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M&T Bank Review: Best Account For You

Located in the upper East Coast region, M&T Bank offers a variety of free accounts! To find out if M&T Bank is right for you, continue reading this review below.

M&T offers several FREE checking accounts that comes with exclusive benefits as well, so, if you are looking for a checking account that doesn't require any minimum opening deposit, then you may be interested in banking with M&T!

Checking Accounts

Each checking account comes with an M&T chip reading debit card, access to online and mobile banking and alerts.

EZChoice Checking MyChoice Plus Checking MyChoice Premium Checking Basic Banking

This checking account doesn't earn interest, but it is completely free.

This account doesn't require a monthly fee nor a minimum balance either so anyone can open it.

You can gain access to a Relationship Savings account as well when you apply.

This checking account does earn interest, but it requires either a minimum monthly balance of $2,500 or have monthly direct deposits totaling to at least $1,500.

You don't have to pay any monthly service fees either when you use a non M&T Bank ATM, and M&T Bank will refund any charges you make with another ATM.

You can also have access to discounted loan rates.

This checking account earns high interest being a premium one, but you need to maintain a monthly balance of $7,500 or an overall balance of $25,000 in direct deposits.

This account also allows:

Access to a MyChoice Money Market account completely free of charge
Access to a Safe Deposit Box
No Fees for incoming wire transfers whether domestic or foreign

This checking account is for everyday use such as accessing your direct deposits or doing mobile banking.

There is, however, a $3 monthly fee that cannot be waived, but you do get access to a Relationship Savings account for no extra charge.

Compare Checking Accounts

Chase Total Checking® Chase Premier Plus Checking^SM HSBC Premier Checking HSBC Advance Checking Huntington Asterisk-Free Checking® Huntington 5 Checking® Huntington 25 Checking® BBVA Online Checking

• New Chase checking customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
• Access to 16,000 Chase ATMs and more than 4,700 branches
• Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
• Overdraft Services - no fee if you're overdrawn by $50 or less at the end of the business day*
• *We charge a $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102).

• Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
• Open your new HSBC Premier checking account online by January 5, 2022; and
• Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
• You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.

Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

Open your Huntington 25 Checking account today and enjoy:
• $300 bonus by making cumulative new money deposits of at least $25,000 within 60 days of account opening. $500 will be deposited in your new account within 14 days of meeting requirements.
• 24-Hour Grace Overdraft Fee Relief. It is designed to give you more time to make a deposit in order to avoid an Overdraft Fee.
• Earn Interest on Balances. 0.05% Annual Percentage Yield applies to all balance tiers.
• Free ATM Withdrawals. They'll waive all non-Huntington ATM cash withdrawal fees at any ATM and reimburse you for some withdrawal fees charged by another ATM owner.
• Waived Monthly Maintenance Fee
• Credit score and identity monitoring at no added cost

Savings Account Options

M&T Bank has a few selection of savings accounts, but if you apply for any of their checking accounts, you can automatically gain access to these accounts.

Relationship Savings M&T Starter Savings

This savings account in particular is immediately accessible when you apply to any of M&T's checking accounts.

This account earns interest, and when paired with a checking account, it becomes an overdraft account.

If you choose to open this account alone, there's a service fee but you can waive it by keeping a balance of $500.

This savings account encourages those 18 years old or younger to start saving at an early age.

A parent or guardian is required in order to open it as they will have access to the account.

There are no monthly fees or minimum balances to worry about, so, teens can enjoy just saving their money without having to constantly deposit funds to keep their account open.

Teens will gain access to both online and mobile banking and an M&T ATM as well.

This account earns interest at a variable rate.

Compare Savings Accounts

Chase Savings^SM CIT Bank Savings Builder American Express® Personal Savings Simple Discover Online Savings UFB High Yield Savings

With theCIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn 0.40% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured

With the American Express® High Yield Savings Account:
• Earn 0.40% APY on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• No monthly fees, no minimum balance.
• 24/7 Account Access

Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB21 by 12/15/2021
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 0.40% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000

See advertiser website for full details

• Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account
• No minimum balance requirements
• Free ATM card upon request
• $250 minimum opening deposit
• Free Incoming Wires

Money Market Account Options

Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. M&T Bank offers savings accounts that function as money markets, earning competitive interest rates.

