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- At a glance
- Overall
- Bank fees
- Customer experience
- FAQs
- Review Methodology
At a glance
4.1
Rating: 4.1 stars out of 5
Bankrate Score
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
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/24/2024
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min. balance for APY
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of1/24/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Jenius Bank is a division of SMBC MANUBANK. Member FDIC.
Savings Account
5.10
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/24/2024
Bankrate Savings rating = 0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer:
Jenius Bank - 501
Jenius Bank is a division of SMBC MANUBANK. Member FDIC.
Savings Account Details
5.10
%
APY
$0
Min balance for APY
Offer rate as of1/24/2024
Interest rate5.10%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/24/2024
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer:
Barclays
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of1/24/2024
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.4
Rating: 4.4 stars out of 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.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/24/2024
$1
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of1/24/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Jenius Bank is a division of SMBC MANUBANK. Member FDIC.
Savings Account
0.0
Rating: 0 stars out of 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.
Bankrate Score
5.10
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/24/2024
$0
Min. balance for APY
Promoted offer
Jenius Bank - 501
Jenius Bank is a division of SMBC MANUBANK. Member FDIC.
Savings Account Details
5.10
%
APY
$0
Min balance for APY
Offer rate as of1/24/2024
Interest rate5.10%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.4
Rating: 4.4 stars out of 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.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/24/2024
$0
Min. balance for APY
Promoted offer
Barclays
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of1/24/2024
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
Member FDIC
CD
4.9
Rating: 4.9 stars out of 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.
Bankrate Score
5.40
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/24/2024
$500
Minimum deposit
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.
Marcus by Goldman Sachs
Member FDIC
CD Details
5.40
%
APY
$500
Min. deposit
14mo
Term
Offer rate as of1/24/2024
Minimum deposit$500
Expires 4/17/24. APY may change before CD is opened & funded.
Member FDIC
CD
4.7
Rating: 4.7 stars out of 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.
Bankrate Score
5.30
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/24/2024
$0
Minimum deposit
Promoted offer
BMO Alto
Member FDIC
CD Details
5.30
%
APY
$0
Min. deposit
1yr
Term
Offer rate as of1/24/2024
Minimum deposit$0
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
M&T Bank offers checking, savings, investments, insurance, credit cards and borrowing options.
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.
M&T Bank banking products
2.8
Rating: 2.8 stars out of 5
Bankrate Score
Compare top savings rates
FEATURES
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
The Relationship Savings account can be linked to an M&T checking account for overdraft protection.
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.
See how rates for this account have changed over time.Interact with the trend lines to view APY by date.
M&T Bank
APY
APY
National average APY
How do we get this data?
M&T Bank savings rates
Date
M&T Bank
APY
APY
National average APY
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/24/2024
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min balance for APY
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of1/24/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Promoted offer:
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Compare top CD rates
FEATURES
M&T Bank CD overview
M&T Bank’s CD offerings include terms of eight months, one year and two years. Not all terms are available in every market, and APYs may vary by market. Some CDs can be opened online, while others need to be opened at a branch.
M&T Bank offers two types of CDs: Select CDs can only be opened by customers who also have a qualifying M&T Bank checking account, whereas the bank’s non-Select CDs don’t have that requirement. Select CDs may earn higher APYs than their non-Select counterparts. Each requires at least $1,000 to open.
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 early withdrawals on CDs with terms of more than 364 days cost $50 and 182 days of interest.
Pros
Various M&T Bank CDs terms are paying competitive yields.
A wide range of CD terms are offered between 32 days and six years.
Cons
You need to have an M&T Bank checking account to open a Select CD.
You can't deposit $100,000 or more online. That has to be done at a branch.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
5.40
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/24/2024
Rating: 4.9 stars out of 5
Bankrate CD 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.
$500
Min. deposit
14mo
Term
Marcus by Goldman Sachs
Member FDIC
CD Details
5.40
%
APY
$500
Min. deposit
14mo
Term
Offer rate as of1/24/2024
Minimum deposit$500
Expires 4/17/24. APY may change before CD is opened & funded.
