M&T Bank Review 2024 (2024)

M&T Bank offers four checking accounts, two savings accounts, a money market account and two types of certificates of deposit (CDs). All checking accounts come with a debit card and can be opened online. Certain CDs and the M&T Starter Savings Account must be opened in person.

Customers can access and manage their accounts at a branch or ATM, online or by using M&T’s mobile app or web platform.

EZChoice Checking

The M&T EZChoice Checking is the only checking account at M&T Bank with no monthly maintenance fee—but it does have a $25 minimum opening deposit requirement and other fees to note. You’ll pay for out-of-network ATM transactions, overdrafts and checks.

The bank’s Overdraft Protection plans help you avoid overdrafts by automatically transferring funds from linked accounts, but daily transfer fees may apply.

MyWay Banking Checking

The M&T MyWay Banking account is designed for first-time account holders or anyone who doesn’t want to worry about overdrafts. It requires an opening deposit of $25 and charges a monthly fee of $4.95. You can waive this by making at least one transaction during each monthly statement cycle. This can be a debit card transaction, withdrawal or deposit.

MyWay Banking has no overdraft fees because overdrafts aren’t typically permitted.

MyChoice Plus Checking

The M&T MyChoice Plus Checking account offers more features than the first two but has a higher maintenance fee. Expect to pay $14.95 per month if you can’t waive it (see the section on M&T bank fees below for details).

This account requires a $25 minimum deposit. Perks include no out-of-network ATM fees, reimbursem*nts for other banks’ ATM fees (up to $2 per transaction), discounted personal loan rates, Overdraft Protection and interest. However, the 0.01% APY is nothing to brag about.

MyChoice Premium Checking

The M&T MyChoice Premium Checking account is M&T Bank’s top-tier checking account. It has a $25 opening deposit requirement and the highest maintenance fee of $24.95 per month. Balance requirements to waive this fee are steep.

MyChoice Premium earns 0.01% APY. In addition to the benefits of the MyChoice Plus account, this account comes with free standard checks, higher deposit interest rates and a discount on safe deposit boxes. Plus, customers don’t have to pay the following:

• Incoming wire transfer fees
• Overdraft Protection plan transfer fees
• MyChoice Money Market monthly maintenance fee

Relationship Savings

The Relationship Savings account is a standard savings account. It offers a meager 0.01% APY (compounded daily and paid monthly), which doesn’t compare to the rates available with the best high-yield savings accounts.

There’s no minimum deposit requirement for this account but there is a small, waivable monthly maintenance fee of $7.50.

The Relationship Savings account allows for direct deposit transfers and can be used to provide overdraft protection to a linked checking account. It also includes M&T’s Easy Save feature, which lets you set up automatic transfers between your M&T accounts.

M&T Starter Savings Account

The M&T Starter Savings account is designed for children and teens. It requires a custodian—such as a parent, grandparent or guardian—over the age of 18 to be a joint owner. This account has no minimum opening deposit requirement or monthly maintenance fee.

Like the Relationship Savings account, the Starter Savings account pays 0.01% APY.

To open a Starter Savings account, the adult who will jointly own it must visit an M&T branch. After that, owners will be able to access their accounts online, over the phone or in person. The adult co-owner can decide if they want to give their child full access or no access. Custodians will need to close the account and transfer the balance once the co-owner turns eighteen.

MyChoice Money Market Account

The M&T MyChoice Money Market account (MMA) offers tiered interest rates and convenient account access. It comes with check-writing capabilities and can be used for overdraft protection, direct deposit and M&T’s Easy Save.

Accountholders will either be eligible for regular or premium interest rates. To qualify for premium rates, customers must own a MyChoice Premium Checking or Power Checking (no longer available) account and must have completed three qualifying transactions in the past month. Right now, regular and premium rates are the same, but this is subject to change.

This MMA requires an opening deposit of $2,500 and has a monthly fee of $15.

While this account earns more than other savings accounts with the bank, the current highest yield pales in comparison to the best money market accounts.

M&T Bank CDs

M&T Bank offers a few certificates of deposit (CDs) for those willing to lock up their savings in exchange for guaranteed, competitive interest. All CDs require a $1,000 minimum deposit.

M&T has two types of CDs—M&T Bank Standard Certificates of Deposit and M&T Bank Select Certificates of Deposit. Standard CDs are available to anyone while Select CDs require you to have a qualifying checking account to open. Two terms are available for both types, each with decent interest rates. M&T’s rates vary by ZIP code, and Select CD rates are often comparable to the best CD rates. The below rates are current for the New York ZIP code 10001.

Interest is compounded daily and credited monthly. These APYs assume that you will keep money in your account until maturity. Removing principal or interest before this will reduce earnings and result in penalties.

Like many CDs, these accounts incur fees for early withdrawals or taking money out before maturity. Penalties for accounts with terms of 365 days or longer are $50 plus 182 days’ interest and penalties for accounts with terms less than 364 days are $25 plus 91 days’ interest. There is a 10-day grace period during which you can make a withdrawal or change without penalty.

Most CDs have to be opened in person at an M&T branch but the 12-month standard CD can be opened online in select states.