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- M&T Bank (Member FDIC) could be good for people who live on the US East Coast and want a brick-and-mortar bank.
- Your choice between M&T Bank and competitors may come down to which has a location closer to your home and whether you qualify to waive monthly fees at one bank and not another.
- The M&T MyChoice Money Market Account has complicated rules surrounding interest rates, but if you meet all the qualifications, then you could end up earning a better rate than at some other brick-and-mortar banks.
- With an M&T CD, you can choose between a fixed and variable rate — most banks only offer fixed-rate CDs.
- See Business Insider’s picks for the best CD rates »
M&T Bank has over 700 branches in nine Eastern states and DC. You must open a CD at a physical branch, but you can open a savings, checking, and money market account online, even if you don’t live in a market where there are branches.
There isn’t much point in opening an account online if you don’t live near a branch, though. You can find plenty of online banks with higher APYs, lower minimum deposits, and no monthly fees.
M&T Bank is probably the best fit for people who live near a branch. If you live near other banks, too, then your choice may come down to the nitty-gritty details, like where you qualify to waive monthly fees.
You might like banking with M&T if you:
- Live near a branch
- Don’t have much money to open a savings account
- Are looking for savings and checking accounts that make it easy to waive monthly fees
- Want several options for checking accounts
- Want to earn a competitive APY on your money market account for the first three months
You might not like banking with M&T if you:
- Don’t live near a branch
- Want to earn a high APY on your savings account
- Don’t have $1,000 to open a CD
- Don’t have at least $10,000 to get the most out of a money market account
- Find M&T Bank’s rules about earning interest with the money market account to be confusing
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 fee. This makes it a solid option for people looking for a low-cost savings account at a brick-and-mortar bank.
You’ll earn just 0.02% APY on your savings, though. This is less than the national average of 0.06%, and way less than what you’ll earn with a high-yield savings account.
See Business Insider’s picks for the best high-yield savings accounts »
M&T has four checking accounts to choose from. The M&T MyWay Banking Account makes it easier to waive the monthly fee than some of the other accounts, and 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.
See Business Insider’s picks for the best checking accounts »
An M&T CD is the one account you have to open at a physical branch. The bank doesn’t advertise most of its CD rates on its website, so you’ll have to contact your local branch to find rates. This makes it difficult to shop around for rates 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.
See Business Insider’s picks for the best CD rates »
Some things about the M&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 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.
See Business Insider’s picks for the best money market accounts »
M&T Bank has over 700 branches and 1,800 ATMs in nine East Coast states and DC. Here are the nine states with branches:
- Florida (only one location, in North Palm Beach)
- New Jersey
- New York
- West Virginia (only two locations, one in Keyser and one in Fort Ashby)
You’re able to open savings, checking, and money market accounts online, but you must open CDs at a physical branch.
Android customers seem to be happier with the M&T mobile app than Apple customers. The app has received 4.3 out of 5 stars in the Google Play store but only 3.1 out of 5 stars in the Apple 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 8:00 a.m. to 9:00 p.m. ET, or weekends from 9:00 a.m. to 5:00 p.m. ET.
M&T accounts are FDIC insured for up to $250,000, or $500,000 if you have a joint account.
M&T Bank has branches and ATMs in several states on the East Coast. We’ve compared it to two other banks on the East Coast, with locations in most of the same states: TD Bank and Citizens Bank.
|M&T Bank||TD Bank||Citizens Bank|
|Branches||9 states and DC||15 states and DC||12 states|
|Savings||$7.50 or $0||$15, $5, or $0||$4.99 or $0|
|Checking||$24.95, $14.95, $4.95, or $0||$25, $15, or $0||$25, $9.99, or $0|
|Money market||$15 or $0||$12 or $0||$10 or $0|
M&T Bank review vs. TD Bank review
M&T Bank and TD Bank offer similar bank accounts with comparable opening deposits, monthly fees, and interest rates. There are a couple exceptions, though: CD opening deposits are lower with TD Bank, and you have the potential to earn a higher rate on your money market account with M&T Bank.
Otherwise, you may find you prefer one bank over another because you qualify to waive monthly fees with one bank but not the other.
TD Bank’s branches are open seven days per week, making banking easier for people who can’t get to a bank during regular work hours.
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.
See Business Insider’s picks for the best national banks »
M&T Bank review vs. Citizens Bank review
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% APY on its 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.