M&T Bank Reviews: Checking, Savings, CD, and Money Market Rates

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M&T Bank checking account options

MyChoice Plus Checking

M&T Bank’s MyChoice Plus Checcking account offers a few benefits including no fees at non-M&T ATMs and interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95 (may be waived by maintaining an average daily balance of $2,500 or by having direct deposits totaling at least $1,500).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Unlimited
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Plus Checking is a step up from the EZChoice checking and offers a small amount of interest. In addition, it has a no-fee ATM policy and unlimited refunds on other banks’ ATM fees. The monthly maintenance fee is comparatively steep so it would be best to maintain the daily minimum balance or meet the direct deposit requirements to avoid the charge. This account also comes with a few perks like discounts on personal loans through M&T Bank.

Consumers most likely to benefit from this account would be those looking for more robust account features than what the EZChoice Checking offers. The MyChoice Plus Checking offers access either online or via smartphone. In addition, this account is better for those who frequently access non-M&T ATMs due to traveling for work or leisure. This checking account does earn interest.

The requirements to avoid the monthly fee are a bit tricky. If the consumer isn’t paying attention or maintaining a significant monthly balance they could easily fall under the minimum and be charged. However, it’s nice that this account offers some interest, but it isn’t a high enough rate to write home about.

How to get M&T Bank’s MyChoice Plus Checking

Consumers can apply to open a MyChoice Plus Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Plus Checking account as a personal account, not for business. Applicants should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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MyChoice Premium Checking

MyChoice Premium Checking account is M&T Bank’s “top-tier” checking account, offering a higher interest than other checking accounts at the bank along with special rates on select CDs and money market accounts when paired with the checking account.

APY

Minimum Balance Amount

0.01%

$1

0.03%

$50,000

0.05%

$100,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95 (may be waived with maintaining an average daily balance of $7,500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Premium Checking is best for consumers who want to be rewarded for maintaining a relationship with M&T Bank. This is M&T Bank’s top of the line checking account that anyone age 18 or older can apply for. This account comes with premiums and discounts on other banking services such as when opening a M&T Select CD or taking out a loan. This account also offers premium interest rates – by M&T Bank’s standards – and tiered interest. The more money you keep in your checking account, the higher interest rate you will earn.

This account requires a high minimum balance to avoid a hefty monthly fee or by meeting other transaction requirements. See account terms & conditions. This account is going to best for someone who uses their checking account more like a savings account, keeping a high balance, or a high-income earner.

How to get M&T Bank’s MyChoice Premium Checking

Consumers can apply to open a MyChoice Premium Checking account online via the bank’s website or in person at any M&T Bank branch. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Premium Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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M&T Classic Checking With Interest

M&T Classic Checking With Interest is a checking account designed for people age 50 and older, offering the typical benefits of a personal checking account along with interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The M&T Classic Checking With Interest is sort of a hybrid account offering some interest and the basics – but only for those age 50 or older. This is a good option if the individual does meet the age requirement and wants an account with a low minimum balance requirement along with some interest.

One of the perks with this account is enjoying discounts on standard check orders. This is the checking account to consider if the consumer is nearing retirement or enjoying retirement. This account does earn interest.

There is a small monthly maintenance fee for this account, but if the account holder maintains a modest balance they can easily avoid it. The interest rate on this account won’t fund a vacation anytime soon, but it’s better than no interest.

How to get M&T Bank’s M&T Classic Checking With Interest

Consumers can apply to open a M&T Classic Checking With Interest account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 50 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the M&T Classic Checking With Interest account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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EZChoice Checking

The EZ Choice Checking Account from M&T Bank is a checking account that is marketed as a no-worries account. Along with no worries, it comes with no interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the U.S.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The EZChoice Checking comes with no monthly maintenance fee, no minimum balance requirement and “no worries,” according to M&T Bank. It’s really just a basic, no-frills, no-interest account.

This account could be best suited for people who are looking for a simple checking account and who are comfortable accessing their checking account via their smartphone or online and want to avoid a monthly maintenance fee. However, overdraft fees are high so it would be best to make sure this account does not get overdrawn.

How to get M&T Bank’s EZChoice Checking

Consumers can apply to open a EZChoice Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. Citizen and have a government-issued ID ready along with their Social Security number. Applicants should also be ready to provide their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the EZChoice Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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Basic Banking

The Basic Banking account at M&T Bank comes with no minimum balance requirement along with a low monthly fee – it’s no frills and “covers the basics.”
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3.00
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

It’s hard to see the difference between this account and the EZ Choice Checking Account. But M&T Bank touts this account as being for anyone who wants a checking account to meet their basic banking needs and who prefers a no-minimum balance account. There is a low monthly maintenance charge for this account, but the charge is about the equivalent of buying a large coffee each month. This account does not earn interest, but it does come with smartphone or online access.

