The checking bonus offered by M&T Bank that had an end-date of April 30, 2022 has been extended and is now available through July 31, 2022. The bonus is actually two bonuses: a $150 bonus when opening a new EZChoice Checking, or a $250 bonus when opening a new MyChoice Plus or a new MyChoice Premium account.
As stated on the promotion page, there are only three requirements to earn the bonus.
Apply online or visit your local M&T Bank to open an account (excluding MyWay Banking).
Simply have a total of at least $500 in qualifying direct deposits within 90 days of account opening to qualify.
Cash bonus will be awarded within 90 days after the direct deposit.
According to the Disclosure at the bottom of the bonus landing page,
The promo code* is required at account opening to qualify for the bonus.
Your new personal M&T checking account must still be open when we seek to credit the bonus.
Only one bonus will be awarded per customer regardless of the number of accounts opened.
Bonus offers are not available to employees of M&T Bank or any of its affiliates, or to customers who have received a bonus in connection with a personal M&T checking account within the last 12 months.
A $50 early close-out fee applies if the account is closed within 180 days of opening.
*The promo code will be sent when you fill out a short form that asks for your name, email address, and Zip Code.
When you first visit the promotion page, there's no mention of the $150 bonus. When you select either the "Redeem Online" or the "Redeem in Branch" button and enter your zip code, the $150 bonus will show for the EZChoice Checking and a $250 bonus will show for the other checking accounts (if your zip code is eligible.)
EZChoice Checking ($150 Bonus)
EZChoice Checking is a non-interest bearing account, which has no monthly maintenance fee or monthly minimum balance requirement, but does require a $25 minimum opening deposit. Both paper and e-statements are provided free-of-cost. Unlimited checking writing is available and a free VISA debit card can be issued following account opening. (“Add personality to your purchases with custom card designs for your M&T Credit or Debit Card at no additional fee.”)
MyChoice Plus Checking ($250 Bonus)
MyChoice Plus Checking currently earns 0.01% APY on all balances of $1 and above, and can be opened with a $25 minimum deposit . Both paper and e-statements are provided free-of-cost. Unlimited checking writing is available and a free VISA debit card can be issued following account opening. All non-M&T Bank ATM fees will be reimbursed up to $2 per transaction. M&T Bank does not charge a fee for using another bank’s ATM.
The MyChoice Plus Checking account has a $14.95 monthly maintenance fee that will be waived with a minimum average daily balance of $2.5k or direct deposits of at least $1.5k per statement cycle.
MyChoice Premium Checking ($250 Bonus)
MyChoice Premium Checking currently earns 0.01% APY on all balances of $1 and above. Both paper and e-statements are provided free-of-cost. Unlimited checking writing is available and a free VISA debit card can be issued following account opening. All non-M&T Bank ATM fees will be reimbursed up to $2 per transaction. M&T Bank does not charge a fee for using another bank’s ATM.
The MyChoice Premium Checking account has a $24.95 monthly maintenance fee that will be waived with a minimum average daily balance of $7.5k or combined daily average balances of $25k or more in eligible accounts (personal deposit accounts, loans and home equity outstanding balances, investments, and business deposit accounts).
Headquartered in Buffalo, New York, M&T Bank’s market area includes 12 Northeast and Mid-Atlantic states, Florida, and the District of Columbia. (FYI – since I last wrote about the bonuses, M&T Bank has expanded its foot print to include another five states.) Eligibility for the bonus is determined by Zip Code.
Applying for an M&T Bank $150 or $250 checking account bonus can be done online or in person at any of more than 1,000 full-service branches, located in Connecticut (166), Delaware (40), Florida (2), Maine (17), Maryland (162), Massachusetts (64), New Hampshire (25), New Jersey (65), New York (269), Pennsylvania (141), Vermont (38), Virginia (24), West Virginia (2), and the District of Columbia (7).
M&T Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 11.30% (above average) based on December 31, 2021 data. In the past year, M&T Bank has increased its total non-brokered deposits by $13.88 billion, an excellent annual growth rate of 11.9%. Please refer to our financial overview of M&T Bank (FDIC Certificate # 588) for more details.
The original Manufacturers and Traders Bank was established in 1856, after two Buffalo (NY) businessmen, Pascal Paoli Pratt and Bronson Case Rumsey, recognized the need for a local bank to finance durable manufacturing equipment. The original 13 stockholders raised $200,000 in capital and the Bank opened its doors five months after the first stockholders meeting. After 166 years of continuous operation and 25 acquisitions (the most recent being People’s United Bank, N.A. in April), M&T Bank is currently the country’s 27th largest bank, with assets in excess of $154 billion and more than 3.6 million customer accounts.
Citing my standard example, earning $150 in two months in a top-rate online savings account (currently earning 1.25% APY) would require a minimum balance of approximately $72k. To earn $250 in two months, you would need a $121k balance in that same online savings account.
If you don’t qualify for either of the M&T Bank checking bonuses, check out our full list of the best savings and checking account bonus offers.
The above information and rates are accurate as of 5/10/2022.