M&T Bank Business Account Review 2021

M&T Bank can help you get a tailored banking solution for your business―if you’re in its limited service area.
M&T Bank
M&T Bank
2.8 out of 5 stars
2.8
  • Check
    Custom banking solutions
  • Check
    Variety of business bank accounts
  • X
    Availability in just 8 states
  • X
    Small ATM network

If you’re reading this review, you probably already know that M&T is an East Coast bank that offers both personal and business banking―and you’re wondering if it’s good enough for your business. 

That call ultimately comes down to your business’s needs and preferences, but we can help you decide. 

In this M&T Bank review, we’ll explain what banking services M&T has for businesses, tell you about what sets it apart from other banks, and give you other information you need to make up your mind about M&T.

M&T Bank is best for personalized banking packages (in East Coast states)

Some banks (especially online banks) offer one-size-fits-all banking solutions. M&T Bank, though, goes for a more customized approach. 

It offers an impressive variety of deposit account types for a bank of its size―along with loan, credit card, and other financial services―so you can create a banking experience that meets your business’s unique needs.

M&T Bank fast facts

FeatureM&T Bank
Online banking
Icon Yes  Dark
Mobile bankingIcon Yes  Dark
In-person bankingIcon Yes  Dark
Branch locations690
ATMs1,600
24/7 supportIcon No  Dark
Customer service optionsPhone
Learn more

And you don’t have to create that experience alone. M&T Bank offers business bank customers personalized help with picking and choosing bank accounts and other banking services. (We’ll explain more about how this works later on.)

But even with that bespoke touch, M&T Bank isn’t right for all businesses―mostly because of its super limited availability. 

See, to use M&T for your business banking, you’ll need to be in DC or one of eight East Coast states:

  • Connecticut
  • Delaware
  • Maryland
  • New Jersey
  • New York
  • Pennsylvania
  • Virginia
  • West Virginia

(Not doing business in any of those states? No worries―we can help you find the best bank for business in your state.)

And even if you're in one of those states, you’re looking at a very small ATM network when you bank with M&T. It has less than 2,000 in-network ATMs, which could lead to a lot more ATM charges for your business. (For comparison, Flagstar Bank operates in just five states and gets you in-network access to 55,000 ATMs.)

Bell
M&T Bank and People’s United Bank

M&T is acquiring People’s United Bank. When the deal closes (probably in late 2021), it will increase M&T’s reach to another four states (but only another 400 or so ATMs).

Put simply, M&T has too small of a reach for it to become one of our top-recommended banks. But for companies in M&T’s business area, its variety of accounts and personalized banking packages make it worth looking at.

So that being said, let’s talk about what kind of bank account your business can get from M&T.

M&T Bank checking and savings accounts

As we already mentioned, M&T has quite a few business bank account options, including both checking accounts and savings accounts.

And by the way, unlike many traditional banks, M&T lets you apply for many of these accounts through its website. Yes, some of its deposit accounts (the more expensive ones) do require you to go into a branch to open them. But if you want to open a business checking account online, you can just stick to the lower-tier accounts.

Checking accounts

We’ll focus on business checking accounts first. M&T gives you six business checking account options, with some accounts being more specialized than others.

M&T Bank small-business checking accounts

FeatureM&T Simple Checking for BusinessM&T Tailored Business CheckingM&T BizFlex CheckingCommercial Checking
Min. opening depositUnlistedUnlistedUnlistedUnlisted
Monthly fee
$10.00
$20.00
$50.00
$28.00
Monthly fee waivable?
Icon Yes  Dark
Icon Yes  Dark
Icon Yes  Dark
Icon No  Dark
Free transactions1005001,000N/A
Additional transactions$1.00 each$0.50 each$0.45 eachUnlisted
Free cash depositsUp to $5,000Up to $20,000Up to $50,000N/A
Cash deposit fee$0.25 per $100$0.25 per $100$0.25 per $100Unlisted
Overdraft fee$38.50 per item$38.50 per item$38.50 per item$38.50 per item
Open an account

Data effective 3/4/21. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

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.

