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M&T Bank Review 2022

Published February 2022 by Matthew Goldberg

AT A GLANCE
3.5

Bankrate Score

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Free Checking

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

  • Checking
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    4.8
  • Savings
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    2.7
  • CDs
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    2.5
  • MMAs
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    2.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    Overall

    3.5

    Bankrate Score

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

    What we like

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

    • The EZChoice Checking account has no monthly maintenance fee.

    What we don't

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

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

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Citi

    Member FDIC

    Checking account

    0.01 % APY

    $ 50,000

    To open

    $ 50000

    To avoid fees

    The EZChoice Checking account at M&T Bank has no monthly service fee and requires just $25 to open. It offers Zelle, for peer-to-peer payments, and allows customers to customize their debit cards either by uploading their own photos or using one of M&T Bank’s.

    M&T Bank has 1,600 ATMs in its network; using a non-M&T ATM costs $3.

    M&T Bank assesses a $50 fee for closing an M&T checking account within 180 days of opening the account — except on its MyWay Banking checkless account.

    What we like

    • The EZChoice Checking account charges no monthly maintenance fee and requires just $25 to open.

    • The account offers Zelle, which can be used to send money to friends, family and others.

    What we don't

    • Checking accounts at some other banks require no minimum opening deposit.

    • Some banks have much larger ATM networks.

    • An early closure fee of $50 applies if the account is closed within 180 days of opening it.

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

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

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

    What we don't

    • 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.

    CD rates

    2.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    M&T Bank offers nearly three dozen terms of CDs ranging from 32 days to six years. Each requires at least $1,000 to open and can only be opened at an M&T Bank branch.

    M&T Bank charges both a flat fee and interest on early withdrawals from CDs. The amount varies by term length: Early withdrawals on CDs with terms fewer than 365 days cost $25 and 91 days of interest, while premature withdrawals on CDs with terms of more than 364 days cost $50 and 182 days of interest.

    What we like

    • Only $1,000 is required to open a CD, less than at some banks.

    • CDs range in terms from 32 days to six years, providing options for most savings goals.

    • M&T occasionally offers promotional rates on its CDs.

    What we don't

    • The $1,000 minimum deposit is higher than some competitors.

    • Even one-year promotional CD rates are below the national average for one-year CDs.

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

    Money market accounts

    2.6

    Bankrate Score

    The MyChoice Money Market account allows customers to avoid the $15 monthly service fee by either having an eligible M&T checking account or by keeping a $2,500 minimum daily balance. It also offers check-writing privileges.

    An introductory rate is offered, but at the time of Bankrate’s review, it lasted for only three months and paid less than half the national average rate.

    What we like

    • Tiered rates mean you might earn a higher rate by putting more money into your MyChoice Money Market Account.

    • The account offers check-writing privileges.

    What we don't

    • Even its top regular interest rate tiers are below the national average APY for money market accounts.

    • The introductory interest rate only lasts for three months after account opening. It also was only one basis point higher than the regular APY during our review.

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth