M&T Bank Account Basics
M&T Bank offers four checking accounts, two savings accounts, a money market account and two types of certificates of deposit (CDs). All checking accounts come with a debit card and can be opened online. Certain CDs and the M&T Starter Savings Account must be opened in person.
Customers can access and manage their accounts at a branch or ATM, online or by using M&T’s mobile app or web platform.
EZChoice Checking
The M&T EZChoice Checking is the only checking account at M&T Bank with no monthly maintenance fee—but it does have a $25 minimum opening deposit requirement and other fees to note. You’ll pay for out-of-network ATM transactions, overdrafts and checks.
The bank’s Overdraft Protection plans help you avoid overdrafts by automatically transferring funds from linked accounts, but daily transfer fees may apply.
MyWay Banking Checking
The M&T MyWay Banking account is designed for first-time account holders or anyone who doesn’t want to worry about overdrafts. It requires an opening deposit of $25 and charges a monthly fee of $4.95. You can waive this by making at least one transaction during each monthly statement cycle. This can be a debit card transaction, withdrawal or deposit.
MyWay Banking has no overdraft fees because overdrafts aren’t typically permitted.
MyChoice Plus Checking
The M&T MyChoice Plus Checking account offers more features than the first two but has a higher maintenance fee. Expect to pay $14.95 per month if you can’t waive it (see the section on M&T bank fees below for details).
This account requires a $25 minimum deposit. Perks include no out-of-network ATM fees, reimbursements for other banks’ ATM fees (up to $2 per transaction), discounted personal loan rates, Overdraft Protection and interest. However, the 0.01% APY is nothing to brag about.
MyChoice Premium Checking
The M&T MyChoice Premium Checking account is M&T Bank’s top-tier checking account. It has a $25 opening deposit requirement and the highest maintenance fee of $24.95 per month. Balance requirements to waive this fee are steep.
MyChoice Premium earns 0.01% APY. In addition to the benefits of the MyChoice Plus account, this account comes with free standard checks, higher deposit interest rates and a discount on safe deposit boxes. Plus, customers don’t have to pay the following:
- Incoming wire transfer fees
- Overdraft Protection plan transfer fees
- MyChoice Money Market monthly maintenance fee
Relationship Savings
The Relationship Savings account is a standard savings account. It offers a meager 0.01% APY (compounded daily and paid monthly), which doesn’t compare to the rates available with the best high-yield savings accounts.
There’s no minimum deposit requirement for this account but there is a small, waivable monthly maintenance fee of $7.50.
The Relationship Savings account allows for direct deposit transfers and can be used to provide overdraft protection to a linked checking account. It also includes M&T’s Easy Save feature, which lets you set up automatic transfers between your M&T accounts.
M&T Starter Savings Account
The M&T Starter Savings account is designed for children and teens. It requires a custodian—such as a parent, grandparent or guardian—over the age of 18 to be a joint owner. This account has no minimum opening deposit requirement or monthly maintenance fee.
Like the Relationship Savings account, the Starter Savings account pays 0.01% APY.
To open a Starter Savings account, the adult who will jointly own it must visit an M&T branch. After that, owners will be able to access their accounts online, over the phone or in person. The adult co-owner can decide if they want to give their child full access or no access. Custodians will need to close the account and transfer the balance once the co-owner turns eighteen.
MyChoice Money Market Account
The M&T MyChoice Money Market account (MMA) offers tiered interest rates and convenient account access. It comes with check-writing capabilities and can be used for overdraft protection, direct deposit and M&T’s Easy Save.
Accountholders will either be eligible for regular or premium interest rates. To qualify for premium rates, customers must own a MyChoice Premium Checking or Power Checking (no longer available) account and must have completed three qualifying transactions in the past month. Right now, regular and premium rates are the same, but this is subject to change.
This MMA requires an opening deposit of $2,500 and has a monthly fee of $15.
While this account earns more than other savings accounts with the bank, the current highest yield pales in comparison to the best money market accounts.
M&T Bank CDs
M&T Bank offers a few certificates of deposit (CDs) for those willing to lock up their savings in exchange for guaranteed, competitive interest. All CDs require a $1,000 minimum deposit.
M&T has two types of CDs—M&T Bank Standard Certificates of Deposit and M&T Bank Select Certificates of Deposit. Standard CDs are available to anyone while Select CDs require you to have a qualifying checking account to open. Two terms are available for both types, each with decent interest rates. M&T’s rates vary by ZIP code, and Select CD rates are often comparable to the best CD rates. The below rates are current for the New York ZIP code 10001.
| CD Term | APY | Minimum Deposit | |
|---|---|---|---|
|
Standard
|
Select
|
||
|
12 Months
|
3.50%
|
4.00%
|
$1,000
|
|
18 Months
|
3.50%
|
4.00%
|
$1,000
|
Interest is compounded daily and credited monthly. These APYs assume that you will keep money in your account until maturity. Removing principal or interest before this will reduce earnings and result in penalties.
Like many CDs, these accounts incur fees for early withdrawals or taking money out before maturity. Penalties for accounts with terms of 365 days or longer are $50 plus 182 days’ interest and penalties for accounts with terms less than 364 days are $25 plus 91 days’ interest. There is a 10-day grace period during which you can make a withdrawal or change without penalty.
Most CDs have to be opened in person at an M&T branch but the 12-month standard CD can be opened online in select states.
