Tuesday, 2 June 2020

M&T Bank Reviews: Checking, Savings, CD, and Money Market Rates

M&T Bank Reviews: Checking, Savings, CD, and Money Market Rates
15 Aug
7:28

M&T Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.02%

Savings

M&T Bank M&T Starter Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

1.75%

CD Rates

M&T Bank 12 Month Select Promo CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.90%

CD Rates

M&T Bank 36 Month Select Promo CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

1.11%

CD Rates

M&T Bank 60 Month Promo CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

M&T Bank checking account options

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How M&T Bank’s checking accounts compare

Choosing from the five different checking accounts that M&T Bank offers could get a little confusing. But when comparing M&T Bank’s checking accounts to the best online checking accounts, the choice is clear: It’s not M&T Bank.

The nation’s best online checking accounts offer no or a low minimum balance requirement – along with high interest rates. However, if your preference is to use a nearby brick-and-mortar bank – with a local connection and access to ATMs without fees – M&T could be an option. The Classic Checking With Interest account for customers age 50 and older is also a nice alternative, if you qualify.

M&T Bank savings account options

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How M&T Bank’s savings accounts compare

It’s difficult to compare a M&T Bank savings account with another account, because they are for two different audiences. However, both offer the same interest rate. The adult account simply comes with a minimum daily balance requirement.

When compared to the best online savings accounts, the interest rates offered by M&T Bank are paltry. However, the minimum balance requirement for both accounts is reasonable and lower or comparable to many of the best online savings accounts.

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How M&T Bank’s CD rates compare

M&T Bank offers a variety of CD rates and they vary based on promotions and time to term. However, their rates are lower than the best CD rates available right now. It would be worth closely comparing M&T Bank CD rates, along with the interest rates and time periods for investing, with the best CD rates before investing.

M&T Bank money market account options

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How M&T Bank’s money market accounts compare

While the MyChoice Money Market offers some decent interest rates when compared to the M&T e-Money Market – neither account comes close to the best money market rates. Individuals looking to open a high earning money market account should probably look outside the M&T bank money market rates.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Holly Hammersmith

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Source: https://www.magnifymoney.com/blog/reviews/mt-bank/

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