M&T Money Market MyChoice Money Market

This account doesn't have a monthly service fee nor a minimum balance requirement, but the interest earned is variable.

You also get checking writing privileges, but you are only allowed up to 6 withdrawals per cycle.

This account earns tiered interest rates depending on your balance amount.

If you have a MyChoice Premium Checking account, you will make 3 deposits each month.

You also can access your funds at participating M&T ATMS or at a branch.

Compare Money Market Accounts

Discover Money Market BBVA Money Market CIT Bank Money Market Huntington Business Money Market

Discover Money Market Account - Checking

• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 0.35% APY balances $100,000 and over
• Earn 0.30% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs

With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 0.45% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured

CD Account Options

M&T Bank offers CDs with terms from 32 days and 72 months, and you can only open them at your local branch.

To open a CD, you will need at least $1,000 in your new account.
To get promotional rates, the $1,000 must not be in a preexisting M&T account.
M&T also offers a very competitive rate for their 12-month and 24-month CDs.

Compare CD Accounts

Discover CD CIT Bank CD Synchrony Bank CD BBVA CD

• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.20% APY up to 1.00% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.

• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open aCIT Bank Certificate of Deposit Accounttoday!

Reasons to Bank with M&T Bank

It's rare nowadays that a traditional bank offers a free checking option with no monthly service fee or account minimum requirements.
You can receive M&T Bank alerts regarding your account in three ways: mobile app, email, or text message.
Deposit your checks via mobile app. You also get an extended time to do so. Checks that are deposited by 8 PM are considered a same day deposit. The funds' availability will be based on the standard requirements.
You can transfer your funds, pay bills, and view your account transactions on the mobile app. M&T Bank's mobile app is an extension of their online platform. This make it easier to bank no matter where you are and at any time of day or night.

Reasons Not to Bank with M&T Bank

If you tend to occasionally overdraft your checking account, you'll want to look elsewhere. The overdraft feest at M&T are higher than many other banks. They also charge an extended overdraft fee if you remain short on your account for five straight days.
M&T Bank is a regional bank, not a nationwide bank. You must live in Maryland, New Jersey, New York, Delaware, Connectticut, Virgina, West Virginia, Pennsylvania, or Washinggton, D.C. to open an account.
M&T Bank's interest rates can't compare with the online, high yield rates offered by many banks that don't have the overhead of a brick and mortar branch.

M&T Bank Routing Number

M&T Bank has three routing numbers. Your routing number corresponds to the state you opened your account in.

New York, New Jersey, and Connecticut: 022000046
Pennsylvania and Delaware: 031302955
Maryland, Virginia, West Virginia, and Washington DC: 052000113

Contact Customer Service

You can reach M&T Bank general service at 1-800-724-2440, Monday-Friday 6 AM – 9 PM ET, and 9 AM – 5 PM ET Saturday and Sunday.

If you have questions about online or mobile banking, call 1-800-790-9130, Monday – Friday 8 AM – 9 PM ET, and 9 AM – 5 PM ET Saturday and Sunday.

How M&T Bank Compares

KeyBank: They have a large selection of checking accounts that offer various benefits. They also have cash bonuses that can range in value from $100 to $500. However, like M&T Bank, they have high overdraft fees and their interest rates do leave a bit to be desired.
PNC Bank: PNC offers a lot of different account options along with fee-free features as well such as: no monthly service such as use of PNC Bank ATMs, FREE mobile/online banking, reimbursement of PNC fees for use of non-PNC ATMs, and many other features that can be found on their website.
Capital One 360: Capital One 360, you can bank fee-free with online and mobile checking that actually pays you back. Whether you're looking for one of their 40,000 fee-free ATMs or a Capital One location–chances are they are right nearby.

Bottom Line

Overall, if you want a free checking account that comes with easy access to your savings or even money market accounts, then consider banking with M&T Bank!

With all the free accounts they offer, this makes M&T a worthwhile choice for those who live near the upper East Coast region, but many can do banking online as well. Keep in mind that some features that are available in person may differ online however.

However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don't focus on the interest rate alone, but on what the account will cost you overall.

If you're interested in banking with M&T Bank, see what they have to offer through M&T Bank Promotions! And while you're here onHMB, check our full list of Best Bank Promotions for more options!

Helpful Tips:

M&T Bank Routing Number
How To Find and Use Your M&T Bank Login

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