M&T Bank speciality business checking accounts

FeatureNon-Profit CheckingM&T Business Interest Checking
Min. opening depositUnlistedUnlisted
Monthly fee$7.50$22.00
Monthly fee waivable?Icon Yes  DarkIcon No  Dark
Earns interest?Icon No  DarkIcon Yes  Dark
Free transactions50Unlisted
Additional transactions$0.50 eachUnlisted
Free cash depositsAllUnlisted
Cash deposit feeN/AUnlisted
Open an account

Data effective 3/4/21. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

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.)

Savings accounts

M&T Bank also offers three business savings accounts. It has both standard savings account and money market account options, so you can pick what works best for you.

M&T Bank business savings accounts

FeatureCommercial Money Market Savings AccountCommercial Savings AccountM&T Market Advantage for Business Savings
Min. opening depositUnlistedUnlistedUnlisted
Monthly maintenance fee
$12.50
$5.00
$12.50
Monthly fee waivable?
Icon Yes  Dark
Icon Yes  Dark
Icon Yes  Dark
APYUnlistedUnlistedUnlisted
Free cash deposits per cycleUp to $5,000Up to $5,000Up to $5,000
Cash deposit fee$0.25 per $100$0.25 per $100$0.25 per $100
Open an account

Data effective 3/4/21. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

If you prefer a money market account, you can go with M&T’s Commercial Money Market Savings Account. You can waive the monthly fee on this account by keeping a $10,000 daily balance (and note that you need a balance of at least $500 to earn interest). This account uses a tiered interest rate, so you’ll earn more interest on larger account balances.

M&T’s Commercial Savings Account, on the other hand, has a flat interest rate for all account balances (and you only need to keep a $100 balance to earn interest). This account has the lowest monthly fee of M&T’s business savings options, and you can waive that fee with a $300 daily account balance.

Finally, there’s M&T Market Advantage for Business Savings. Like the Commercial Money Market Savings Account, this one has tiered interest (meaning bigger balances earn more). You need to keep at least $1,000 in your account to earn interest, and keep at least $10,000 if you want to waive the monthly maintenance fee.

You may have noticed we haven’t mentioned interest rates. That’s because, again, M&T doesn’t publish its interest rates―usually a sign of low, not very competitive rates. (If you want super competitive rates, Small Business Bank offers a great APY on its savings accounts.)

M&T’s personalized business banking

Now that we’ve covered M&T Bank’s business accounts, let’s talk about the personalized banking approach we mentioned earlier.

As you’ve seen, M&T Bank has quite a few different business deposit accounts you can choose from―whether you want an affordable checking account for your limited banking needs or a credit-earning account that lets you earn more from your money.

We understand if you’re not quite sure which account is right for your business―and so does M&T. That’s why it offers help in creating custom banking solutions.

Basically, you’ll talk with an M&T rep who will ask you questions about your business and your industry. Based on your answers, your rep will then recommend specific bank accounts, products, and services for your business―helping you put together a package that’s just right for your banking needs. That way, you don’t end up with a too-expensive bank account or a too-limited business credit card. 

And depending on your industry, M&T may already have a lot of expertise. It offers pre-designed solutions for several business industries:

  • Accountants and CPAs
  • Agricultural businesses
  • Attorneys and law firms
  • Condos and homeowners associations
  • Franchises
  • Medical and dental practices

But again, you don’t need to work in one of those industries to get M&T Bank’s personalized help. You just have to talk with one of its business banking representatives.

So if you want to avoid the one-size-fits-all approach of some other banks, M&T could be just the bank you’ve been looking for.

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Other small-business products and services from M&T Bank

As we said, M&T bank can help you pick more than just bank accounts―it can help you find the right business products and services too. 

So let’s talk more about exactly what products and services M&T has to offer your business.

Small-business financing

Like many a traditional bank, M&T doubles as a lender. 

It has a few different business credit products, including lines of credit, term loans, real estate loans, and more.

Compare M&T Bank’s small-business lending

Loan
Min./max. loan amount
Lowest listed rate
Term
Get a loan
Business Access Line of Credit $5,000/$950,000UnlistedUnlisted
FlexLine of CreditStarting at $950,001UnlistedUnlisted
Unsecured Business Installment Loan$10,000/$100,000UnlistedUnlisted
Secured Term LoanStarting at $10,000UnlistedUp to 10 yrs.
Owner-Occupied Commercial Real EstateStarting at $50,000Unlisted5–10 yrs.
Investment Real EstateStarting at $100,000UnlistedUp to 10 yrs.
Equipment financingUnlistedUnlistedUnlisted
SBA 7(a) loansUp to $5 millionUnlistedUp to 25 yrs.
SBA Express LoansUp to $250,000UnlistedUnlisted

Data effective 3/4/21. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

M&T Bank doesn’t publish its borrower requirements for any of these loans, but we can make some educated guesses. Since it’s a traditional lender, we expect M&T wants applicants to have a good credit score (in the high 600s at least), a healthy amount of revenue (probably over $200,000), and an established business (at least two years old).

