M&T Bank Review: Checking, Savings and CDs
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Overall institution rating
3.3
M&T Bank is a large regional bank with hundreds of branches in New York and on the East Coast. If you’re in the neighborhood and prefer an in-person bank, it could be a good choice for you. Its savings accounts, however, have the high fees and low savings yields you might expect to find at large national banks. The bank is one of NerdWallet’s lowest-rated financial institutions due to its account fees and rates. If you’re looking for other options, explore NerdWallet’s list of best savings accounts.
Best for: People looking for a free checking account with decent ATM access and aren’t concerned with earning high interest rates.
- No monthly fees on one checking account.
- Overdraft buffer.
- Solid regional branch network.
- Low minimum opening deposits on some checking accounts.
- Low rates on savings accounts.
- Monthly fees on savings and some checking accounts (though they are avoidable).
- Cannot open some accounts online.
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, banking 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). The ratings are incremented in tenths of a star.