M&T Bank Review: Low Minimum Deposits and Waivable Monthly Fees

GOBankingRates Score

4.3
Quick Take: M&T Bank offers a full lineup of products and services at competitive fees and rates but has a community-minded service model, which is not always the standard when it comes to full-service banks.
  • Minimum Opening Deposits
    4.5
  • Monthly Fees
    4.0
  • Customer Service
    4.5
  • Mobile Experience
    4.0
How did we calculate this?

Pros

  • Low minimum opening deposits
  • Waivable monthly maintenance fees
  • Daily customer service hours

Cons

  • Limited service area
  • High minimum balance requirements on interest checking

Overview of M&T Bank

M&T Bank, headquartered in Buffalo, New York, has $151.9 billion in assets. The company was founded in 1856 as the Manufacturers and Traders Bank and has had plenty of time to grow its footprint both at home and in surrounding states. M&T Bank currently operates more than 700 branches and 1,600 ATMs in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and Washington, D.C.

M&T Bank still bills itself as a community-oriented bank even as its community keeps expanding thanks to a series of acquisitions and mergers. The company offers a wide range of checking and savings accounts as well as loans, retirement accounts, credit cards, debit cards and investment products and services. GOBankingRates ranked M&T Bank as one of the Best Regional Banks and Top 100 Banks of 2022.

M&T Bank Checking Accounts

The M&T Bank website lists four different checking accounts for individuals. Here are the details.

EZChoice Checking Account

The EZChoice Checking account requires a $25 minimum opening deposit and has no monthly maintenance charge or minimum balance requirement. It also includes free monthly paper or electronic statements and unlimited check writing.

MyWay Banking from M&T Bank

MyWay Banking is a checkless account, which means overdraft fees are nonexistent. It requires a $25 minimum opening balance and has a monthly maintenance charge of $4.95. However, the bank will waive the fee if you have at least one deposit, withdrawal or debit payment each monthly service charge cycle. This account is also available for minors 13 to 17 with a parent or guardian as a co-owner. 

MyChoice Plus Checking Account

The MyChoice Plus Checking account has the option of earning interest and requires a $25 opening balance. A $14.95 monthly maintenance charge does apply to this account.

However, the bank will waive the charge if you have direct deposits of at least $1,500 each month or at least a $2,500 average daily balance. The account comes with free monthly electronic or paper statements, unlimited check writing, discounted personal loan rates and ATM surcharge rebates of up to $2 per transaction.

MyChoice Premium Checking Account

Like M&T Bank’s other checking options, this account also has a $25 minimum opening deposit. But it has a much higher monthly maintenance charge of $24.95. The charge can be waived by maintaining at least a $7,500 average daily balance or $25,000 or more in combined balances across eligible M&T accounts. Benefits of this account include no M&T Bank fee for out-of-network ATM transactions, plus refunds of other banks’ fees; no fee for overdraft protection transfers; no fee for standard checks, traveler’s checks and incoming wire transfers; safe deposit box discount; free monthly paper or electronic statements and unlimited check writing. 

M&T Bank Savings Accounts

M&T Bank offers two savings account options. Here are the details.

Relationship Savings

The Relationship Savings account has a $7.50 monthly service charge. However, the bank will waive the charge each month you maintain a minimum daily balance of at least $500, have a personal checking account with M&T Bank or make at least one deposit. The account pays 0.01% APY no matter the balance. 

M&T Starter Savings Account

The M&T Starter Savings account is designed for kids and teens under 18 and has no monthly maintenance fee or minimum daily balance requirements. The account pays 0.01% APY on all balances.

M&T Bank Money Market Account

M&T Bank has one money market account. Here are the details.

MyChoice Money Market Account

The MyChoice Money Market account requires a $2,500 minimum opening deposit and has a $15 monthly maintenance charge. However, the bank will waive the monthly maintenance fee if you have a MyChoice Premium Checking account and make at least three qualifying transactions, including deposits, withdrawals and debit card purchases.

M&T Bank CD Rates

M&T Bank’s certificate of deposit options offers higher interest rates than standard savings accounts but more restrictions in terms of accessing money. M&T Relationship Bankers can offer more information on rate offers.

CDs have fixed or variable rates and terms range from 32 days to 72 months. CDs must be opened at your local M&T Bank branch and a minimum opening deposit of $1,000 is required. The current rate M&T Bank is offering for CDs is 0.05% APY.

Best Features of M&T Bank

GOBankingRates gave M&T Bank an overall score of 4.3 on the following outstanding features. Here are the details.

