M&T Bank Review 2021: A Full Service Regional Bank

If you’re looking for an online bank – but one that also provides full-service banking – look no further than M&T Bank. Though they operate in only eight states and the District of Columbia, they provide mobile and online banking services, as well as investments, insurance, and business and commercial banking services. They also offer a wide variety of checking and savings accounts, as well as virtually every type of loan program offered in the banking industry.

M&T Bank Overview

Based in Buffalo, New York, M&T Bank began operations in 1856. They provide both personal and business banking services. The bank has operations in New York, New Jersey, Connecticut, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, and Washington, DC – you must live in one of these areas to qualify for an account.

It operates more than 750 branches and more than 1,800 ATMs. As a major regional financial services company, M&T Bank has over $120 billion in assets.

M&T Bank is a full-service bank, offering both mobile and online banking. Mobile banking is available on both iOS and Android devices. They also offer 24-hour telephone banking services, as well as the full range of mobile payment services.

The Bank has a Better Business Bureau rating of “A+”, the highest rating on a scale of A+ to F. They also have a rating of 4.2 stars out of five by more than 9,000 Android users on Google Play, and 3.1 stars out of five by more than 1,400 iOS users on The App Store.

M&T Bank Deposit Products

Checking Accounts

M&T Bank offers four different checking accounts, and each comes with a Visa debit card, with access to more than 750 bank branches and over 1,800 ATMs. Each account also comes with mobile and online banking, direct deposit, online and mobile bill pay, 24-hour automated banking service by phone, monthly statements by either paper or electronic delivery, and optional overdraft protection.

EZ Choice Checking

EZ Choice Checking is a simple checking account, with all common checking features, and no monthly maintenance fee.

  • Minimum opening balance: $25
  • Monthly maintenance fee: $0
  • Interest bearing: No
  • Other features: Send money with Zelle, custom debit card, mobile deposit, M&T alerts, and digital wallet payment capability, including Apple Pay, Google Pay, Samsung Pay, Garmin, and Fitbit Pay

MyWay Banking

MyWay Banking is a check-less account that eliminates overdraft fees and bounced checks. It also features an easy to avoid monthly service fee

  • Minimum opening balance: $25
  • Monthly maintenance fee: $4.95, but waved with one or more transactions each monthly service period, including a deposit, withdrawal or debit payment
  • Interest bearing: No
  • Other features: Send money with Zelle, custom debit card, mobile deposit, M&T alerts, and digital wallet payment capability, including Apple Pay, Google Pay, Samsung Pay, Garmin and Fitbit Pay

MyChoice Plus

MyChoice Plus features ATM surcharge rebates from out-of-network ATMs, and also pays interest on your balance. It also offers M&T’s Easy Save program, which makes automatic transfers from your checking account to your savings account to help you build your nest egg.

  • Minimum opening balance: $25
  • Monthly maintenance fee: $4.95, but waved with an average balance of $500 or more per monthly service charge cycle, or direct deposits totaling $500 or more per service charge cycle
  • Interest bearing: Yes, currently at 0.01% APY on balances up to $1 million
  • Other features: Send money with Zelle, custom debit card, mobile deposit, M&T alerts, and digital wallet payment capability, including Apple Pay, Google Pay, Samsung Pay, Garmin and Fitbit Pay; discounted personal loan rates; complementary financial review with a personal banker

MyChoice Premium

MyChoice Premium is M&T Bank’s top-of-the-line checking account, offering a wide range of personal banking services. The account comes with free standard check orders, no fee for overdraft protection transfers, a safe deposit box discount, and no fee for incoming or foreign and domestic wire transfers. It’s interest-bearing, and provides special deposit interest rates.

The account also provides MyChoice Money Market and Relationship Savings accounts with no monthly fee.

  • Minimum opening balance: $25
  • Monthly maintenance fee: $24.95, but waved with an average balance of $7,500 or more per monthly service charge cycle, or combined average daily balances of $25,000 or more in eligible accounts
  • Interest bearing: Yes, currently at 0.02% APY on balances up to $1 million
  • Other features: Send money with Zelle, custom debit card, mobile deposit, M&T alerts, and digital wallet payment capability, including Apple Pay, Google Pay, Samsung Pay, Garmin and Fitbit Pay; discounted personal loan rates; complimentary financial review with a personal banker

If you are looking for a free checking account, here are our top choices

Savings, Money Market and Certificates of Deposit (CDs)

Beyond checking accounts, M&T Bank also offers several savings account and CDs.

