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 澳洲幸运5官方开奖结果体彩网: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 f🧸inances in one place. It also may be a good fit if you prefer in-perso𓆏n 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 澳洲幸运5官方开奖结果体彩网: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 B♍ank offeꦚrs three types of personal bank accounts: 

• Checking accounts
• Savings accounts 
• CDs 

Checking

M&T Bank offers four different 澳洲幸运5官方开奖结果体彩网: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 sometim💮es offers checking account promotions, allowing you to earn cash in exchange for opening an account and meeting other requireme♚nts, such as receiving a certain amount in direct deposits.

Savings

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 澳洲幸运5官方开奖结果体彩网: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 Ac🧜count doesn’t charge monthly fees and is available to kids under 18.

Certificates of Deposit

Unlike CDs from many other banks and credit unions, you must visit an M&T branc🔴h location to open an M&T CD. Depend♍ing 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 澳洲幸运5官方开奖结果体彩网: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 prodಞucts and services in addition to its deposit accoun🔯ts. These include:

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

Credit Cards

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. ꦡPlus, 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 澳洲幸运5官方开奖结果体彩网:build credit, and the bank will periodicaꦐlly review your account to see if you can graduate to one of its unsecured credit cards.

Mortgages

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

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

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

Other Loans

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 澳洲幸运5官方开奖结果体彩网:Sallie Mae to provide undergraduate and graduate students with student♛ loans starting at $1,000ꦐ. 

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 a𒁃lso deposi🎐t 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 calli𓃲ng 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.

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

How to Bank With M&T Bank

M&T Bank lets 💛you open some accounts online, while others require an in-person visit to yo꧅ur 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 dec🗹ent APY for some terms, its savings accounts earn very little interest. Look elsewhere if ear❀ning a high yield on your savings is a priority for you.

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 澳洲幸运5官方开奖结果体彩网: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 澳洲幸运5官方开奖结果体彩网:mobile app, which is available for both iOS and Androi🗹d devices.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banking institutions. We researched 19 ꦕinstitutions, 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.