M&T Bank Review 2022

GOBankingRates Score

4.7
Quick Take: M&T Bank offers a full lineup of financial 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. GOBankingRates breaks down the top-performing categories in the following M&T Bank review.
  • APYs
    4.6
  • Benefits
    4.6
  • Products
    4.9
  • Customer Service
    4.8
How did we calculate this?

Pros

  • Low minimum opening deposits
  • Waivable monthly maintenance fees
  • Plenty of account options

Cons

  • Limited service area
  • High minimum balance requirement on Premium checking

M&T Bank Overview

M&T Bank is headquartered in Buffalo, New York. 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 due 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

Key Features

The following M&T Bank review breaks down the top features most individuals consider when in search of a new bank.

APYs

M&T offers a rate of % on its savings account. For higher yields, a certificate of deposit may be better, if you’re willing to lock up the funds for a term of 12 months or longer. Rates may vary by ZIP code but are consistently higher than the savings account APY.

Benefits

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 3.6-star rating.

Products

You’ll find every type of account at M&T Bank, including:

Checking Accounts

There are several checking accounts available. 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 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.

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.

Finally, the Premium checking account 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.

Savings Accounts

M&T Bank offers two savings account options. 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 % APY no matter the balance.

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 % APY on all balances.

Money Market Accounts

M&T Bank has one 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.

CD Rates

M&T Bank’s CD options offer 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. Rates may change based on your ZIP code, so contact the bank to learn more.

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 Commercial Service Team, Mortgage and Mortgage Transfer Team have business hours Monday-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.

How M&T Bank Stands Out

M&T Bank makes banking accessible to all. Minimum opening deposits are 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 require. As far as CDs, you’ll need at least $1,000 to open one, which, again, is not out of line considering what many other banks require.

M&T Bank Reviews vs. Competition

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.

However, M&T Bank offers a higher APY on its CDs than Citizens does.

M&T Bank vs. KeyBank

M&T Bank doesn’t require minimum opening deposits on its savings accounts, while KeyBank does.

KeyBank also 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.

How To Apply

Accounts can be opened with M&T Bank in person or online by providing personal details such as name, date of birth and Social Security number. However, CDs must be opened in person at a local branch.

Who M&T Bank Is Best For

M&T Bank’s products are diverse enough to offer something for everyone.

The 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.

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 or 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.
  • Is M&T Bank part of Bank of America?
    • M&T Bank and Bank of America, Member FDIC, aren't affiliated. In addition, Bank of America has a national presence while M&T Bank focuses on select areas of the East Coast.
  • How does M&T Bank rank?
  • Is M&T a good bank?
    • M&T Bank offers a good range of accounts, though its APYs are not the most competitive. It has a high-rated mobile app for iOS.
    • M&T is a well-established bank, founded in 1856, and has grown its footprint both at home in New York and in surrounding states. It 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.
  • Does M&T Bank have fees?
    • While M&T Bank does charge monthly maintenance fees on all of its accounts except for the EZChoice Checking account, the M&T Starter Savings account and its certificates of deposit, the bank does offer easy options for waving them.

Vance Cariaga and Cynthia Bowman contributed to the reporting for this article. 

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 1, 2022.

Editorial Note: This content is not provided by M&T Bank, Citizens Bank, KeyBank or Northwest Bank. 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 M&T Bank, Citizens Bank, KeyBank or Northwest 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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