M&T Bank Review 2024 (2024)

Personal Finance Banking Savings

Written by Laura Grace Tarpley, CEPF and Sophia Acevedo

  • Overall bank rating
  • Pros and cons
  • Savings
  • Checking
  • CD
  • Money market account
  • Frequently asked questions

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.

How M&T products compare

Editor's Rating

3.5/5

Annual Percentage Yield (APY)

0.01%

Minimum Deposit

$0

Editor's Rating

3.5/5

Annual Percentage Yield (APY)

None

Minimum Deposit

$25

Editor's Rating

3.25/5

Annual Percentage Yield (APY)

Varies by location

Minimum Deposit

$1,000

Editor's Rating

3.25/5

Annual Percentage Yield (APY)

Varies by location

Minimum Deposit

$1

Start saving

On M&T Bank's site. M&T Bank, FDIC Insured

Start banking

On M&T Bank's site. M&T Bank, FDIC Insured

Start saving

On M&T Bank's site. M&T Bank, FDIC Insured

Start banking

On M&T Bank's site. M&T Bank, FDIC Insured

Overall bank rating

FeaturePersonal Finance Insider rating (out of 5)
Savings3.5
Checking3.5
CD3.25
Money market3.25
Trustworthiness5
Total3.75

Pros and cons

ProsCons
  • No minimum opening deposit required for opening the M&T Relationship Savings Account

  • Easy to waive monthly fees

  • Several options for checking accounts, and may be eligible for a checking account bonus

  • Competitive APY on a money market account for the first three months

  • Low APY on savings account
  • Minimum deposit of $1,000 required to open a CD
  • At least $10,000 needed to get the most out of a money market account
  • M&T Bank's rules on earning interest with a money market account may be confusing to some

M&T Relationship Savings Account

M&T Relationship Savings Account

M&T Bank Review 2024 (5)

Insider’s Rating

3.5/5

Fees

$7.50 monthly service fee

Annual Percentage Yield (APY)

0.01%

Minimum Opening Deposit

$0

Pros

  • No minimum opening deposit
  • Relatively easy to waive monthly service fee

Cons

  • Low APY
  • $7.50 monthly service fee

Product Details

  • Over 700 branches and 1,800 ATMs in 10 states and DC
  • Avoid $7.50 monthly service fee by maintaining minimum $500 balance, OR by opening an M&T checking account, OR by making one monthly deposit into your Relationship Savings Account
  • Interest compounded daily, paid monthly
  • FDIC insured

The M&T Relationship Savings Account has two main perks: There's no minimum opening deposit, and it's easy to waive the $7.50 monthly service fee. This makes it a solid option for people who regularly maintain at least $500 or more in their savings account, have an M&T Bank checking account, or make at least one deposit to their savings account each month.

You'll earn a low rate on your savings, though. M&T rates are lower than the national average of 0.45% APY, and way less than what you'll earn with any of the best high-yield savings accounts out there.

M&T MyWay Banking Account

M&T MyWay Banking Account

M&T Bank Review 2024 (6)

Insider’s Rating

3.5/5

Fees

$4.95 monthly service fee

Annual Percentage Yield (APY)

None

Minimum Opening Deposit

$25

Pros

  • Avoid monthly service fee by making one monthly transaction
  • No overdraft fees
  • No monthly fee for Relationship Savings if you also open a checking account

Cons

  • $25 opening deposit
  • $4.95 monthly service fee
  • $3 out-of-network ATM fee
  • No paper checks

Product Details

  • Access to over 700 branches and 1,800 ATMs in 10 states and DC
  • Avoid $4.95 monthly service fee by making one transaction per month
  • Access to a debit card, but no paper checks
  • No overdraft fee or option for overdraft protection; M&T will deny your transaction if it will overdraft your account
  • FDIC insured

M&T has four checking accounts to choose from. The M&T MyWay Banking Account makes it easier to waive bank fees than some of the other accounts. For example, it doesn't charge an overdraft fee. There isn't an overdraft protection option, either, though — M&T will simply deny your transaction if it would overdraft the account.

This account comes with a debit card, but not paper checks. It also charges a $3 fee when you use an out-of-network ATM. But if ATM fees are important to you, then you can look at some of M&T's other checking accounts.

M&T CD

M&T CD

M&T Bank Review 2024 (7)

Insider’s Rating

3.25/5

Annual Percentage Yield (APY)

Varies by location

Minimum Opening Deposit

$1,000

Pros

  • Option to transfer earned interest to other M&T accounts
  • Choose between a fixed or variable APY

Cons

  • Must be opened at an M&T branch, not online
  • $1,000 opening deposit
  • High early withdrawal penalties

Product Details

  • Access to over 700 branches and 1,800 ATMs in 10 states and DC
  • Terms ranging from 32 days to 6 years
  • Choose between a fixed or variable APY
  • Early withdrawal penalties: $25 plus 91 days interest for terms under 1 year; $50 plus 182 days interest for terms of 1 year or more
  • Interest compounded daily, paid monthly
  • FDIC insured

An M&T CD is the one account you'll likely have to open at a physical branch. The bank only allows you to open a 1-year CD term online.

