Skip to Main Content

M&T Bank Review 2024

Updated January 2, 2024
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 2.8 stars out of 5

About Bankrate Score

Overview

M&T Bank is best for people who prefer in-person banking and live on the East Coast where there are branches. This regional bank’s offerings include a checking account with no monthly service fee, and some of its CDs earn competitive rates. If you’re looking for a high-yielding savings account, however, you’ll need to look elsewhere.

Highlights

  • Free Checking
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 7/14/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.30
%
APY
APY
Info
As of 7/14/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees, unlimited withdrawals, better for the planet
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 7/14/2024
Rating: 4.9 stars out of 5
$100
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

M&T Bank has its headquarters in Buffalo, New York, and is the 17th largest bank in the U.S. based on assets. It maintains more than 1,000 branches in 14 Eastern states as well as the District of Columbia. The bank offers CDs that earn rates well above average, while the savings account earns a rock-bottom yield.

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

  • Some CDs need to be opened at an M&T branch, with no option to open them online.

  • The Relationship Savings account earns a low yield, and the monthly service fee can be difficult to waive.

CTA We want to know what you think about M&T Bank

We want to know what you think about M&T Bank

Do you have experience with M&T Bank? Let us know your thoughts.

M&T Bank banking products

2.8
Rating: 2.8 stars out of 5
Bankrate Score

M&T Bank savings overview

The Relationship Savings account earns interest on balances of more than $1. But the yield is below the national average savings account APY. The account can be opened either in a branch or online.

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.

M&T Bank also offers a Starter Savings account, which is designed for children under age 18 and requires that an adult be a joint owner. It requires no minimum opening deposit and doesn’t charge a monthly service fee. Like the Relationship Savings account, it earns a rock-bottom yield. This account must be opened in person at a branch.

Pros

  • Checkmark

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

  • Checkmark

    M&T Bank’s Easy Save 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.

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

  • M&T Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 7/14/2024
Rating: 4.4 stars out of 5
Info
$0
Min balance for APY
Promoted offer:

Bank fees

Fee Charged
Overdraft fee $15
Non-sufficient funds fee $0
Monthly maintenance fee $0 for EZChoice Checking
Out-of-network ATM fee $3
Excessive transaction fee $0

Customer experience

Customer support

Branch availability: M&T Bank maintains 700 branches in 14 Eastern states and Washington, D.C., as well as 1,800 ATMs.

Customer service: M&T Bank provides support through a general customer service phone number that’s available 24/7. 

Digital experience

M&T’s mobile app allows customers to deposit checks, pay bills and transfer funds between M&T accounts. The app receives high ratings in Apple’s App store, while earning mediocre ratings on the Google Play store.

About M&T Bank

M&T Bank operates more than 1,000 branches and 1,800 ATMs in 14 Eastern states and the District of Columbia. It’s headquartered in Buffalo, New York, and was founded as Manufacturers and Traders Trust Co. in 1856.

In April 2022, M&T Bank combined with People’s United Financial, in an acquisition valued at $8.3 billion, according to M&T Bank. As part of the merger, a five-year community growth plan was established to provide financial services to low-to-moderate income families and neighborhoods in the two merged banks’ combined footprint.

M&T Bank offers two savings accounts, four checking accounts and CDs. It no longer offers a money market account. Some of the accounts can be opened online, while others need to be opened at a branch.

How M&T Bank compares to other banks

M&T Bank vs. KeyBank

Both M&T Bank and KeyBank are regional banks with roughly 1,000 branches and a full range of deposit products. When it comes to ATMs, however, M&T Bank offers just 1,800 fee-free ATMs to its customers, which is far fewer than the 40,000 free ATMs KeyBank offers its customers.

Both banks offer free checking accounts with low minimum opening deposit requirements, as well as interest-bearing checking accounts. Both also offer standard savings accounts as well as those designed for kids — all of which earn yields that are below the national average.

Both banks offer CDs, with M&T’s minimum deposit requirements being lower than KeyBank’s for CDs. KeyBank offers a money market account, while M&T no longer offers one.

M&T Bank FAQs

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.