We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.
- Banking
- Bank Reviews
M&T Bank has a wide range of banking products but low rates on savings accounts
By
Rebecca Safier
:max_bytes(150000):strip_icc()/Rebecca-Safier-headshot-edit-3653106e4eb44c86a91670d358de53a5.jpg "M&T Bank Review 2024 (1)")
Updated April 30, 2024
Fact checked by
Brendan Harkness
:max_bytes(150000):strip_icc()/B-Harkness-Headshot-edit-ec63ec9233ff4373a43817750e28afd2.jpg "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
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 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 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. Table of Contents M&T Bank Review 2024 Pros Explained Cons Explained Bank Accounts Other Products Mobile App Customer Service Customer Satisfaction The Bottom Line FAQs Methodology 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. 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. M&T Bank offers three types of personal bank accounts: 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. 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. The Starter Savings Account doesn’t charge monthly fees and is available to kids under 18. 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 0.22% to 1.39% 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. M&T Bank provides a range of banking products and services in addition to its deposit accounts. These include: 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. 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: 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: 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: 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. J.D. Power. “2024 U.S. Retail Banking Satisfaction Study.” Trustpilot. “M&T Bank.” Better Business Bureau. “M&T Bank.” Federal Reserve. “Federal Reserve Issues Enforcement Action With M&T Bank.” Federal Reserve. “Federal Reserve Board Issues Enforcement Action With Former Institution-Affiliated Party of M&T Bank.” Consumer Financial Protection Bureau. “Manufacturers and Traders Trust Company.” Federal Deposit Insurance Corporation. “National Rates and Rate Caps.” Apple App Store. “M&T Mobile Banking.” Google Play. “M&T Mobile Banking.” Investopedia is part of the Dotdash Meredithpublishingfamily.:fill(white):max_bytes(150000):strip_icc()/MT_Bank-7840092bc5e1499aad776f1203f5eb56.jpg "M&T Bank Review 2024 (3)")
Pros Explained
Cons Explained
Who Is M&T Bank Best For?
Bank Accounts Offered by M&T Bank
Checking
M&T Bank Checking Accounts Account Min. Opening Deposit Monthly Fee EZChoice $25 $0 MyWay Banking $25 $4.95 MyChoice Plus $25 $14.95 MyChoice Premium $25 $24.95 Savings
M&T Bank Savings Accounts Account Min. Opening Deposit Monthly Fee Premium Savings $0 $20 Relationship Savings $25 $7.50 M&T Starter Savings $0 $0 Certificates of Deposit
M&T Bank Certificates of Deposit Account Term Range Minimum Deposit CD 32 days–72 months $1,000 Other Products Offered by M&T Bank
Credit Cards
M&T Bank Credit Cards Credit Card Annual Fee Rewards M&T Visa Signature Credit Card $0 1.5% cash back on all purchases M&T Visa Credit Card with Rewards $0 1% cash back on all purchases M&T Visa Credit Card $0 None M&T Secured Credit Card $0 None Mortgages
Other Loans
M&T Bank Loans Loan Type Loan Amounts Loan Terms Unsecured personal loans $2,000–$50,000 12–84 months Cash-secured personal loans $2,000–$100,000 12–120 months Auto loans $2,000 and up Up to 84 months Marine and recreational vehicle loans $2,000 and up Up to 240 months, depending on vehicle type Student loans $1,000 and up Not disclosed Mobile App
Customer Service
Method Contact Availability Telephone (800) 724-2440 24/7 X @MandT_Help Weekdays, 8 a.m.–4:30 p.m. ET Customer Satisfaction
How to Bank With M&T Bank
The Bottom Line
Frequently Asked Questions (FAQs)
Is M&T a Trustworthy Bank?
Who Is M&T Bank Insured By?
How Do I Log In to M&T Bank?
Methodology
