What is the M&T Savings account interest rate?

M&T Bank currently offers [info-gbr-rate institution="mt-bank" product="Starter Savings"] interest on all balances over $1 on its Relationship Savings and Starter Savings accounts.

What is the minimum balance for the M&T Relationship Savings account?

There are no minimum balance requirements to open an M&T Relationship Savings account, but you will only earn interest if you maintain a balance of at least $1. If you want to waive the $7.50 monthly service charge, you'll need to maintain a minimum daily balance of at least $500, or have a linked M&T Bank Checking account or make at least one deposit into your savings account each statement cycle.

How can I avoid monthly fees with an M&T Bank savings account?

Depending on your account type, you can avoid fees with M&T Bank by maintaining a minimum balance, linking your account to an eligible checking account or making a qualifying deposit during the statement cycle.

Is there a savings account for children or students?

Yes, the Starter Savings account is designed for children under 18 . It has no fees or minimum balance requirements and can be opened as a custodial account with a parent or guardian.

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M&T Bank Savings Accounts: Features and Rates You Should Know

January 10, 2025

7 min Read

Written by Dawn Allcot

Edited by Elizabeth Constantineau

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M&T Bank, headquartered in Buffalo, NY, has nearly 1,000 branches across 12 East Coast states, spanning from Maine to Virginia. With assets totaling $211 billion, M&T Banks is ranked the 15^th largest in the U.S. In spite of its size, the bank delivers personalized service, low fees and convenient online banking.

Today’s consumers have more choices than ever in savings accounts. M&T Bank offers three savings options for customers at every stage of their financial life. Read on to learn if one of M&T Bank’s savings accounts could be the right choice for you.

Overview of M&T Bank Savings Accounts

Here’s a look at all the M&T Bank savings accounts side by side to help you choose the one that best fits your needs.

Account	Monthly Fee	Overdraft Protection	Interest	Minimum Opening Deposit	Direct Deposit	Easy Save
Premium Savings	Yes	Yes	Contact your local branch for rates	None	Yes	Yes
Relationship Savings	Yes	Yes		None	Yes	Yes
Starter Savings	No	No		None	Yes	Yes

Types of Savings Accounts Offered by M&T Bank

M&T Bank offers three savings accounts with features to match a variety of needs. Here’s a closer look at each.

Premium Savings

M&T Bank’s Premium Savings account is a great choice for building an emergency savings account while earning interest. Since rates are not available online, you’ll need to contact your local branch for current rates in your area.

Benefits

Using M&T’s Easy Save feature, you can schedule automatic transfers between your M&T accounts. You can also receive ACH direct deposits to your savings account, which can make saving money even easier.

When you link your M&T Bank savings account to your checking account, you can enjoy overdraft protection. Transactions won’t be declined if you have funds in your savings account, and you won’t be charged a fee for these transfers. There are no minimum balance requirements for your Premium Savings account.

Fees

M&T Bank’s Premium Savings account carries a hefty monthly maintenance fee of $20. However, this fee is waived if you have a MyChoice Premium account, Power Checking, M&T Select, M&T Select with Interest or Advantage Checking. M&T also waives the fee if you maintain an average daily balance of $10,000 or more.

Relationship Savings

When most people hear the words “relationship banking,” they think of personalized service for high-net-worth customers. But you don’t have to have a six-figure account balance to benefit from the perks of this bank account.

Benefits

A Relationship Savings account offers all the benefits of a Premium Savings account, including overdraft protection for a linked M&T Bank checking account, direct deposit and Easy Save. You’ll earn interest on balances over $1.

Fees

A Relationship Savings account carries a $7.50 monthly service charge unless you maintain a minimum daily balance of $500 or more, have a personal checking account with M&T Bank or make at least one deposit into your savings account during the statement cycle.

Starter Savings Account

The Starter Savings account is tailored for young savers under 18. It delivers an APY of on all balances over $1. There is no minimum deposit required to open the account.

This account can be opened as a custodial account with an adult over the age of 18 or in the child’s own name. To open an account, you must have the child’s Social Security number and birth certificate.

Benefits

As with Premium and Relationship Savings, M&T Bank Starter Savings customers can take advantage of Easy Save for transfers from a linked checking account, direct deposit, electronic statements and easy online banking.

Fees

There is no monthly maintenance fee with a Starter Savings account.

How To Open an M&T Bank Savings Account

Whether you choose Premium, Relationship or Starter savings, you must open an M&T savings account in a local branch. First, search for a branch near you by entering your city and state or your ZIP code on the M&T website.

As with most banks, you’ll need your Social Security or Tax ID number, as well as a driver’s license or other form of government-issued ID. You can open your account with no minimum deposit.

You can schedule an appointment with an M&T banker in advance to save time. According to the website, it takes roughly 45 minutes to open a new account in a branch.

M&T Savings Alternatives

Because of its low interest rate, monthly fee and limited branches, not to mention a lack of bonuses currently available, you might opt for one of these top-rated alternatives to M&T Bank for your savings account.

Chase Bank

Chase Bank is the largest bank in the U.S., which means you’ll have access to 15,000 ATMs and more than 4,700 branches as a Chase customer. This makes banking with Chase more convenient than M&T, especially if you travel domestically.

Chase offers two savings accounts: Chase Savings and Chase Premier Savings. The standard savings account has a APY, the same as M&T Bank. But if you qualify for a Premier Checking account as a Chase Relationships banking customer with a Premier Plus Checking or Chase Sapphire Checking account, you can double that APY to when you meet the qualifications.

Chase Savings account fees are easily waived if you have a qualifying linked Chase Checking account or if you are under the age of 18.

BMO Alto Online Savings

If you’d like the money in your savings account to earn more than fractions of a penny, consider choosing an online bank. BMO Alto Online Savings account currently offers a high APY on all balances, with no monthly fee and no minimum deposit required.

The downside is the account lacks an app or access to a debit or ATM card. You can only access your money through online transfers.

Final Take

M&T Bank offers a range of savings accounts to suit different financial needs, from building an emergency fund with the Premium Savings account to starting young savers off with the Starter Savings account. With features like overdraft protection and Easy Save, these accounts can make managing your money simpler.

FAQ

Here are the answers to some of the most frequently asked questions about M&T Bank savings accounts.

What is the M&T Savings account interest rate?
- M&T Bank currently offers 0.01% interest on all balances over $1 on its Relationship Savings and Starter Savings accounts.
What is the minimum balance for the M&T Relationship Savings account?
- There are no minimum balance requirements to open an M&T Relationship Savings account, but you will only earn interest if you maintain a balance of at least $1.
- If you want to waive the $7.50 monthly service charge, you'll need to maintain a minimum daily balance of at least $500, or have a linked M&T Bank Checking account or make at least one deposit into your savings account each statement cycle.
How can I avoid monthly fees with an M&T Bank savings account?
- Depending on your account type, you can avoid fees with M&T Bank by maintaining a minimum balance, linking your account to an eligible checking account or making a qualifying deposit during the statement cycle.
Is there a savings account for children or students?
- Yes, the Starter Savings account is designed for children under 18. It has no fees or minimum balance requirements and can be opened as a custodial account with a parent or guardian.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 10, 2025.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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