At a glance

4.1

Bankrate Score

CDs

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

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.

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M&T Bank banking products

2.8

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.

Rate history for M&T Bank's Savings account

M&T Bank

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

M&T Bank

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

3.0

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.

4.5

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

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

M&T Bank is best for consumers who prefer to bank in person and who live in the 15 Eastern states where the bank maintains branches.
M&T Bank is a member of the Federal Deposit Insurance Corp. (FDIC), which insures up to $250,000 per account type, per depositor.

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.

M&T Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about M&T Bank

M&T Bank banking products

M&T Bank savings overview

Pros

Cons

Rate history for M&T Bank's Savings account

M&T Bank CD overview

Pros

Cons

M&T Bank checking overview

Pros

Cons

Bank fees

Customer experience

Customer support

Digital experience

About M&T Bank

How M&T Bank compares to other banks

M&T Bank vs. KeyBank

M&T Bank FAQs

Who is M&T Bank best for?

Is your money safe in M&T Bank?

Review methodology

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