Minimum Opening Deposits

M&T Bank keeps minimum opening deposits affordable for the most part. All of its checking options require a $25 minimum opening deposit and savings accounts do not have a minimum opening deposit.

And while the money market account requires a $2,500 minimum opening deposit, that’s not out of line with what many other banks charge. As far as CDs go, you’ll need at least $1,000 to open one, which, again, is not out of line considering what many other banks require. 

Monthly Maintenance Fees

While M&T Bank does charge monthly maintenance fees on all of its accounts except for the EZChoice Checking account, the M&TStarter Savings account and its CDs, the bank does offer easy options for waving them. For example, the MyChoice Plus Checking account requires either a $2,500 average daily balance or a direct deposit totaling at least $1,500 per month service charge cycle. And the Relationship Savings account’s monthly service fee will be waived if you have a minimum daily balance of at least $500, make at least one deposit or have an M&T Bank personal checking account.

Customer Service

M&T Bank’s customer service is very accessible. To contact M&T Bank with questions, dial 800-724-2440, which is the general service number. Bank representatives are available to speak with you 24/7, which means you won’t have to wait until the next business day to get assistance if you have a general question or concern. And if you have more specific concerns, the following M&T Banking departments have business hours Monday through Sunday: Online & Mobile Banking, Business, Credit Card and Commercial Card Servicing. The Commerical Service Team, Mortgage and Mortgage Transfer Team have business hours Monday through Friday.

You can also schedule an appointment online to see a banker in person at your local branch. Or you can log in to your M&T Online Banking account to send the bank a secure message. 

Mobile Experience

M&T Bank’s mobile app allows account holders to complete all kinds of banking tasks, such as depositing checks, transferring funds, paying bills and checking account balances. And if you need access to your mobile deposit right away, same business-day mobile check deposits are available every day before 10 p.m. EST for 2% of the amount of the check or $2, whichever is more.

Get ready for a stellar mobile banking experience if you’re an iOS user; the app has an almost perfect 4.9-star rating. The app doesn’t rate as high with Android users, however, with a rating of 3.6 out of 5 stars. 

Editor’s Favorite

M&T Bank’s low minimum opening deposits on its checking accounts and no minimum opening deposits on its savings accounts make it easy to open more than one account at a time.

M&T Bank vs. Competitors

Now that you know more about M&T Bank, here’s how it stacks up to its competitors.

M&T Bank vs. Citizens Bank

Citizens Bank’s app for Android users rates higher than M&T Bank’s Google Play app does — 4.2 versus 3.6. However, M&T Bank offers a higher APY on its CDs than Citizens does –0.05% APY versus 0.10% APY.

M&T Bank vs. KeyBank

M&T Bank doesn’t require minimum opening deposits on its savings accounts, but KeyBank does. Also, KeyBank has much higher monthly maintenance fees on its checking accounts than M&T Bank does — up to $50 versus $24.95. 

M&T Bank vs. Northwest Bank

It’s more affordable to open a money market account at Northwest Bank, which requires a $1,000 minimum opening deposit versus M&T Bank’s much steeper minimum of $2,500. However, M&T Bank offers much easier ways to waive the monthly maintenance fees on its checking options, while Northwest Bank requires average daily balances of $5,000 or $15,000. 

Final Take

If you live in M&T Bank’s service area and can conveniently reach one of its branches or ATMs, there’s plenty to like about M&T: personalized service, a range of checking and savings accounts and numerous loan options. But if you don’t live near an M&T Bank branch and are in search of higher yields and more investment choices, you might want to consider another bank.

M&T Bank FAQ

Here are the answers to some of the most frequently asked questions about M&T Bank.
  • What is the routing number for M&T Bank?
    • M&T Bank's routing numbers are based on the state where you opened your account and are as follows: 022000046 - New York, New Jersey and Connecticut; 031302955 - Pennsylvania and Delaware; 052000113 - Maryland, Virginia, West Virginia and Washington, DC.
  • What's the most you can withdrawal with your ATM card from M&T Bank per day?
    • The daily ATM withdrawal limit for M&T Bank is $1,000.
  • How much does it cost to use ATM Machine not owned by M&T Bank?
    • A $3 fee per transaction will apply.

Vance Cariaga contributed to the reporting for this article. 

Rates are updated periodically and subject to change. All other information on accounts is accurate as of Apr. 27, 2022.

This content is not provided by M&T Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by M&T Bank.

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About the Author

Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.

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