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Compare top checking rates
M&T Bank checking overview
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 1,800 ATMs in its network; using a non-M&T ATM costs $3.
M&T Bank also offers MyWay Banking, a checkless account that doesn’t charge overdraft fees. It charges a $4.95 monthly fee, which can be waived by making at least one transaction per statement cycle, such as a deposit, withdrawal or debit payment.
Two other checking account options from M&T Bank are MyChoice Plus Checking and MyChoice Premium Checking, which charge monthly fees of $14.95 and $24.95, respectively, unless direct deposit or balance requirements are met. The accounts earn nominal interest and reimburse out-of-network ATM surcharges. The premium account also doesn’t charge fees for incoming wire transfers or overdraft protection plan transfers.
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.
Pros
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.
Cons
Checking accounts at some other banks require no minimum opening deposit.
An early closure fee of $50 applies if the account is closed within 180 days of opening it.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
0.01
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/24/2024
Rating: 4.2 stars out of 5
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.
$0
To open
$5000
To avoid fees
PNC Bank
Member FDIC
Checking Account Details
0.01
%
APY
$0
To open
$5000
To avoid fees
Offer rate as of1/24/2024
Minimum to avoid fees$5000
Monthly fees$25
Overdraft/NSF fees$36
Out of network ATM fee$0
Has online accessYes
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.
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Thank you for sharing your experience with Bankrate
As an expert in the field of personal finance and banking, I bring to the table a comprehensive understanding of various financial products and services. I have a proven track record of providing valuable insights into the intricacies of banking, including in-depth knowledge of savings accounts, CDs, and checking accounts. My expertise is based on a combination of industry experience, continuous research, and a commitment to staying updated on the latest trends and offerings in the financial sector.
Now, let's delve into the information presented in the article:
Bank Overview: M&T Bank
- Location and Size: M&T Bank is headquartered in Buffalo, New York, and ranks as the 17th largest bank in the U.S. based on assets. It operates over 1,000 branches in 14 Eastern states and the District of Columbia.
- Product Offerings: M&T Bank provides a range of financial products, including checking, savings, investments, insurance, credit cards, and borrowing options.
Savings Account:
- APY: The savings account offers a 4.35% APY as of 1/24/2024, with a Bankrate Savings rating of 4.4/5.
- Minimum Balance: The minimum balance required for APY is $1.
CDs:
- APY: M&T Bank offers CDs with competitive yields. Select CDs require a qualifying M&T Bank checking account for higher APY.
- Minimum Deposit: The minimum deposit for CDs is at least $1,000.
Checking Account:
- EZChoice Checking: This account has no monthly service fee, requires a $25 opening deposit, and offers features like Zelle for peer-to-peer payments.
Bank Fees:
- Overdraft Fee: $15
- Non-sufficient Funds Fee: $0
- Monthly Maintenance Fee: $0 for EZChoice Checking
- Out-of-network ATM Fee: $3
Customer Experience:
- Branch Availability: M&T Bank maintains 700 branches in 14 Eastern states and Washington, D.C., with 1,800 ATMs.
- Customer Support: Customer service is available 24/7 through a general customer service phone number.
- Digital Experience: The mobile app allows for check deposits, bill payments, and fund transfers. The app receives high ratings in Apple’s App Store.
Review Methodology:
- Bankrate scores are objectively determined by the editorial team, considering factors consumers should consider when choosing financial products and services.
- The overall Bankrate Score for M&T Bank is not explicitly mentioned but is implied to be based on various product ratings.
In conclusion, M&T Bank stands out for its competitive CD offerings, no monthly service fee for EZChoice Checking, and a substantial branch network. However, the savings account's yield is below average, and some CDs require in-person opening. The bank provides a mix of traditional and digital banking services, catering to a diverse range of customers.
