M&T Bank Bonuses

M&T offers promotional bonuses for a variety of account types

Fact checked by Yarilet Perez

With the growth of fintechs and online banks, traditional banks have more competition for customers than ever. To appeal to new customers, these banks often offer substantial cash bonuses. 

M&T Bank is no exception. Opening a new checking account and meeting the bank’s deposit requirements could net you hundreds in bonus cash. And M&T’s accounts have useful added benefits, such as no monthly maintenance charges and unlimited check writing.

M&T Bank: EZ Choice Checking – $200

• Bonus Amount: $200
• Promotion Expiry: May 31, 2024
• Qualifications: Direct deposit

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How to Get the Bonus

1. Open a new account: Open an M&T EZ Choice checking account with at least $25 as the opening balance.
2. Enroll in direct deposit: Make at least $500 in qualifying direct deposits within the first 90 days after account opening. Qualifying direct deposits include electronic payroll, pension, or Social Security payments. 
3. Wait for the bonus: The bonus is credited to your account within 90 days of meeting the promotion requirements.

M&T Bank is a regional bank. It operates nearly 700 banking offices in Connecticut, Delaware, New Jersey, New York, Maryland, Pennsylvania, Virginia, West Virginia, and the District of Columbia. It also has a full-service commercial banking office in Toronto, Canada. Use the locator tool to find a branch near you.

Bonus Restrictions and Account Fees

The bonus is only available to new account holders. M&T Bank will only award one bonus per customer, regardless of how many accounts you open. You aren’t eligible for this bonus if you’ve received a bonus from M&T Bank due to opening a personal checking account within the past 12 months. M&T Bank employees and affiliates cannot receive the cash bonus offer.

If you close your account within 180 days of its opening date, M&T Bank will charge you a $50 closeout fee.

The EZ Choice Checking Account charges no monthly maintenance fees and does not have a minimum monthly balance requirement. You can opt for paper or electronic statements at no charge.

There is a $3 fee when you use non-M&T Bank ATMs.

M&T Bank: My Choice Plus Checking – $200

• Bonus Amount: $200
• Promotion Expiry: May 31, 2024
• Qualifications: Direct deposit

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How to Get the Bonus 

1. Open a new account: Open a new My Choice Plus checking account with a minimum deposit of $25. You can open an account online or in person at a local branch. 
2. Sign up for direct deposit: Sign up for direct deposit and make at least $500 in qualifying direct deposits within 90 days of opening the account.
3. Receive the cash bonus: Once you’ve met the requirements, M&T Bank will issue you the cash bonus within 90 days.

Bonus Restrictions and Account Fees

The bonus is only available to new M&T Bank customers. Only one bonus will be issued per customer, and a $50 close-out fee applies if you close the account within 180 days of account opening.

Qualifying direct deposits include electronic deposits of payroll, pension, or Social Security payments. Bank transfers, electronic fund transfers, and person-to-person transfers don’t count as qualifying deposits.

The following fees apply:

• Monthly maintenance: $14.95 ($4.95 in New Jersey); the fee may be waived if you maintain an average daily balance of $2,500 ($500 for accounts in New Jersey), or have direct deposits to the account totaling at least $1,500 per month ($500 for accounts in New Jersey)
• ATM: $3 for non-M&T Bank transactions
• Overdraft: $15 per item

M&T Bank: My Choice Premium Checking – $200

• Bonus Amount: $200
• Promotion Expiry: May 31, 2024
• Qualifications: Direct deposit

Sign Up Now

How to Get the Bonus 

1. Open a new account: Open a new My Choice Premium checking account online or in person at a local branch; a minimum $25 deposit is required.
2. Enroll in direct deposit: Sign up for direct deposit and make at least $500 in qualifying direct deposits within 90 days of account opening.
3. Wait for the bonus: The cash bonus will be issued within 90 days of meeting the promotion’s requirements.

Bonus Restrictions and Account Fees

The My Choice Premium Checking account is an interest-bearing checking account. To qualify for the cash bonus, you must be a new M&T Bank customer. Qualifying direct deposits include payroll, Social Security, or pension payments. A $50 close-out fee applies if you close your account within 180 days of its opening date. 

The following fees apply: 

• Monthly fee: $24.95; the fee may be waived if you maintain an average daily balance of $7,500 or more, or keep a total combined balance of $25,000 or more in eligible personal deposit accounts, loans, and home equity balances
• ATM: $3 for non-M&T Bank transactions
• Overdraft: $15 per item

Compare M&T Bank Promotions

In the News

M&T Bank offers a decent variety of CD options to its customers. Yet, like many traditional banks, M&T struggles to keep up with the interest rates that the best online banks offer on high-yield savings accounts and high-yield CDs. And in some cases, such as the bank’s Relationship Savings account, the interest rates the bank offers its customers fall well below the national average. However, M&T offers other perks that may help make up for lackluster rates, such as attractive bank bonuses.

