M&T Bank Review 2021

Published March 2021 by Matthew Goldberg

AT A GLANCE
3.5

Bankrate Score

bank-logo

Free Checking

M&T Bank is best for people that live near a branch and are looking for a checking account that doesn’t have a monthly service fee.

  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.7
  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.6
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.5
  • MMAs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    MMA

    0.45 % APY

    $ 100

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    3.5

    Bankrate Score

    M&T Bank has its headquarters in Buffalo, New York and is the 23rd largest bank in the U.S. based on consolidated assets.

    What we like

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

    • The EZChoice Checking account doesn’t have a monthly maintenance fee.

    What we don't

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

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

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % 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. You can keep a minimum daily balance of $500 in the account, you can make one deposit into your Relationship Savings account per service charge cycle or you can 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 yields below the national average for savings accounts.

    • Putting more money in the account won’t help you earn a higher APY since there is only one ($1-$100,000 or more) tier.

    • The Relationship Savings account has a $7.50 monthly maintenance fee if you don’t meet the requirements to have it waived.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    The EZChoice Checking account at M&T Bank doesn’t have a monthly service fee. You will need to deposit at least $25 to open this account. This account has Zelle, to help you send money to others. This account allows you to customize your debit card either by uploading a photo or use one of M&T Bank’s photos.

    M&T Bank customers have 1,800 ATMs in their network. Going to a non-M&T ATM is going to cost you $3.

    Finally, make sure you’ll be planning to keep this account for awhile because there’s a $50 early account closure fee for closing this account within 180 days of account opening.

    What we like

    • You won’t pay a monthly maintenance fee with the EZChoice Checking account.

    • You only need $25 to open the EZChoice Checking account.

    • This checking account has Zelle, which can be used to send money to friends, family and others.

    What we don't

    • Some checking accounts don’t require a minimum opening deposit at other banks.

    • Some banks have much larger ATM networks.

    • There’s an early account closure fee of $50 for closing the account within 180 days of opening it.

    CD rates

    2.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    M&T Bank has CDs ranging from 32 days to six years. You’ll need at least $1,000 to open an M&T Bank CD, but they need to be opened at an M&T Bank branch.

    Early CD withdrawals at M&T Bank will cost you both a flat fee and interest. For instance, an early withdrawal on a CD with a term shorter than 365 days will cost you $25 and 91 days of interest. An early withdrawal on a CD greater than 364 days will cost $50 and 182 days of interest.

    What we like

    • Only $1,000 is required to open a CD. That’s lower than at some banks.

    • CDs range in terms from 32 days to six years. These options should fit most savings goals.

    • M&T may have promotional rates on its CDs.

    What we don't

    • There are banks that have no minimum to open a CD.

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

    • You need to open an M&T Bank CD at a branch.

    Money market accounts

    2.6

    Bankrate Score

    The MyChoice Money Market account allows you to avoid the monthly service fee by either having an eligible M&T checking account or by keeping a minimum daily balance of at least $2,500.

    The MyChoice Money Market account has check-writing privileges, so it can help when you need to write the occasional check.

    This account may offer introductory rates, but at the time of our review they only lasted for three months. And the introductory rate wasn’t above the national average rate either.

    What we like

    • You may have the opportunity to earn an introductory interest rate on the MyChoice Money Market Account, at the time of our review.

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

    • Introductory rates help you earn a more competitive APY.

    • This account has check-writing privileges.

    What we don't

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

    • Introductory interest rates only last for three months after the MyChoice Money Market Account is open.

    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 1,800 ATMs in eight states, Washington, D.C. and Ontario, Canada.

    The M&T Mobile Banking app is rated 4.5 stars on iOS, but it's only rated 3.7 stars on Google Play.

    About M&T Bank

    M&T Bank was founded as Manufacturers and Traders Bank in 1856. The M&T Bank Corporation has its headquarters in Buffalo, New York. M&T Bank has more than 750 retail and commercial branches and more than 1,800 ATMs in eight states, Washington, D.C. and Ontario, Canada.

    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 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. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has 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