M&T Starter Savings Account

This account is M&T Bank’s starter account for depositors under age 18. However, it does require joint titling by parents, grandparents, or other adults. The purpose is to teach children how to manage money safely and responsibly, while the custodians maintain control of the account.

  • Minimum opening balance: $0
  • Monthly maintenance fee: $0
  • Interest bearing: Yes, currently at 0.02% APY on balances up to $100,000
  • Other features: Direct deposit, M&T’s Easy Save, and electronic statements and notices

Relationship Savings

Designed as a basic savings account, such as an emergency fund, or to be used to provide overdraft protection to a link checking account. Comes with online and mobile banking.

  • Minimum opening balance: $0
  • Monthly maintenance fee: $7.50 
  • Interest bearing: Yes, currently at 0.02% APY on balances up to $100,000
  • Other features: Direct deposit, M&T’s Easy Save, and electronic statements and notices

The monthly fee can be waived by either maintaining a minimum daily balance of $500, having a personal checking account with the bank, or making at least one deposit into your Relationships Savings account.

MyChoice Money Market

M&T Bank’s money market account offers tiered interest rates, including premium interest rates for qualifying customers. Like other bank products, it comes with online and mobile banking, but it also offers check writing capability. The account can be used to provide overdraft protection when linked to a checking account.

  • Minimum opening balance: $2,500
  • Monthly maintenance fee: $15, but waved with a minimum daily balance of $2,500, or if you have a MyChoice Premium Checking, Power Checking or Portfolio Management Account
  • Interest bearing: Yes, currently ranges from 0.02% to as high as 0.25% APY (see table below)
  • Other features: Direct deposit, M&T’s Easy Save, M&T Alerts, and electronic statements and notices

If you want to see who has the best money market rates at the moment check out this page here

Certificates of Deposit

M&T Bank officially offers fixed or variable rate CDs with terms ranging from 32 days to as long as 72 months. However, the CDs must be open at a local branch, rather than online. CDs are available in minimum denominations of $1,000.

The bank is currently offering two CDs:

  • M&T Select Promo CD – 24 months, with a 0.25% APY
  • M&T Promo CD – 24 months, with a 0.25% APY

The M&T Select Promo CD requires a qualifying M&T Bank checking account to open.

Deposit Products Fees

Checking Account Fees:

Out-of-network ATM fee: $3 (The greater of $5 or 3% of the dollar amount of a transaction or withdrawals and cash advances at an ATM located outside the US)

Foreign transaction fee: the greater of $0.50 or 3% of the US dollar amount of any Visa transaction made in a foreign country

Returned check and return deposited item: $20 per item on accounts within Delaware, Maryland, Pennsylvania, Virginia, West Virginia, Connecticut, New Jersey, and the District of Columbia; $10 per item on all other accounts

  • Check image return: $5 for the front and back of the check image
  • Stop payment fee: $35
  • Wire transfer: outgoing domestic wire, $32; incoming wire transfer, $16; outgoing international wire, $75
  • Early account closure fee: $50 if account is closed within 180 days of opening
  • Overdraft protection transfer fee: $12.50 per day
  • Overdraft fee, nonsufficient funds fee, extended overdraft fee: $38.50

Early withdrawal penalties on CD:

• For CDs with maturities less than 365 days: $25 +91 days interest on the non-interest bearing portion of the withdrawal computed without compounding
• For CDs with maturities greater than 364 days: $50 +182 days interest on the non-interest bearing portion of the withdrawal computed without compounding

M&T Bank Loan Programs

If you are looking to borrow money, M&T Bank offers several options, from mortgages, to credit cards.

Mortgages and Home Loans

M&T Bank provides home mortgages for either a purchase or a refinance. They provide the ability to apply on a 24/7 basis.

Available mortgage types include the following:

  • Conventional fixed and adjustable rate mortgages, with down payments as low as 3%
  • Jumbo loans
  • FHA, VA, and USDA mortgages, including streamlined refinances for both FHA and VA loans

Credit Cards

M&T Bank provides the following four credit card offers:

M&T Visa Signature Credit Card: Comes with no annual fee, unlimited 1.5% cash back on all purchases, 10,000 bonus points after $500 in purchases, no foreign transaction fees, and a 0% introductory APR on both balance transfers and purchases for 12 billing cycles.

