M &T Bank Review 2020 with Pros and Cons of the Accounts

M &T Bank Review: M&T Bank offers a great variety of banking products that cater to people of all ages. Additionally, all accounts provide features to help you save money, especially on fees and money transfers. If you wonder whether M&T Bank is the right bank for you, read on!

M&T Bank, originally known as Manufacturers and Traders Bank, was founded way back in 1856 in Buffalo, New York. Over the years, the bank has expanded both its financial offerings as well as its geographical presence.

However, its relationship-driven approach to banking has remained the same, as the bank continues to grow according to its customers’ needs.

Pros and Cons of Banking With M&T Bank

Pros

Personalized service provided by Relationship Bankers
Good selection of checking and savings accounts to choose from
Numerous loan options

Cons

Service area limited to the Northeast and Mid-Atlantic
Interest-bearing checking accounts require large balances
Only two standard savings accounts available for individuals

Services/Rates/Fees Offered

Account Type	Features	Rates	Monthly Fees	Comparative Rates
EZChoice Checking	$25 minimum opening balance Must be at least 18 years old to open	Non-interest-bearing	No monthly fee	U.S. Bank’s Basic Checking Account does not pay interest.
MyWay Banking	No overdraft feesAccess to online and mobile bill pay $25 minimum to open Minimum age to open an individual account is 18 years old, though minors 13 to 17 can be joint owners with a parent or guardian	Non-interest-bearing	$4.95, but waived if you have one or more transactions each monthly cycle, such as a deposit, withdrawal or debit payment	SunTrust’s Essential Checking account offers 10% Loyalty Cash Bonus with a SunTrust Cash Rewards credit card when you redeem your cash back into a SunTrust deposit account.
MyChoice Plus Checking	$25 minimum to openInterest-bearing accounts available, though you can opt for a non-interest account Minimum age to open an account is 18 years old No fee at non-M&T ATMs and rebates of other banks’ ATM fees Discounted personal loan rates	0.01% for balances of $149,999.99 to $1 million-plus	$14.95, but waived if you maintain an average daily balance of at least $2,500 or have direct deposits totaling at least $1,500 per monthly cycle	Wells Fargo Preferred Checking lets you earn an interest of 0.01% on balances of $500 or more.
MyChoice Premium Checking	$25 minimum to openMinimum age to open an account is 18 years old No fee at non-M&T ATMs and rebates of other banks’ ATM fees Access to MyChoice Money Market account with no monthly maintenance fee Free standard check orders No fee for overdraft protection transfers Safe deposit box discount Discounted personal loan rates	Tiered APY starting at 0.01% for balances up to $49,999 and then going to 0.05% for balances of $100,000 or more	$24.95, but waived if you maintain an average daily balance of at least $7,500 or maintain combined average daily balances of at least $25,000 in eligible accounts	United Bank of Iowa’s Preferred Checking has tiered interest with a minimum balance of $2,500.
Relationship Savings	Compatible with direct deposit and M&T’s Easy SaveElectronic statements available FDIC-insured up to the maximum applicable limit	APY of 0.02%	$7.50, but waived if you maintain a minimum daily balance of $500, have a personal checking account with M&T Bank or make at least one deposit in your Relationship Savings account during the monthly cycle	Peoples Bank-North Carolina has a $100 minimum to open an account and tiered interest rates in ranges of $0-$999.99 and $1,000 and above
M&T Starter Savings Account	No minimum balance requirement to open the account and no monthly maintenance chargeFDIC-insured up to the maximum applicable limit	APY of 0.02%	No monthly maintenance fee	United Bank of Iowa’s UBI Kids Savings Club has an APY of 1.81% for $0.01-$1,000 and 0.10% for $1,000.01 and greater.
CDs	Fixed or variable rates for the term of the CD, ranging from 32 days to 72 monthsAccounts are FDIC-insured up to the maximum applicable limit Penalties may apply for early withdrawal	APY of 0.25%	No monthly maintenance fee	Discover Bank offers a 1.75% APY on 12- to 30-month term CDs
Money Market Account	Premium interest rates available for qualifying customersCheck writing capability FDIC-insured up to the maximum applicable limit	Regular APY ranges from 0.05% for balances below $10,000 to 0.29% for balances above $100,000 but below $1 million.Balances of more than $1 million have a regular interest rate of 0.09%. Premium APY ranges from 0.05% for balances below $10,000 to 0.33% for balances above $100,000 but below $1 million. Balances above $1 million have a premium APY of 0.13%.	No monthly fee if you maintain a minimum daily balance of $2,500; otherwise the fee is $15

Checking Accounts Features

Access to online banking, mobile banking, M&T debit card and M&T alerts
Zelle digital payments available with all accounts
Digital wallet services through Apple Pay, Google Pay and Samsung Pay

Pros

EZChoice Checking has no monthly fee.
Low minimum deposits to open
MyChoice Premium Checking provides access to Money Market account with no monthly maintenance fee.

Cons

Only two interest-bearing accounts offered
Monthly fees for both MyChoice accounts are high, but they can be avoided if you meet the requirements.

Read: CIT Bank Reviewed: Good Echecking Account and Saving Options

Savings Accounts Features

Two different interest-rate levels: regular and premium
FDIC-insured up to the maximum applicable limit

Pros

No monthly maintenance fee and no minimum deposit requirement for M&T Starter Savings Account
MyChoice Money Market Account offers premium interest rates to qualifying customers

Cons

Relationship Savings and MyChoice Money Market accounts both have monthly maintenance fees unless you meet requirements to waive them
Low APY compared with many other banks

Certificates of Deposit (CDs) Features

Fixed or variable rates for the term of the CD, ranging from 32 days to 72 months
Must be opened at your local branch
A minimum deposit of $1,000 to open

Pros

Accounts are FDIC-insured up to the maximum applicable limit
Low risk

Cons

Penalties may apply for early withdrawal
Low APY compared to other CDs

Also read: Is Bank of America a Good Bank 2020 Review – Check it Out

How it Compares

PNC:

PNC is an Eastern bank that offers comprehensive banking services. Their online budgeting tools make it easier to set financial goals and reach them.

They also have a large presence at many major universities, providing financial education for college students. They also offer low monthly fees, but they do have lower interest rates than many other banks.

KeyBank:

KeyBank has an estimated 1,200 branches across 15 states. Their offerings are rather basic, but they excel at customer service. Like M&T Bank, they have high overdraft fees and their interest rates do leave a bit to be desired.

Final Words

M&T Bank is a great neighborhood bank. If its locations are convenient for you and you aren’t looking for top-notch interest rates, you may have found the perfect bank for yourself. As always, make sure you read the fine print and determine if banking at M&T Bank is in your best interest.