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M&T Bank vs Bank of America

M&T Bank is an upper East Coast bank with free checking option and good promo CD rates. How does it compare to Bank of America? Read our comparison chart below.

M&T Bank has 690 branches serving the Upper East Coast and Florida. Offers a no-fee checking, as well as interest checking but with heavier requirements to waive service fees. Select Promo CD offers high rates for terms up to 36 months with a $1,000 minimum opening deposit.

While Bank of America is one of the largest banks in the U.S. with over 5,000 locations and 16,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

Compare M&T Bank with Bank of America, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 

M&T Bank

Bank of America

SPECIAL OFFER
Personal Checking Account - Up to $250 Bonus - Learn More

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SPECIAL OFFER
Advantage Plus Banking Checking Account - $100 Bonus - Learn More

Read Bank of America Review

 

Benefits and Features

Savings0.02% APY. Monthly service fee of $7.50 unless you 1) maintain a minimum daily balance of $500 or, 2) have a personal checking account with M&T Bank or, 3) make at least one deposit in your Relationship Savings account0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.
CD0.15% - 1.60% APY. Terms ranging from 32 days - 72 months. Minimum opening deposit $1,000.Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.70% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $10,000.
Money MarketM&T MyChoice Money Market account Regular rate of 0.04% - 0.39% APY, Premium rate of 0.05% - 0.47% APY for qualifying customers. 
Customer ServiceMon - Fri 8:00 am - 9:00 pm (ET); Sat - Sun 9:00 am - 5:00 pm (ET).Mon-Fri: 8am - 11pm(ET)
Sat-Sun: 8am - 8pm (ET)
ATMsMore than 1,500 M&T Bank ATMs in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia.Approximately 15,900 ATMs around the country.
IRA CD Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.70% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000.
Locations690 bank branches located throughout New York, New Jersey, Pennsylvania, Maryland, Washington, D.C., Virginia, West Virginia and Florida4600 retail financial centres around the country and brances in more than 40 other countries.
 

CreditDonkey® Reviews

Savings
CD
Checking
Money Market
Customer Service
Mobile App
Pros & ConsPros:
  • Free checking option
  • High APY for Promo CD
  • Free savings with checking
Cons:
  • Fee heavy
  • Subpar savings APY
  • Limited branches
Pros:
  • National availability
  • Extended customer service hours
  • Full service bank
Cons:
  • No free checking option
  • Low interest rates
  • Many misc. banking fees
Bottom LineUpper East Coast bank with free checking option and good promo CD rates... Read full reviewNational bank with widespread accessibility and wide range of services... Read full review

Personal Checking Account - Up to $250 Bonus

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

M&T Bank: Pricing information from published website as of 10/19/2019 based on 14203 zip code

Bank of America: Pricing information from published website as of 10/18/2019 based on 91107 zip code.

Which is Better: M&T Bank or Bank of America?

Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing M&T Bank or Chase.

In short: M&T Bank's checking is noteworthy. Bank of America's mobile app is noteworthy.


Articles on M&T Bank


Articles on Bank of America


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