M&T Bank review: Open a savings account with $0 and choose between fixed-rate and variable-rate CDs

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• M&T Bank (Member FDIC) could be good for people who live on the US East Coast.
• M&T Bank might be a fit if you live near a location and qualify to waive monthly fees.
• With an M&T CD, you can choose a fixed or variable rate CD — most banks only offer fixed-rate CDs.
• See Insider’s picks for the best CD rates »

Is M&T Bank a good fit?

The bottom line: M&T Bank is a solid option if you live near a branch and prefer in-person banking to online banking.

M&T Relationship Savings Account review

M&T Relationship Savings Account

The M&T Relationship Savings Account has two main perks: There’s no minimum opening deposit, and it’s easy to waive the $7.50 monthly fee. This makes it a solid option for people looking for a low-cost savings account at a brick-and-mortar bank.

You’ll earn a low rate on your savings, though. M&T rates are lower than the national average of 0.05%, and way less than what you’ll earn with a high-yield savings account.

M&T MyWay Banking Account review

M&T MyWay Banking Account

M&T has four checking accounts to choose from. The M&T MyWay Banking Account makes it easier to waive the monthly fee than some of the other accounts, and it doesn’t charge an overdraft fee. There isn’t an overdraft protection option, either, though — M&T will simply deny your transaction if it would overdraft the account.

This account comes with a debit card, but not paper checks. It also charges a $3 fee when you use an out-of-network ATM. But if ATM fees are important to you, then you can look at some of M&T’s other checking accounts.

M&T Certificate of Deposit

Most banks pay a fixed rate on your CD balance, which means your rate won’t go up or down during the term. But M&T has a unique feature: You can choose between a fixed and variable rate. Fixed and variable rates each have their pros and cons. Locking in a fixed APY can protect you if rates drop, but a variable rate comes in handy if rates increase.

M&T MyChoice Money Market Account review

M&T MyChoice Money Market Account

You may qualify for a premium interest rate if you open an M&T checking account and make at least three checking transactions per month. But regardless of whether you earn a regular or premium rate, the APY is still lower than what you can find with many other banks. The introductory rate may be competitive, depending on your balance and where you live.

3.75 out of 5 StarsEditor’s RatingOUR EDITOR’S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. OUR CREDIT CARD EDITOR TAKES THOSE FACTORS INTO ACCOUNT, AND COMES UP WITH A RATING TO BEST REFLECT HOW THE CARD PERFORMS IN THAT CRITERIA – RELATIVE TO OTHER PRODUCTS WE’VE REVIEWED.