M&T Bank Review 2023
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
M&T Bank is best for people who live near a branch and are looking for a checking account with no monthly service fee.
Highlights
- Free Checking
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
M&T Bank has its headquarters in Buffalo, New York, and is the 17th largest bank in the U.S. based on assets.
Pros
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M&T Bank offers checking, savings, investments, insurance, credit cards and borrowing options.
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The EZChoice Checking account has no monthly maintenance fee.
Cons
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Some terms of CDs need to be opened at an M&T branch.
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You need $1,000 to open a CD. There are online banks that require a lower minimum opening deposit or none at all.
M&T Bank banking products
M&T Bank savings overview
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
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The Relationship Savings account can be linked to an M&T checking account for overdraft protection.
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M&T Bank’s EasySave feature allows you to automatically transfer money between M&T Bank accounts.
Cons
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The Relationship Savings account pays yields below the national average for savings accounts.
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Tiered rates aren’t offered, which means higher balances aren’t rewarded with a higher APY.
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The Relationship Savings account has a $7.50 monthly maintenance fee, unless requirements are met to have it waived.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
M&T Bank provides support through a general customer service phone number that’s available 24/7. It has more than 1,000 retail and commercial branches and more than 2,200 ATMs in 14 states and Washington, D.C.
As of Bankrate’s review, the M&T Mobile Banking app is rated 4.9 stars in Apple’s App Store but earns just 2.4 stars on Google Play.
About M&T Bank
M&T Bank operates over 1,000 retail and commercial branches and more than 1,800 ATMs in 14 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.
In April 2022, M&T Bank combined with People’s United Financial.
Review methodology
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.
