M&T Bank Review 2024 (2024)

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M&T Bank has a wide range of banking products but low rates on savings accounts

By

Rebecca Safier

M&T Bank Review 2024 (1)

Full Bio

Rebecca has been writing about personal finance for more than seven years. Her work has been published in MarketWatch, U.S. News & World Report, and other publications, and she has contributed expert commentary to Fortune, Money, NBC, and more.

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Updated July 08, 2024

Fact checked by

Brendan Harkness

M&T Bank Review 2024 (2)

Fact checked byBrendan Harkness

Full Bio

Brendan Harkness is a senior editor of financial product reviews at Investopedia. He has spent almost a decade researching, writing, and editing content for financial and business publications about credit, banking, and credit cards. Previously, he was managing editor at Credit Cards Insider.

Learn about our editorial policies

M&T Bank Review 2024 (3)

Our Take

M&T Bank is a regional, full-service bank with branches along the East Coast. If you live within the bank’s footprint, you may appreciate its in-person customer service and wide range of banking products, including deposit accounts, certificates of deposit, and loans. However, you can find better rates on checking and savings accounts elsewhere.

  • Pros & Cons
  • Key Takeaways
  • Company Overview

Pros & Cons

Pros

  • Wide range of banking products and services

  • No monthly maintenance fees on EZChoice checking account

  • 700 branches in 14 states and Washington, D.C.

Cons

  • Low savings account rates

  • Most accounts come with monthly fees

  • Must visit a branch in person to open some accounts

Key Takeaways

  • M&T Bank offers several checking and savings accounts, along with CDs, loans, mortgages, credit cards, and other products.
  • M&T Bank came in third for mid-Atlantic banks in J.D. Power’s 2024 U.S. Retail Banking Satisfaction Study.
  • M&T Bank has been charged with violations by the Federal Reserve and the Consumer Financial Protection Bureau (CFPB).
  • Customer support is available online, in person, and via mobile banking.

Company Overview

Serving customers in 14 East Coast states and Washington, D.C., M&T Bank is a full-service bank based in Buffalo, New York. Founded in 1856, M&T offers deposit accounts, credit cards, and loans, as well as business banking solutions.

The bank has an A+ rating from the Better Business Bureau. But customer reviews are subpar on BBB and Trustpilot, with 1.09 and 1.5 stars out of 5, respectively.

M&T Bank has also been subject to regulatory actions in the recent past. In 2020 and 2022, the Federal Reserve issued enforcement actions related to violations around flood insurance and credit cards.

The Consumer Financial Protection Bureau also took action against M&T Bank for what it called deceptive advertising around free checking accounts. As part of this action, M&T had to refund $2.9 million to about 59,0000 customers and pay a $200,000 fine.

  • Account TypesChecking, savings, CDs, investing, credit cards, mortgages, HELOCs, personal loans, vehicle loans, student loans, business banking
  • State AvailabilityConnecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, and Washington, D.C.
  • Branch LocationsYes, 700 branches
  • ATM Network1,800 ATMs
  • Mobile AppYes; Apple, Android
  • Min. Balance to Earn Interest (Savings)$1
  • Min. Balance to Earn Interest (CDs)$1,000

Table of Contents

M&T Bank Review 2024

M&T Bank Bonuses — Expiring September 30, 2024

M&T Bank offers several checking account bonuses for new customers. Open a new account and complete qualifying activities by September 30, 2024 to earn a bonus.

See otherchecking account bonus offersandsavings account bonus offersto compare promotions from a variety of banks.

Browse our picks for the top online banks or see the best accounts of various types, whether you just want a simple spending solution or to earn excellent interest on your savings.

  • Best Online Banks
  • Best Free Checking Accounts
  • Best High-Interest Checking Accounts
  • Best High-Yield Savings Accounts
  • Best CD Rates
  • Best Money Market Account Rates

Pros Explained

  • Wide range of banking products and services: Along with checking accounts, savings accounts, and CDs, M&T Bank also provides mortgages, HELOCs, auto loans, personal loans, business banking solutions, and other products.
  • No monthly fees on EZChoice checking account: M&T Bank offers four checking accounts, and its EZChoice option doesn’t charge monthly maintenance fees. The EZChoice account doesn’t have any minimum balance or transaction requirements, either.
  • 700 branches across 14 states and Washington, D.C.: M&T Bank has branches along the East Coast, plus 1,800 ATMs.

Cons Explained

  • Low savings account rates: M&T Bank’s savings accounts don’t usually earn a competitive APY, no matter how much you deposit ($1 to $1 million or more). By contrast, some other banks offer high-yield savings accounts with APYs many times higher.
  • Most accounts come with monthly fees: With the exception of EZChoice checking, M&T Bank’s checking accounts come with monthly fees of $4.95 to $24.95. However, these fees can be waived if you meet certain daily balance or direct deposit requirements.
  • Must visit a branch in person to open some accounts: While you can open an M&T Bank checking or Relationship Savings account online, you’ll need to visit a branch to open a CD or a Premium Savings account.