Other M&T Bank Products and Services
One of M&T Bank’s biggest draws is its range of products and services. In addition to personal checking and savings accounts, M&T Bank also carries the following:
- Loans: Mortgages, home equity lines of credit (HELOCs), personal loans, student loans, auto loans and marine and recreational vehicle loans
- Credit cards: M&T Visa Signature Credit Card, M&T Visa Credit Card with Rewards, M&T Visa Credit Card and M&T Secured Credit Card
- Investment accounts: Retirement, insurance and education planning accounts and resources through Wilmington Advisors
- Insurance: Life insurance and income protection through Wilmington Advisors
- Business banking: Business checking, cash management, financing, credit cards, merchant services, SBA loans and savings accounts
- Commercial banking: Deposits, financing, treasury management, merchant services, commercial cards, investment banking and commercial real estate
Access on the Go
While M&T Bank does offer online and mobile banking, certain accounts can only be opened at a branch. With online and mobile banking, customers can deposit checks, make transfers, pay bills, manage debit and credit cards, send money with Zelle and more. M&T Bank’s mobile app has high ratings on the App Store but average to below-average ratings on Google Play.
When customers need support, they can visit a branch or call the customer support phone number, which is open 24/7. M&T doesn’t offer any online chat or email support.
M&T Bank has more than 1,600 ATMs in eight states—New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia and West Virginia—and Washington, D.C.
M&T Bank Fees
M&T Bank charges plenty of fees on its bank accounts. Below are the monthly maintenance fees for M&T’s four checking accounts and the options for waiving them. For each account, you only need to meet one of the requirements to waive the fee.
| EZChoice Checking | MyWay Banking | MyChoice Plus | MyChoice Premium | |
|---|---|---|---|---|
|
Monthly Maintenance Fee
|
|
$4.95
|
$14.95
|
$24.95
|
|
How To Waive
|
N/A
|
Make one or more transactions each monthly statement cycle
|
|
|
Savings account monthly fees are as follows:
| Relationship Savings | M&T Starter Savings | MyChoice Money Market | |
|---|---|---|---|
|
Monthly Maintenance Fee
|
$7.50
|
$0
|
$15
|
|
How To Waive
|
|
N/A
|
|
Here are some other common fees charged by M&T Bank:
- In-network ATM fee: $0
- Out-of-network ATM fee: $3 ($5 or 3% for ATMs outside the U.S.)
- Overdraft protection transfer: $8 per day
- Overdraft fees: $15 per overdraft
- Foreign transaction fees: $0.50 or 3%—whichever is greater
- Returned check and returned deposited item fee: $10 or $20 per item depending on the state in which an account is held
- Outgoing domestic wire fee: $32
- Outgoing international wire: $75
- Incoming wire fee: $16
- Early account closure fee: $50 if the account is closed within 180 days of opening
How M&T Bank Stacks Up
If you’re an East Coast resident who values in-person banking and having access to a wide range of financial services over low fees and high savings rates, M&T Bank may be for you. You may also appreciate the regional, small-bank feel of M&T.
However, if you prefer online banking and want to earn competitive interest, you likely want to look somewhere else. Compared to other financial institutions offering high-yield savings accounts, few fees and simple online banking, M&T Bank doesn’t have a ton of advantages.
Here’s how M&T Bank stacks up against three competitors.
M&T Bank vs. KeyBank
KeyBank is a regional bank of similar size to M&T Bank that serves some of the same states as well as several locations on the West Coast. Like M&T Bank, KeyBank offers a wide range of financial products.
When it comes to personal banking, KeyBank has a comparable range of deposit accounts. Like M&T Bank, most KeyBank accounts have monthly fees and poor interest rates. However, KeyBank has two fee-free checking accounts and one that offers an annual $100 bonus.
For savings, most of KeyBank’s accounts require a similar deposit, like the Key Active Saver® account that requires a $10 opening deposit, but the Key Select Money Market Savings® account requires a whopping $5,000. Savings rates here are more competitive for MMAs.
With similar features, fees and rates, the winner between M&T Bank and KeyBank will likely come down to your location.
M&T Bank vs. Chase Bank
JPMorgan Chase is one of the largest banks in the U.S. with branches across the world. In fact, one of the biggest advantages Chase Bank has over M&T Bank is accessibility. Chase has locations in all U.S. states except Alaska. You can even find in-network ATMs abroad.
Chase’s checking accounts are similar in features and fees to those at M&T, although this larger bank offers premium accounts with relationship perks like access to dedicated bankers. Savings accounts are also similar, but again, there’s a premier option at Chase for those who qualify.
Chase is best known for credit cards, with an extensive selection of cards with varying annual fees and rewards. Many of these are widely considered to be among the best for their respective categories. Chase Sapphire products consistently rank among the top travel cards.
Though Chase and M&T share similarities, Chase has more to offer in terms of accessibility and credit cards. However, those who prefer small banks may choose M&T Bank.
M&T Bank vs. Capital One
Capital One is another one of the largest banks in the U.S. With branches in several states, Capital One offers both in-person and online banking.
In addition to checking, saving, loans, business banking and commercial banking options, Capital One is known for its popular credit cards with cash-back, travel and entertainment rewards. When it comes to cards, Capital One’s offerings are far more robust than M&T Bank’s.
Capital One outpaces M&T Bank in interest earnings, too. For example, the Capital One 360 Performance Savings Account earns 4.25% APY compared to M&T’s 0.01%. Capital One doesn’t offer as many checking or savings accounts as M&T, but with no monthly maintenance fees or minimum deposits, the options they do have are quite attractive.
While Capital One doesn’t currently have MMAs, it does have CDs (Capital One Certificates of Deposit) with rates ranging from 3.90% to 5.10% APY. For CDs, compare M&T and Capital One carefully as rates are often close. Otherwise, Capital One’s better rates, low fees, credit cards and user-friendly site make it the better option.
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