How to get M&T Bank’s Basic Banking

Consumers can apply to open a Basic Banking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the Basic Banking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s checking accounts compare

Choosing from the five different checking accounts that M&T Bank offers could get a little confusing. But when comparing M&T Bank’s checking accounts to the best online checking accounts, the choice is clear: It’s not M&T Bank.

The nation’s best online checking accounts offer no or a low minimum balance requirement – along with high interest rates. However, if your preference is to use a nearby brick-and-mortar bank – with a local connection and access to ATMs without fees – M&T could be an option. The Classic Checking With Interest account for customers age 50 and older is also a nice alternative, if you qualify.

M&T Bank savings account options

M&T Starter Savings Account

Designed for teens and children, the M&T Starter Savings Account offers youth their first shot at saving along with no minimum opening deposit required.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The M&T Starter Savings Account is best for one audience – those under age 18. It’s a nice option to teach young people how to begin saving. Teens and children can sign up for an account. A custodian who can use the account to help teach them how to save and manage money wisely may be required for sign up. M&T Bank is showing they care about education and money management among youth by offering this account.

What is also nice about this account is that it requires no minimum balance and there is no monthly fee so if the account holder lets their balance run low they won’t be penalized. While this is a youth account, once opened, the account does not end when the holder reaches 18.

This account does earn interest. But, where this account falls short is with what is a pretty low interest rate. Teens or pre-teens may not be too excited about saving when they realize it’s going to take a large balance to generate enough money for back-to-school clothing shopping or a meal out with their friends.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s M&T Starter Savings Account

Consumers can apply to open an M&t Starter Savings Account in person at any M&T Bank location. Applicants must be under age 18 and have a birth certificate ready along with their Social Security number. An account custodian, age 18 or older, may be required to be placed on the account.

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Relationship Savings

M&T Bank’s only other savings product is the Relationship Savings account, which is intended for adults and is interest bearing.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $7.50 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you are an adult seeking to bank with M&T and open a savings account – you have one option – Relationship Savings. This account offers the exact same interest rate as the under age 18 account, however, it comes with an adult-like monthly fee.

The monthly fee can be waived by maintaining a minimum daily balance or by meeting other transaction requirements. This account does earn interest. However, it’s a low interest rate so it will not amount to much, even with a large daily balance.

This account could be best suited for an adult saving for a specific goal or who wants an accessible savings account to use as an emergency fund or rainy day fund. This account does come with overdraft protection when linked to a M&T Bank checking account. This savings account is also accessible via the web or smartphone.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s Relationship Savings

Consumers can apply to open a Relationship Savings account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Only consumers can open a Relationship Savings account, not businesses or organizations. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s savings accounts compare

It’s difficult to compare a M&T Bank savings account with another account, because they are for two different audiences. However, both offer the same interest rate. The adult account simply comes with a minimum daily balance requirement.

When compared to the best online savings accounts, the interest rates offered by M&T Bank are paltry. However, the minimum balance requirement for both accounts is reasonable and lower or comparable to many of the best online savings accounts.

M&T Bank’s CD rate options

M&T Bank CD rates

M&T Bank offers basic certificate of deposit options ranging from 32 days to 72 months, some rates are promotional and can vary depending on where the consumer lives.

Term

APY

M&T Select Promo CD - 6 months

0.15%

M&T Promo CD - 12 months

0.75%

M&T Select Promo CD - 12 months

1.01%

M&T Select Promo CD - 18 months

1.35%

M&T Select Promo CD - 24 months

1.01%

M&T Select Promo CD - 36 months

1.01%

M&T Promo CD - 60 month

1.11%

*M&T Bank does not advertise all of its CD rates online. If you’d like to know the rates that are being offered for other terms, please be sure to contact M&T Bank prior to opening one of its CDs online.

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty:
    • For account terms greater than 364 days, early withdrawal penalty is $50 plus 182 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.
    • For account terms less than 365 days, early withdrawal penalty is $25 plus 91 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.

M&T Bank’s CDs offer consumers a way to earn while they save. The CD products offer a “rate of return you can count on,” according to M&T Bank.

These CDs would be best for someone looking for a reliable and predictable savings interest rate and who are comfortable not having access to their money for several months – or years. These CDs are also a good option for anyone seeking a low-risk investment option. CDs are available in terms from 32 days to 72 months and are fixed rate or variable rate.

