The bottom line
- The majority of M&T’s roughly 800 branches are in New York, Pennsylvania and the greater Washington, D.C., area.
- M&T offers a $150 sign-up bonus on new checking accounts for customers in certain states.
|Certificates of deposit (CDs)|
Read on for more details about M&T’s checking and savings accounts, CDs, customer experience and overdraft fees.
3.5 / 5.0
There are four checking accounts to choose from, five if you’re older than 50. The premium options come with several perks, but sidestepping the monthly fees on those accounts won’t be easy.
2.5 / 5.0
M&T offers several savings accounts. Though it wasn’t factored into our ratings, the MyChoice Money Market account lets customers with large balances earn an annual percentage yield of 1.25% during their first three months at the bank. Rates vary by region.
|The Relationship Savings account has a monthly fee of $7.50, but it can avoided fairly easily if you:||At APY, rates on the Relationship Savings account are low. Rates may vary depending on where you live.|
Certificates of deposit
3.0 / 5.0
M&T offers a decent selection of term lengths, but its rates aren’t very good, and the initial deposit requirement of $1,000 is high.
» MORE: What is a CD?
3.5 / 5.0
Unlike the larger national players, M&T operates primarily in the mid-Atlantic region. If you live within its branch and ATM footprint, you’ll likely have plenty of places to do your banking.
M&T’s online banking platform is generally useful, but the user experience could be much better. Its Android and iOS mobile apps come with helpful services like mobile check deposit and online bill pay.
2.0 / 5.0
If you have a checking account at M&T, keep a close eye on your balance. The bank charges a high overdraft fee of $38.50, which it can charge up to five times per day. At $12.50, the overdraft protection transfer fee also is more expensive than most. The overdraft line of credit has an 18% interest rate, and most checking account holders will owe a $12.50 transfer fee. If incurred, both transfer fees are charged only once per day.
Good sign-up bonus, but little else
Otherwise, you’ll probably be better served elsewhere. You may also want to give online banks a look; these typically come with some of the best high-yield savings accounts on the market and more forgiving overdraft policies.
Verified Jan. 30, 2017.
NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, customer experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.
What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid