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M&T Bank Review: The Bottom Line

Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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M&T Bank Review: Appealing features and support — if you can avoid the fees story

NerdWallet rating: 4.0/5.0

Where M&T shines:

  • The monthly fee for the EZChoice checking account is easy to have waived by making at least one transaction — a deposit, withdrawal, or check or debit card purchase
  • About 2,000 surcharge-free ATMs

Where M&T falls short:

  • Interest rates on the Relationship Savings account are even less than the national average, which is low at 0.06%
  • M&T Bank charges an overdraft fee of $38.50 per transaction, which is more than what even some of the largest banks charge. The bank also charges an extended overdraft fee if the account is not repaid by the fifth business day.

Where M&T shines:

  • The monthly fee for the EZChoice checking account is easy to get waived by making at least one transaction — a deposit, withdrawal, or check or debit card purchase
  • About 2,000 surcharge-free ATMs

Where M&T falls short:

  • Interest rates on the Relationship Savings account are even less than the national average, which is low at 0.06%
  • M&T Bank charges an overdraft fee of $38.50 per transaction, which is more than what even some of the largest banks charge. The bank also charges an extended overdraft fee if the account is not repaid by the fifth business day.

Where M&T shines:

  • The monthly fee for the EZChoice checking account is easy to get waived by making at least one transaction — a deposit, withdrawal, or check or debit card purchase
  • About 2,000 surcharge-free ATMs

Where M&T falls short:

  • Interest rates on the Relationship Savings account are even less than the national average, which is low at 0.06%
  • M&T Bank charges an overdraft fee of $38.50 per transaction, which is more than what even some of the largest banks charge. The bank also charges an extended overdraft fee if the account is not repaid by the fifth business day.


The bottom line

M&T Bank is a prominent regional bank with hundreds of branches, mostly in New York and the mid-Atlantic. If it’s in your neighborhood, it could be a good choice for you. Its checking and savings accounts, however, have the high fees and low savings yields you might expect to find at large national banks. If you’re looking for higher rates, explore our list of best savings accounts for several options.

Best if: You’re looking for free checking and savings that you can set to autopilot.

Updated Jan. 19, 2018


Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, 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 technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.