Who Is M&T Bank Best For?

M&T Bank is best for customers who live within its footprint on the East Coast and are looking for a full-service bank where they can keep their finances in one place. It also may be a good fit if you prefer in-person banking and don’t mind the fact that certain accounts can’t be opened online. That said, M&T Bank does have a mobile banking app for iOS and Android, so you can manage your accounts through your mobile device.

However, M&T Bank wouldn’t be the best choice for customers looking for a high-yield savings account. It usually offers rates that are lower than the national average and much lower than the 4% or 5% APY you may find from some other banks.

Bank Accounts Offered by M&T Bank

M&T Bank offers three types of personal bank accounts:

  • Checking accounts
  • Savings accounts
  • CDs

Checking

M&T Bank Checking Accounts
AccountMin. Opening DepositMonthly Fee
EZChoice$25$0
MyWay Banking$25$4.95
MyChoice Plus$25$14.95
MyChoice Premium$25$24.95

M&T Bank offers four different checking account options. Its EZChoice account doesn’t charge any monthly maintenance fees, while other accounts have fees ranging from around $5 to $25. However, you can get these fees waived if you meet certain requirements, such as maintaining a certain minimum daily balance in your account or receiving a certain amount in deposits each month.

M&T Bank sometimes offers checking account promotions, allowing you to earn cash in exchange for opening an account and meeting other requirements, such as receiving a certain amount in direct deposits.

Savings

M&T Bank Savings Accounts
AccountMin. Opening DepositMonthly Fee
Premium Savings$0$20
Relationship Savings$25$7.50
M&T Starter Savings$0$0

You’ll have to visit a branch in person to open a Premium or Starter savings account, but it’s possible to open a Relationship Savings account online.

The APYs on M&T’s savings accounts are usually quite low. You can likely find a much better rate with a high-yield savings account.

Two of M&T’s accounts also come with monthly maintenance fees, though you may be able to get the fees waived.

  • Premium Savings: Monthly fee is waived if you have an M&T checking account or an average daily balance of $10,000 or more.
  • Relationship Savings: Monthly fee is waived if you have an M&T checking account, if you maintain a minimum daily balance of $500, or if you make at least one deposit into your account during the month.

The Starter Savings Account doesn’t charge monthly fees and is available to kids under 18.

Certificates of Deposit

M&T Bank Certificates of Deposit
AccountTerm RangeMinimum Deposit
CD32 days - 120 months$1,000

Unlike CDs from many other banks and credit unions, you must visit an M&T branch location to open an M&T CD. Depending on the CD you choose, you may be required to have an M&T checking account.

CD rates vary by location. Rates for certain terms may be competitive compared to the national average, which ranges from 0.23% to 1.40% for terms of 1 to 60 months. Compare M&T’s CDs to the best CD rates available to see if they’re currently a wise choice.

Other Products Offered by M&T Bank

M&T Bank provides a range of banking products and services in addition to its deposit accounts. These include:

  • Credit cards
  • Mortgages and HELOCs
  • Other loans, such as personal loans and auto loans

Credit Cards

M&T Bank Credit Cards
Credit CardAnnual FeeRewards
M&T Visa Signature Credit Card$01.5% cash back on all purchases
M&T Visa Credit Card with Rewards$01% cash back on all purchases
M&T Visa Credit Card$0None
M&T Secured Credit Card$0None

M&T has several credit card offerings, all with no annual fee. Both its Visa Signature card and Visa Credit Card with Rewards offer cash back and usually have a promotional bonus offer for spending a certain amount after account opening. Plus, they come with 0% APR on balance transfers and purchases for a designated time.

The M&T Visa Card doesn’t earn rewards or have a welcome bonus, but it shares the same 0% APR offer for new cardholders. M&T’s secured card is designed to help you build credit, and the bank will periodically review your account to see if you can graduate to one of its unsecured credit cards.

In the market for a new credit card? See our picks for the best credit cards for situations such as travel, grocery shopping, balance transfers, and business or student spending.

Mortgages

If you’re a current or prospective homebuyer, M&T Bank can provide you with a mortgage or home equity line of credit (HELOC). Its mortgage offerings include:

  • 30-year fixed mortgages
  • 15-year fixed mortgages
  • 5-year adjustable mortgages

M&T also offers mortgage refinancing, as well as a HELOC referred to as M&T CHOICEquity. With this HELOC, you can have a maximum loan-to-value ratio of 85.99% for primary residences.

Shopping for a home loan can be tedious, but taking the time to check rates from several lenders can pay off. Browse our top picks to explore your options:

  • Best Mortgage Lenders
  • Best Mortgage Lenders for First-Time Home Buyers
  • Best Mortgage Lenders for Bad Credit
  • Best Mortgage Refinance Companies

Other Loans

M&T Bank Loans
Loan TypeLoan AmountsLoan Terms
Unsecured personal loans$2,000–$50,00012–84 months
Cash-secured personal loans$2,000–$100,00012–120 months
Auto loans$2,000 and upUp to 84 months
Marine and recreational vehicle loans$2,000 and upUp to 240 months, depending on vehicle type
Student loans$1,000 and upNot disclosed

M&T has a range of loan products with relatively competitive interest rates and large loan amounts. You can access both unsecured and cash-secured personal loans or take out a loan to buy a car, motorcycle, boat, or other vehicle. M&T partners with Sallie Mae to provide undergraduate and graduate students with student loans starting at $1,000.

