Everything You Need To Know About M and T Bank

Feb 03, 2024 By Triston Martin


M&'T Relationship Savings Accounts are notable for two key reasons: No minimum initial deposit is required, and it is simple to opt out of the $7.50 monthly service cost. This is a good choice for those searching for low-cost savings account with a brick-and-mortar bank since it is convenient. Your savings, on the other hand, will earn a low-interest rate. M&'T's rates are far lower than the national average of 0.06 percent, and they are significantly lower than what you would earn with a high-yield savings account.


M&'T offers four different types of checking accounts to choose from. Unlike some of the other accounts, the M&'T MyWay Banking Account allows it simpler to waive the monthly cost than others, and it does not levy an overdraft fee. However, there is no overdraft protection available — if your transaction would cause the account to go into overdraft, M&'T will simply refuse to process it. This account has a debit card, but no paper checks are included. It also charges a $3 fee if you use an ATM not part of their network. But if ATM costs are crucial to you, you may look at some of M&'T's others.


A M&'T CD is the only account that must be opened in person at a physical location. Most of the bank's CD rates are not advertised on its website, so you'll have to call your local branch to find out what rates are available. This makes it difficult to shop around for the best rates on the internet. Most banks offer a fixed interest rate on CD balances, which means that your rate will not fluctuate during the term of the CD. M&'T, on the other hand, provides a unique feature: you may pick between a fixed and variable interest rate. Locking up a set annual percentage yield (APY) may protect you if interest rates fall, but a variable rate might be useful if interest rates rise.

Money Market

Some aspects of the MyChoice Money Market Account from M&'T Bank are straightforward: You may start an account with as little as $1 and access your funds using paper checks. However, you will be charged a $15 monthly fee unless you satisfy certain requirements. The regulations governing interest rates, on the other hand, are many and difficult to understand.

You will be charged a different cost based on your location. If your initial balance is less than $10,000, you will receive a normal annual percentage yield; otherwise, you will earn a higher introductory annual percentage yield for the first three months. Because it's a tiered system, you'll receive a greater annual percentage yield if you have a larger amount — except the introductory rate, which reduces if your beginning balance is $1 million or more.

Minimum Opening Deposits

Most of the time, M&'T Bank holds its minimum opening deposits reasonable. A $25 minimum beginning deposit is required for all of its checking alternatives, while no minimum opening deposit is required for its savings accounts. Furthermore, although the money market account demands a $2,500 minimum starting deposit, this is in line with the requirements of many other financial institutions. For CDs, you'll need at least $1,000 to open one, which is not excessive when compared to the minimums required by many other financial institutions, like banks.

Maintenance Fees

The bank charges monthly maintenance fees on all accounts, except its EZChoice Checking account, M&'TStarter Savings account, and CDs. Still, the bank provides simple options for waiving them if you meet certain criteria. Example: To open a MyChoice Plus Checking account, you must maintain a minimum of $2,500 in average daily balance or make at least one direct deposit totaling at least $1,500 each month throughout the service fee cycle. And the monthly service charge for the Relationship Savings account will be eliminated if you maintain a minimum daily amount of at least $500, make at least one deposit, or hold an M&'T Bank personal checking account, among other requirements.

Customer Service

The customer service at M&'T Bank is quite accessible. If you have any questions, you may call M&'T Bank. If you have a general query or concern, bank employees are ready to chat with you at any time of day or night. This means you won't have to wait until the following business day to obtain help if you need it. And suppose you have any specific questions or concerns. In that case, you can contact the following M&'T Banking departments, which are open Monday through Sunday: Online and mobile banking, as well as business, credit card, and commercial card servicing, are all available. Hours of operation for the Commercial Service Team and the Mortgage and Mortgage Transfer Teams are Monday through Friday.

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