M&T Bank offers a wide range of checking and savings products across the Upper East Coast and Florida. With 690 branches, residents can take advantage of features such as no-fee checking, as well as interest checking but with heavier requirements to waive service fees.
Comparatively, Bank of America is one of the largest banks in the nation with over 5,000 branches and 16,000 ATMs. Through their fantastic customer services, you can take advantage of their checking, savings, CDs, IRA, and investment accounts through Merrill Edge.
Read below for more information on both M&T Bank and Bank of America.
M&T Bank | Bank of America | |
Locations | Nearly 690 branches (Locator) | 5,000+ (Bank Locator) |
ATMs | Over 1,500 ATMs | Approximately 15,900 ATMs around the country. |
Savings | 3/5 | 3/5 |
CD | 3/5 | 2/5 |
Checking | 4/5 | 2.5/5 |
Money Market | 3/5 | 3/5 |
Customer Service | 4/5 | 4/5 |
Mobile App | 3.2/5 | 4.5/5 |
Pros | -Free checking option -High APY for Promo CD -Free savings with checking |
-National availability -Extended customer service hours -Full service bank |
Cons | -Fee heavy -Low-interest rates -Limited branches |
-No free checking option -Low interest rates -Many misc. banking fees |
Bottom Line | M&T Bank has a great checking account and services. | Bank of America has excellent financial services through nationwide availability. |
M&T Bank Promotions
- EZChoice Checking: This account offers you online and mobile banking. You can earn interest on this account while having no minimum monthly balance.
- MyChoice Plus Checking: The service fee is waived if you keep a minimum monthly balance of $2,500 in your checking account or have monthly direct deposits of at least $1,500. This account does earn interest.
- MyChoice Premium Checking: You would need a monthly balance of $7,500 or a total combined balance of $25,000 to qualify. This account comes with access to a safe deposit box, and no M&T fees for incoming wires (domestic or foreign).
- Relationship Savings: This account comes with a service fee unless you keep a balance of $500+.
- Money Market: This savings account provides you with check writing abilities, but you are restricted to the standard six withdrawals per cycle.
- CDs: M&T Bank offers CDs with terms ranging between 32 days and 72 months. You can only open a CD at your local branch, not online.
Bank of America Promotions
- Advantage Plus Banking: With this account, you can write checks and also enroll in overdraft protection. Furthermore, the minimum opening deposit for this setting is $100.
- Advantage SafeBalance: With this setting, there are no overdraft fees – you can only spend what you have. Additionally, there are no paper checks.
- Relationship Banking: With just $100, you can open an interest-bearing checking account.
- Rewards Savings: This account gives you access to tiered interest rates. All you have to do is provide a $100 opening deposit.
- Custodial Savings Account: This account is a great option if you want to save for your child but not give him/her access until the age of 18. Once your child turns 18, they will receive access to their funds in the account.
- Child Savings: Children under the age of 18 can have access to the account without a monthly service fee. Additionally, this joint account is great to allow your child to be in charge of their money.
Conclusion
All in all, M&T Bank and Bank of America both offers fantastic personal and business options for you to choose from. Whether you go for either bank, you will be treated with the utmost respect and care to better your financial decision.
In addition, we have a list of bank promotions to get some extra cash in your pockets today. You may also want to check out savings accounts if you want to get started on saving up money.