Most banks pay a fixed rate on your CD balance, which means your rate won't go up or down during the term. But M&T has a unique feature: You can choose between a fixed and variable rate. Fixed and variable rates each have their pros and cons. Locking in a fixed APY can protect you if rates drop, but a variable rate comes in handy if rates increase.

M&T MyChoice Money Market Account

M&T MyChoice Money Market Account

M&T Bank Review 2024 (8)

Insider’s Rating

3.25/5

Fees

$15 monthly service fee

Annual Percentage Yield (APY)

Varies by location

Minimum Opening Deposit

$1

Pros

  • Comes with paper checks
  • $1 minimum opening deposit
  • Earn higher rate with higher balance
  • Ability to qualify for higher Premium rates

Cons

  • $15 monthly service fee
  • Rate may drop after first 3 months
  • $10,000 opening deposit to earn higher introductory rate for first 3 months

Product Details

  • Over 700 branches and 1,800 ATMs in 10 states and DC
  • Earn higher APY for the first 3 months if your opening deposit is at least $10,000
  • Qualify for Premium interest rate by opening an M&T checking account and making 3 or checking transactions per month
  • Avoid $15 monthly service fee by maintaining a $2,500 balance, OR by being a MyChoice Premium Checking, Power Checking, or Portfolio Management Account customer
  • Interest compounded daily, paid monthly
  • FDIC insured

Some things about theM&T MyChoice Money Market Account are simple: You can open an account with $1, you can access your money with paper checks, and you'll pay a $15 monthly service fee unless you meet certain qualifications.

But there are a lot of rules surrounding interest rates — and they're complicated.

Your rate will vary depending on where you live.You'll earn a regular APY if your opening balance is under $10,000; otherwise, you qualify for a higher introductory APY for the first three months.

It's a tiered system, so you'll earn a higher APY with a higher balance — except with the introductory rate, which drops if your opening balance is $1 million or more.

You may qualify for a premium interest rate if you open an M&T checking account and make at least three checking transactions per month. But regardless of whether you earn a regular or premium rate, the APY is still lower than what you can find with many other banks. The introductory rate may be competitive, depending on your balance and where you live.

How M&T Bank works

M&T Bank has over 700 branches and 1,800 ATMs in 10 East Coast states and Washington, DC. Here are the nine states with branches or ATMs:

  • Connecticut
  • Delaware
  • Florida (only one ATM location, in North Palm Beach)
  • Maryland
  • New Jersey
  • New York
  • Pennsylvania
  • Vermont (only two locations, one in Morrisville and one in Stowe)
  • Virginia
  • West Virginia (only two locations, one in Keyser and one in Fort Ashby)

Apple customers seem to be happier with the M&T mobile app than Android customers. The app has received 4.9 out of 5 stars in the Apple store but only 2.5 out of 5 stars in the Google Play store.

You can call the M&T general customer support number 24/7. To speak about online and mobile banking, call a separate number Monday through Friday, from 8 a.m. to 9 p.m. ET, or on weekends from 9 a.m. to 5 p.m. ET.

M&T accounts are FDIC-insuredfor up to $250,000, or $500,000 if you have a joint account.

M&T Bank trustworthiness and BBB rating

M&T Bank does not have any recent public controversies.

The bank has received an A+ rating from the Better Business Bureau.A high BBB rating indicates that a company can resolve customer disputes effectively.

M&T Bank vs. TD Bank

M&T Bank and TD Bank offer similar bank accounts with comparable opening deposits, monthly fees, and interest rates. There is one clear distinction though: CD opening deposits are lower with TD Bank.

TD Bank has over 1,200 branches along the East Coast. If you either a) live in a state in the Northeast where there isn't an M&T Bank, or b) travel along the East Coast regularly, then you may prefer TD Bank.

M&T Bank vs. Citizens Bank

If you want to open a money market account, then you'll probably prefer M&T Bank over Citizens Bank. The latter only pays 0.01% on its Citizens Bank Personal Money Market Account, and you'll earn more than that with M&T Bank regardless of your balance or location.

For the rest of your accounts, your choice may come down to which bank makes it easier for you to waive monthly fees.

Citizens Bank is also prominent in the East, and it has a presence in a few Midwest states, too. Your choice between M&T and Citizens may come down to which has a location closer to your home.

Frequently asked questions

What is M&T Bank?

M&T is a brick-and-mortar financial institution that's primarily located on the East Coast.

Where is M&T Bank located?

M&T Bank has branches and ATMs in Connecticut, Delaware, Florida (one ATM location in North Palm Beach), Maryland, New Jersey, New York, Pennsylvania, Vermont (only two locations, one in Morrisville and one in Stowe), Virginia, and West Virginia (only two locations, one in Keyser and one in Fort Ashby).

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

  • Bank accounts
  • Savings and CD rate trends
  • Budgeting
  • Saving
  • How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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M&T Bank Review 2024 (11)

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