M&T Bank Review 2024
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At a glance
CDs
Checking
Savings
About Bankrate Score
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
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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M&T Bank offers checking, savings, investments, insurance, credit cards and borrowing options.
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The EZChoice Checking account has no monthly maintenance fee.
Cons
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Some CDs need to be opened at an M&T branch, with no option to open them online.
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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
M&T Bank savings overview
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
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The Relationship Savings account can be linked to an M&T checking account for overdraft protection.
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M&T Bank’s Easy Save feature allows you to automatically transfer money between M&T Bank accounts.
Cons
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The Relationship Savings account pays yields below the national average for savings accounts.
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The Relationship Savings account has a $7.50 monthly maintenance fee, unless requirements are met to have it waived.
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M&T BankAPYAPY last updated between 12/13 and 12/19.APYAPY last updated between 12/13 and 12/19.National average APYHow 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.
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
Review methodology
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.
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