M&T Bank Review 2024 (2024)

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Overall bank rating

Pros and cons

M&T Relationship Savings Account

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 service fee. This makes it a solid option for people who regularly maintain at least $500 or more in their savings account, have an M&T Bank checking account, or make at least one deposit to their savings account each month.

You'll earn a low rate on your savings, though. M&T rates are lower than the national average of 0.46% APY, and way less than what you'll earn with any of the best high-yield savings accounts out there.

M&T MyWay Banking Account

M&T has four checking accounts to choose from. The M&T MyWay Banking Account makes it easier to waive bank fees than some of the other accounts. For example, 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.

M&T CD

An M&T CD is the one account you'll likely have to open at a physical branch. The bank only allows you to open a 1-year CD term 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.

M&T MyChoice Money Market Account

Some things about theM&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 service 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.

How M&T Bank works

M&T Bank has over 700 branches and 1,800 ATMs in 10 East Coast states and Washington, DC. Here are the nine states with branches or ATMs:

• Connecticut
• Delaware
• Florida (only one ATM location, in North Palm Beach)
• Maryland
• New Jersey
• New York
• Pennsylvania
• Vermont (only two locations, one in Morrisville and one in Stowe)
• Virginia
• West Virginia (only two locations, one in Keyser and one in Fort Ashby)

Apple customers seem to be happier with the M&T mobile app than Android customers. The app has received 4.9 out of 5 stars in the Apple store but only 2.5 out of 5 stars in the Google Play 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 a.m. to 9 p.m. ET, or on weekends from 9 a.m. to 5 p.m. ET.

M&T accounts are FDIC-insuredfor up to $250,000, or $500,000 if you have a joint account.

M&T Bank trustworthiness and BBB rating

M&T Bank does not have any recent public controversies.

The bank has received an A+ rating from the Better Business Bureau.A high BBB rating indicates that a company can resolve customer disputes effectively.

M&T Bank vs. TD Bank

M&T Bank and TD Bank offer similar bank accounts with comparable opening deposits, monthly fees, and interest rates. There is one clear distinction though: CD opening deposits are lower with TD Bank.

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.

M&T Bank vs. Citizens Bank

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% on its Citizens Bank 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.

Frequently asked questions