Select Promo CD

M&T Bank offers a limited roster of CDs, with just five maturities available with in the Select Promo CD line. Rates are all over the board, with the highest APY paid on the 24 month maturity while the 36 month alternative pays less than the 12 month term.

Customers must deposit $1,000 to open an M&T Select Promo CD, but after that, a minimum balance of just $1 is required to earn the advertised APY. For automatically renewed CDs, customers have a 10-calendar-day grace period after maturity to withdraw funds without penalty.

Promo CD

M&T Bank’s Promo CD line is even more limited, with just 12 and 60 month offerings available. The longer-term 60 month CD pays slightly less in interest than the short 12 month CD.

After a CD is opened for a minimum $1,000, the APY can be earned on balances as small as $1. The grace period is the same as the Select Promo CDs.

There are withdrawal penalties for anyone who wants to access their money sooner than they originally agreed to on all M&T Bank CDs and the terms are confusing. It might take a math wiz to actually know how much money will be lost by early withdrawal.

How to get M&T Bank’s CDs

Consumers must visit a local M&T Bank branch in person to open a CD.

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How M&T Bank’s CD rates compare

M&T Bank offers a variety of CD rates and they vary based on promotions and time to term. However, their rates are lower than the best CD rates available right now. It would be worth closely comparing M&T Bank CD rates, along with the interest rates and time periods for investing, with the best CD rates before investing.

M&T Bank money market account options

MyChoice Money Market

The MyChoice Money Market account offers tiered rates depending on the amount of money in the account.
Regular
APYIntroductory APYMinimum Balance to Earn APY
0.04%
0.05%
$1
0.34%
1.26%
$10,000
0.36%
1.26%
$25,000
0.39%
1.26%
$50,000
0.39%
1.26%
$100,000
0.39%
1.26%
$1,000,000
Premium
APYIntroductory APYMinimum Balance to Earn APY
0.05%
0.05%
$1
0.36%
1.26%
$10,000
0.39%
1.26%
$25,000
0.43%
1.26%
$50,000
0.47%
1.26%
$100,000
0.47%
1.26%
$1,000,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15 (fee waived for customers with an applicable checking account open or who keep a minimum daily balance of $2,500.)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market account offers tiered interest rates and they are much higher than the rates offered on the M&T e-Money Market – if you can get past the first interest rate tier. This account is best for those with a larger nest egg and who intend to let a portion of that remain untouched in the account.

At the top end of this account the interest rate actually plummets so it will not be the best bet for savers with a large sum of money to deposit.

While there isn’t a minimum opening deposit amount, the consumer must either also have an M&T Bank checking account or maintain a balance of $2,500 to avoid the monthly fee.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s MyChoice Money Market

Consumers can apply to open a MyChoice Money Market account online via the bank’s website. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Money Market account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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M&T Money Market

The M&T Money Market is the bank’s basic money market account, offering check writing with no minimum balance requirements or monthly maintenance fees.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $3 for non-M&T Bank ATMs; greater of $5 or 3% for international ATM usage
  • ATM refund: None
  • Overdraft fee: $38.50; $12.50 with overdraft protection

The M&T Money Market account allows customers to write up to six checks — the regulatory limit — per month before incurring a $12.50 excess withdrawal fee. Otherwise, the account pays interest on all balances, with no tiers, and assesses no monthly maintenance fee. Account holders can access their information via online or mobile applications, by phone, or at an M&T Bank branch or ATM. As with other M&T Bank accounts, the Money Market account offers direct deposit capability, electronic statements and notices, and M&T Bank’s Easy Save service, allowing automated transfers between accounts.

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How M&T Bank’s money market accounts compare

While the MyChoice Money Market offers some decent interest rates when compared to the M&T e-Money Market – neither account comes close to the best money market rates. Individuals looking to open a high earning money market account should probably look outside the M&T bank money market rates.

Overall review of M&T Bank’s banking products

M&T Bank offers a unique family of personal investing and banking products. The bank has a long history in New York state and would be an appealing location option for someone who wants a personal banking relationship and brick-and-mortar locations to visit.

The under-18 savings account is a nice touch, as is the age 50 and older checking account. If you fit into either of those categories the accounts are worth checking out. Also worth checking out are M&T Bank’s CDs as some of the rates are pretty comparable with the best rates available right now.

The other checking accounts offered by M&T Bank are a bit confusing and the money market accounts do not offer the best interest rates available – so those accounts can be passed up.

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Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

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