(If that sounds too strict, you can look at alternative business loans from online lenders instead. Online lenders tend to have much lower borrower requirements.)

Small-business credit cards

M&T also offers a couple business credit cards. They’re both Visa credit cards with no annual fees (a nice touch). And as an added bonus, they both have a 0% intro APR (annual percentage rate) for your first year.

If you prefer a lower APR (after that first year), you’ll want to stick with the M&T Business Credit Card. It doesn’t earn rewards, but it has a lower interest rate.

But if you prefer to earn while you spend, you’ll like the M&T Business Rewards Credit Card. It comes with a higher interest rate, but you earn rewards points on your purchases.

Miscellaneous

Finally, M&T offers a few more business services:

  • Cash management
  • Merchant services
  • Business investment services
  • Employee benefits

And now you’ve seen what M&T Bank can do for your business. But before you turn your money over to M&T, let’s check in with existing customers to see what they have to say about M&T banking.

Get a better business bank account

Want affordable banking with great perks? With BlueVine, you can get a fee-free business checking account―and you can even earn interest on account balances over $1,000.

M&T Bank customer reviews

M&T has fairly average reviews for a traditional bank.

It earns a 3.2 (out of 5) on Bank Branch Locator and a 1.07 (out of 5) on the Better Business Bureau (BBB). (Businesses get judged much more harshly on the BBB, so that score isn’t particularly low for a bank.)

So what do M&T customers think?

Well, on the positive side, we saw lots of M&T Bank reviews praise specific branches and employees. Quite a few people like the customer service and overall experience at their local M&T location.

On the negative side, we saw some negative branch reviews, some complaints about poor customer service, and gripes about long phone hold time. Mostly, though, the negative reviews came from mortgage account holders who were annoyed that M&T bought their mortgages.

Megaphone
Our experience

We tried calling M&T to ask about some bank account details (like minimum opening deposits), but ended up in hold purgatory. That said, M&T does let you schedule phone appointments on its website, so you don’t have to wait like we did.

In other words, we didn’t see anything too concerning. Could M&T improve its customer service and hold times? Probably. But there’s a good chance you’ll like your local M&T branch―at least for business banking.

M&T Bank FAQ

Is M&T Bank a good bank?

M&T Bank can be a good bank, depending on how you use it. From what we’ve seen, bank account holders are mostly satisfied with M&T (though experiences can vary from branch to branch), while mortgage customers like it a lot less.

To decide if M&T is a good bank for you, we recommend looking at its account options (which we reviewed above), other products and services, customer service hours, and locations to see if those are a good fit for your specific money needs.

Which bank works best for online businesses?

Plenty of banks (including M&T) can work for online businesses, but online banks often provide the cheapest and simplest banking experience. Our favorite online bank is Small Business Bank, but you can find more recommendations on our list of the best online banks for business.

Which bank has the best business account?

Small Business Bank offers our favorite business bank accounts, but the right bank for you depends on your business and its needs. See our take on Small Business Bank and other banks on our list of the best banks for small business.

The takeaway

As we showed you in this review, M&T Bank offers plenty of business bank accounts, business credit products, and other business services. Plus, it offers personalized help in deciding exactly which of those accounts, products, and services your business needs.

That makes M&T appealing―but some businesses won’t like M&T’s small service area, limited number of ATMs, or simply average customer reviews.

So while M&T Bank doesn’t top our list of the best banks for business, it may be a good bank for your specific company. And whether it is or not, we hope this review helped you decide.

Don’t think M&T Bank is the financial institution you’re looking for? Find some alternative checking account options on our rankings of the best banks for small-business checking.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources

  1. Bank Branch Locator, “M&T Bank.” Accessed March 4, 2021.
  2. Better Business Bureau, “M&T Bank.” Accessed March 4, 2021.
Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
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