With many online banks, traditional banks, and credit unions offering loans nationwide, you have quite a few options to choose from (especially if you have good credit). Simplify your search by checking out our top picks:

  • Best Personal Loans
  • Best Auto Loan Rates

Mobile App

M&T Bank offers a mobile banking app for iOS and Android. It only has 2.4 stars out of 5 on Google Play, but has a high rating of 4.9 stars out of 5 on Apple’s App Store.

With the M&T Mobile Banking app, you can access and review your accounts, including your available balance, transactions, and credit limits. You can also deposit checks, transfer funds, and pay bills. If you lose your M&T debit or credit card, you can lock it and order a replacement through the app.

Customer Service

The main ways to contact M&T Bank are over the phone or by scheduling an appointment, which you can do on the bank’s website. M&T offers different numbers depending on the product you’re calling about (deposit accounts, credit cards, etc.). The number below is its general customer service line and is available 24 hours a day, seven days a week.

MethodContactAvailability
Telephone(800) 724-244024/7
X@MandT_HelpWeekdays, 8 a.m.–4:30 p.m. ET

Customer Satisfaction

M&T Bank made the list in J.D. Power’s 2024 U.S. Retail Banking Satisfaction Study. It came in third on the Overall Customer Satisfaction Index Ranking for mid-Atlantic banks, 13th for banks in the NY Tri-State area, and ninth for banks in Pennsylvania.

Customer reviews on Trustpilot and BBB largely skew negative, however. On these sites, dissatisfied customers complain about unauthorized charges, unhelpful customer service, and difficulty logging in to their accounts online.

  • Trustpilot: 1.5 out of 5 stars
  • BBB: 1.09 out of 5 stars

Both the Federal Reserve and the CFPB have taken regulatory actions against M&T Bank. The Federal Reserve charged M&T with violations around flood insurance and credit cards. The CFPB said that M&T used deceptive advertising around its checking accounts and required the bank to pay a refund to customers, along with a $200,000 fine.

How to Bank With M&T Bank

M&T Bank lets you open some accounts online, while others require an in-person visit to your local branch. To open an account online, you’ll fill out an application with your name, Social Security number, and other details. M&T Bank’s checking accounts require a minimum opening deposit of $25.

The Bottom Line

M&T Bank offers full-service banking for customers who want to keep their deposit accounts, loans, and other financial products under one roof. It provides the convenience of online and mobile banking, but doesn’t let you open every type of account online. This may be fine for customers who prefer in-person banking, but it wouldn’t be the best fit if you’re looking for fully online banking. While M&T’s CD may offer a decent APY for some terms, its savings accounts earn very little interest. Look elsewhere if earning a high yield on your savings is a priority for you.

M&T Bank has a nice variety of accounts, but they aren’t always competitive in terms of rates and fees. Browse other options before deciding on a home for your money.

  • Best Online Banks
  • Best Free Checking Accounts
  • Best High-Interest Checking Accounts
  • Best High-Yield Savings Accounts
  • Best CD Rates
  • Best Money Market Account Rates

Frequently Asked Questions (FAQs)

Is M&T a Trustworthy Bank?

M&T is a trustworthy bank that has been serving customers since 1856. It has 700 branches and 1,800 ATMs across 14 states and Washington, D.C. It’s covered by FDIC insurance. However, it has been subject to regulatory actions from the Federal Reserve Board and the CFPB.

Who Is M&T Bank Insured By?

M&T Bank is FDIC-insured. If you open a deposit account with M&T, your deposits will be insured by the FDIC up to the standard amount of $250,000.

How Do I Log In to M&T Bank?

You can log in to your M&T Bank account on the bank’s website or through its mobile app, which is available for both iOS and Android devices.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banking institutions. We researched 19 institutions, reviewing account types, rates, fees, minimum balance requirements, rewards, customer service, and mobile apps. Our research and editorial processes are designed to ensure that our reviews help users make informed decisions for their banking needs.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.

  1. J.D. Power. “2024 U.S. Retail Banking Satisfaction Study.”

  2. Trustpilot. “M&T Bank.”

  3. Better Business Bureau. “M&T Bank.”

  4. Federal Reserve. “Federal Reserve Issues Enforcement Action With M&T Bank.”

  5. Federal Reserve. “Federal Reserve Board Issues Enforcement Action With Former Institution-Affiliated Party of M&T Bank.”

  6. Consumer Financial Protection Bureau. “Manufacturers and Traders Trust Company.”

  7. Federal Deposit Insurance Corporation. “National Rates and Rate Caps.”

  8. Apple App Store. “M&T Mobile Banking.”

  9. Google Play. “M&T Mobile Banking.”

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