  • M&T Visa Credit Card with Rewards: Comes with no annual fee, 10,000 bonus points after $500 in purchases, earn one point for every $1 spent on every purchase (unlimited), and a 0% introductory APR on both balance transfers and purchases for 12 billing cycles.
  • M&T Visa Credit Card: Comes with no annual fee and a 0% introductory APR on both balance transfers and purchases for 12 billing cycles.
  • M&T Secured Credit Card: Designed to help consumers build or rebuild their credit with a credit line secured by a deposit; the card comes with no annual fee, and a very reasonable variable APR of 17.24%.

Be aware that a 4% balance transfer fee applies to all balances transferred.

Other M&T Bank Loan Types

As a full-service bank, M&T Bank offers all types of loan programs, including personal loans, auto loans, marine, and recreational vehicle loans, and student loans.

Other M&T Bank Programs

Investments

M&T Bank’s investment accounts include managed accounts, mutual funds, annuities, brokerage services, web trading, portfolio management, and IRAs. Investment services are provided through M&T Securities, Inc.

Insurance

M&T Bank provides life insurance (both permanent and term), disability income insurance, long-term care insurance, as well as personal property insurance including auto, homeowner’s, renters and condo insurance. They also provide coverage for high net worth property, such as collectibles, watercraft, aircraft, and other types of personal property.

Business Banking and Commercial Financing

Business banking services include business checking, cash management, business financing and credit cards, and digital banking. Merchant services offered include electronic payment technologies, payment acceptance options, fraud and security protection, and tools and resources to help you better manage your business banking and financing.

Commercial services are available for corporate clients, offering corporate cards, financing solutions, treasury management, international banking, investment banking, and merchant services.

M&T Bank Pros & Cons

Pros:

  • Full-service bank, offering deposit accounts, home financing, credit cards, investments, and insurance.
  • Offers both business and commercial banking services, making it well-suited to the self-employed and those who run small companies.
  • Monthly fees are low compared to other banks, and easily waved on most accounts.
  • Interest rates offered on the higher-paying deposit products are well above the average for all banks nationwide.

Cons:

  • Interest rates on deposit products are not competitive with the higher-paying online banks.
  • Limited in-network ATM network.
  • Secondary checking account fees are high compared to competing banks.
  • You must live in one of the eight states – plus the District of Columbia – where the bank operates.

Should You Open an Account with M&T Bank?

The main limitation with M&T Bank is that it’s a true regional bank. That means you must live in one of the eight states and the District of Columbia where the bank operates. But if you do, M&T Bank offers an excellent combination of online and mobile banking, with the full range of banking services.

Their deposit rates are certainly nowhere near the top of the industry, though they are well above national bank averages. However, they offer every loan type needed and will be of special interest to anyone who is self-employed or operates a small business or corporation. The fact that they specialize in business banking can make it the perfect choice for your personal banking needs as well.

If you’d like to get more information, or you’d like to open an account, visit the M&T Bank website.

M&T Bank

8.5

Overall

8.5/10

Strengths

  • Full-service bank
  • Offers both business and commercial banking services
  • Monthly fees are low

Weaknesses

  • Interest rates on deposit products are low
  • Limited in-network ATM network
  • Secondary checking account fees are high
  • Limited area of operation

Other Posts You May Enjoy:

Kubera Review: Online Net Worth Tracking Made Easy

Online net worth trackers like Kubera make it easy to calculate your current wealth and plan your financial goals. Kubera can track your various investments and makes it easier for your beneficiaries and trusted contacts to manage your estate when that time arrives. Find out if Kubera is the right for you.

LegalShield Review: Access a Lawyer for a Low Monthly Fee

For a low monthly membership fee LegalShield will give you access to a lawyer for all kinds of free services including writing letters, reviewing documents, and even estate planning. It also has business plans that offer services such as sending collection notices, help with the IRS, and help with copyright or trademarks.

RebatesMe Review: Get Your $30 Sign Up Bonus

RebatesMe is an online shopping portal where you can earn cash back at some of your favorite stores. There is also a sign up bonus when you earn your first $10 in rewards. You can redeem your rewards for cash or gift cards.

About Kevin Mercadante

Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed "slash worker" – accountant/blogger/freelance blog writer – on OutofYourRut.com. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides "Alt-retirement strategies" for the vast majority who won’t retire to the beach as millionaires.

He also frequently discusses the big-picture trends that are putting the squeeze on the bottom 90%, offering workarounds and expense cutting tips to help readers carve out more money to save in their budgets – a.k.a., breaking the "savings barrier" and transitioning from debtor to saver.

Kevin has a B.S. in Accounting and Finance from Montclair State University.

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

Reader Interactions

Leave a Comment:

As Seen In: