

Truist Enjoy Cash Secured credit card

Truist Enjoy Cash credit card
1% – 3% 3% cash back on gas and EV charging, 2% on utilities and groceries (up to the $1,000 monthly spend cap) and 1% on all other eligible purchases OR 1.5% cash back on all eligible purchases
0% Intro APR 12 months on purchases
$0

Truist Enjoy Travel credit card

Truist Enjoy Travel credit card
1x – 2x 2x miles per $1 spent on airfare, hotels, and car rentals, 1x on all other eligible purchases
20,000 miles 20,000 bonus miles when you spend $1,500 in first 90 days after account opening
$0

Truist Future credit card

Truist Future credit card
N/A
0% Intro APR 15 months on balance transfers and purchases
$0

Truist Enjoy Beyond credit card

Truist Enjoy Beyond credit card
1x – 3x 3x points per $1 spent on airfare, hotels, and car rentals, 2x on dining and 1x on all other eligible purchases
30,000 points 30,000 bonus points when you spend $1,500 in first 90 days after account opening
$195

Truist Enjoy Cash Secured credit card

Truist Enjoy Cash Secured credit card
1% – 3% 3% cash back on gas, 2% on utilities and groceries (up to the $1,000 monthly spend cap) and 1% on all other eligible purchase
N/A
$19

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

M&T Bank is our top choice for loans because it provides more borrowing options than Truist.

M&T Bank stands out in the market, especially in mortgages and home equity loans. They offer various types of mortgages, like fixed-rate and adjustable-rate mortgages, catering to individual preferences. M&T Bank also provides auto loans, personal loans, and even student loans, which Truist does not offer.

Truist has fewer loan options, including mortgages, mortgage refinancing, and home equity loans. They also offer personal loans and auto loans, including refinancing.

Which Bank Is Our Winner?

Overall, each bank excels in different categories, but our winner is M&T Bank, mainly because it's our top choice for checking accounts, CDs, and lending products. Truist Bank has the edge when it comes to credit cards, but it's not enough.

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 Truist Versus Other Banks

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: Chase vs. Truist Bank

There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.

Truist Bank vs. Bank Of America

Wells Fargo offers better savings rates than Truist Bank, more selection for checking accounts and better credit cards. Here's our comparison: Truist Bank vs. Wells Fargo Bank

 

Citibank is our winner due to its checking account options, various credit cards, and better savings account rates than Truist Bank.

Truist Bank vs. Citibank

Overall, we like Fifth Third a bit more than Truist bank, mainly due to the various checking options. Truist is better in credit cards.

Truist Bank vs. Fifth Third Bank

Our winner is PNC Bank as it offers more options for checking and higher savings rates than Truist bank. Here's our comparison: Truist Bank vs. PNC Bank

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: Truist Bank vs. TD Bank

There is no clear-cut answer to which bank is better, but Regions Bank is better than Truist if we have to choose one. Here's why: Truist Bank vs. Regions Bank

Our preferred choice is American Express, which provides a comprehensive banking package that outshines Truist Bank. Here's how they compare: Truist Bank vs. American Express Bank

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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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.

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Promotion:
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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

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Rewards:
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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).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• 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.
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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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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