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M&T Bank Review 2022

Updated December 2, 2022
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.5 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 2.7 stars out of 5

MMA

Rating: 2.6 stars out of 5

About Bankrate Score

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Overview

M&T Bank is best for people that live near a branch and are looking for a checking account with no monthly service fee.

Highlights

  • Free Checking
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.05
%
APY
Rating: 3.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.00
%
APY
Rating: 3.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

M&T Bank has its headquarters in Buffalo, New York, and is the 25th largest bank in the U.S. based on assets.

Pros

  • Checkmark

    M&T Bank offers checking, savings, investments, insurance, credit cards and borrowing options.

  • Checkmark

    The EZChoice Checking account has no monthly maintenance fee.

Cons

  • M&T Bank doesn’t offer competitive yields compared with some online banks.

  • CDs must be opened at an M&T Bank branch.

M&T Bank bank products

2.7
Rating: 2.7 stars out of 5
Bankrate Score

M&T Bank savings overview

The Relationship Savings account helps customers with balances of more than $1 earn interest. But the yield, even for the highest tier of $100,000 or more, is below the national average savings account APY.

There are a few ways to waive the $7.50 monthly service fee on the Relationship Savings account: maintain a minimum daily balance of $500 in the account, make one deposit into the Relationship Savings account per service charge cycle or have an M&T checking account.

Pros

  • Checkmark

    The Relationship Savings account can be linked to an M&T checking account for overdraft protection.

  • Checkmark

    M&T Bank’s EasySave feature allows you to automatically transfer money between M&T Bank accounts.

Cons

  • The Relationship Savings account pays yields below the national average for savings accounts.

  • Tiered rates aren’t offered, which means higher balances aren’t rewarded with a higher APY.

  • The Relationship Savings account has a $7.50 monthly maintenance fee, unless requirements are met to have it waived.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.5 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

M&T Bank provides support through a general customer service phone number that’s available 24/7. It has more than 750 retail and commercial branches and more than 1,600 ATMs in eight states and Washington, D.C.

The M&T Mobile Banking app is rated 4.5 stars in Apple’s App Store but earns just 3.7 stars on Google Play.

About M&T Bank

M&T Bank operates nearly 750 retail and commercial branches and more than 1,800 ATMs in 10 Eastern states and the District of Columbia. It is headquartered in Buffalo, New York, and was founded as Manufacturers and Traders Trust Co. in 1856.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.