Pros and Cons of M&T Bank Bonuses

Pros

• Low deposit requirement

• Bonuses available on multiple accounts

• Interest-earning accounts available

Cons

• Penalty applies for early account closure

• Interest-earning account pays a low rate

• Bonus isn’t as high as some competitors’ bonuses

Pros Explained

• Low deposit requirement: M&T Bank’s new customer bonuses for consumer checking accounts sometimes only require $500 in qualifying direct deposits within 90 days of opening your account. This is lower than many other promotions, which might require thousands in deposits.
• Bonuses available on multiple accounts: M&T often offers bonuses on several accounts at once, giving new customers the option—beyond just bonus-hunting—to choose an account that works for them; some M&T accounts have no maintenance fees, meaning they could be free to use if you avoid other fees.
• Interest-earning accounts available: Not all bank sign-up bonuses accompany interest-earning checking accounts, but M&T sometimes offers a bonus for opening an interest-bearing MyChoice Plus or MyChoice Premium Checking account.

Cons Explained

• Penalty applies for early account closure: If you open certain M&T Bank accounts to earn a bonus and close them within 180 days, the bank will charge you a $50 early close-out fee, which many competitors don’t charge. 
• Interest-earning account pays a low rate: While earning interest through MyChoice Plus Checking is great, you can likely find higher rates elsewhere; see our picks for the best high-interest checking accounts for some better options.
• Bonus isn’t as high as some competitors’ bonuses: M&T’s bonus payouts are sometimes no larger than $200, which isn’t bad, but some competitors may offer $400 or more with certain offers.

Alternatives to M&T Bank Bonuses

If you’re in the market for a new bank account (or any other type of financial account), it can be worthwhile to research financial institutions that offer the best bank bonuses. Below are some alternatives to M&T Bank you want to consider if you’re trying to earn a bonus or higher returns in another way. 

Other Bank Account Bonuses

Many banks offer checking account promotions and savings account promotions, and it can be worth your time to explore these options if you’re on the lookout for a new bank account. You’ll find attractive offers from banks like SoFi, Chase, Axos, Discover, and many others.

High-Yield Savings Accounts

High-yield savings accounts pay you interest based on the total amount deposited, and often have certain withdrawal limitations. If you have a significant chunk of cash to deposit in a high-yield savings account, you may earn more on an ongoing basis versus a one-time bonus. 

Money Market Accounts

Earning a bank bonus can be appealing. But finding the best money market accounts with competitive interest rates might offer more value in the long run, as returns tend to be higher compared to savings accounts. 

CDs

If you’re willing to deposit your money with a financial institution for a set period of time in exchange for higher rates, a certificate of deposit might be a good fit for you. Opening an account with one of the best CD rates available could help you earn more money on your savings, even if those accounts don’t typically feature bonuses for new customers. However, remember that you cannot remove your funds from a CD during the term, or you’ll pay a penalty. 

Credit Card Bonuses

If you don’t need another bank account, you could earn an introductory bonus by finding a great rewards credit card and using it for everyday purchases. To avoid interest charges, ensure you pay off your statement balance by the due date each month.

Frequently Asked Questions

Are M&T Bank Bonuses Taxable?

Cash bonuses earned by opening new bank accounts are taxable as income and must be reported on your tax return. When you receive a bonus from a bank, it will likely send you a Form 1099-INT (Interest Income) for the amount of the bonus. This amount is what you’ll report on your taxes.

Who Is Eligible for M&T Bank Bonuses?

To qualify for a bonus from M&T Bank, you must be a new checking account customer and meet the promotion’s requirements, which are usually deposit or minimum balance requirements. 

You must live in a state where M&T Bank operates; otherwise, you aren’t eligible for the bonus. If you don’t live in a qualifying state, you can find other options with the best overall bank account bonuses.

What Account Types Does M&T Bank Offer?

M&T Bank is a full-service bank. It offers a range of personal and business options, including: 

• Checking accounts
• Savings accounts 
• Certificates of deposit (CDs)
• Money market accounts

Does M&T Give Bonuses?

Yes, M&T Bank often offers bonuses for new customers opening certain accounts, such as the EZ Choice Checking account, MyChoice Plus checking account, and MyChoice Premium checking account. Check the page above for more information on M&T Bank’s current promotions.

Does M&T Really Give You the Promotional Bonus?

Yes, M&T really gives you the bonus. After you open an eligible checking account with M&T Bank and qualify for a new customer bonus, M&T Bank discloses that it will award the cash bonus within a set period of time, such as 90 days. The bank credits the cash bonus to the new account that earned the bonus.

How Long Do You Have to Keep the M&T Bank Account Open?

New customers must keep their new M&T Bank accounts open for at least 180 days to be eligible for the bonus. Those closing an account early will not only become ineligible for the bonus, but will also owe the bank a $50 early closeout fee.

Read the original article on Investopedia.