Its most basic account is the aptly named M&T Simple Checking for Business. This checking account has a fairly low monthly maintenance fee, and you can waive that fee by keeping $2,500 in your account at all times. Note that you get some free transactions with this account―but if you go over, you’ll pay a surprisingly high transaction fee. So if you plan on making lots of transactions, this may not be your cheapest option.
You might look instead at M&T Tailored Business Checking. It comes with more free transactions and cash deposits. Plus, it can get you a better rate on a Commercial Savings account (which we’ll talk about soon). Of course, you do pay a higher monthly fee to get all that. (But you get three free months when you sign up.) You can waive the monthly maintenance fee in a few ways:
- $10,000 average balance in your Tailored Business Checking account
- $25,000 average balance spread across your M&T business accounts
- $2,000 in monthly spending on your M&T business credit card
- Merchant services account that deposits into your Tailored Business account
For even more free deposits and transactions, you can pick M&T BizFlex Checking. This checking account has the highest monthly maintenance fee (by far), and you need $50,000 in M&T business checking accounts to waive that fee. So make sure you do the math before committing to this potentially expensive account.
Then there’s M&T’s analyzed checking account, Commercial Checking. As an analyzed account, it doesn’t come with any free transactions or deposits, and you can’t waive the monthly fee. Instead, you can get earnings credits that offset account fees. Those earnings credits are based on your account balance, so analyzed accounts make the most sense for businesses with lots of money on hand.
And while we’ve already shown you a good spread of accounts, M&T isn’t done just yet. It has a couple speciality business checking accounts worth mentioning.
Non-Profit Checking (as you can guess) is designed for nonprofits. It comes with a few free transactions and lots of free cash deposits. This account has the lowest monthly fee of M&T’s checking options, and you can waive the fee with a low $500 balance.
And for businesses that want to get rewarded for their banking, there’s M&T Business Interest Checking. This account, as the name suggests, earns interest. How much interest? Unfortunately, we don’t know, as M&T doesn’t list any interest rate. Note, though, that you have to keep a balance of at least $500 in order to earn interest.
(If you prefer an interest-bearing account with a high interest rate on all balances, we suggest looking at BlueVine business banking instead.)