M&T Business Checking Account Review 2025
- There are no usage charges for the first 100 monthly transactions or the first $5,000 deposited to your M&T business checking account.
- M&T Bank charges a $10 monthly maintenance fee for Simple Checking.
- M&T Bank offers custom debit cards that can include your business logo.
Opening a business checking account can help you keep business and personal expenses separate. M&T Bank is one option to consider if you’re looking for traditional business checking.
M&T Bank offers Simple Checking for businesses, which you can open online or at a branch. This account is designed to make managing business finances easier, though there are some fees to consider.
M&T Business Account: M&T Bank Business Account Simple Checking At-a-Glance
When comparing accounts, it helps to start with the main highlights. Here are some of the most important things to know about tailored business checking from M&T Bank.
- M&T Bank provides a range of banking services for your business, including financing, merchant services, and credit options to support your business needs.
- A $10 monthly maintenance fee applies, but several ways exist to waive it.
- There are no usage charges for the first 100 monthly transactions or the first $5,000 deposited to your account.
- There’s no minimum balance requirement needed to keep your account open.
- You can open your account online or at a branch, and M&T Bank offers mobile and online banking.
- M&T Bank offers custom debit cards that can include your business logo.
- Services are available at more than 700 branch locations, and you can access funds at 1,800+ ATMs.
Easily Compare the Best Business Checking Accounts Online
Compare rates, fees, accessibility, customer service, and more. Find the best checking account for your needs.
Overall Impression
Overall Impression
M&T Bank’s simple business checking option makes managing business finances convenient. You can access accounts online, at a branch, or at an ATM. M&T Bank also provides business banking solutions to help small businesses and small law firms manage their finances and expand as they grow.
The monthly maintenance fee is typical of business checking accounts offered by traditional banks. The features and benefits included are relatively simple. However, M&T Bank provides other business checking options if you need access to Treasury Management services or want to earn interest on balances.
Pros and Cons of M and T Business Checking Account
When comparing checking and savings accounts, it is essential to balance the benefits with the potential downsides. Here are some of the main pros and cons of M&T Bank’s simple business account.
Pros
- The monthly maintenance fee is waived for the first three months.
- There’s no minimum balance requirement for this tailored business checking account.
- Smaller businesses that don’t have as many monthly transactions can avoid usage charges.
- You’ll have multiple ways to manage and access your account.
- If you need to upgrade to a more advanced account later, M&T Bank offers several options.
Cons
- Since this is a business account, it doesn’t have many extra features.
- After you reach 100 transactions, you’ll pay a $1 fee for each additional transaction.
- The monthly maintenance fee adds up if you cannot waive it.
Compare to Other Checking Accounts
M&T Bank is one option for opening an account, but there are plenty of others to choose from. Here are four other accounts that may be right for your business needs. When comparing, business owners should determine which solutions best fit their needs, as some competitors offer cloud-based platforms for digital banking and a broader suite of business banking solutions.
Grasshopper Business Checking
Grasshopper offers a digital business checking account with no monthly maintenance fees. You’ll need $100 to open an account with Grasshopper, and you can manage your account through online banking.
There are no branches, but you can withdraw cash at ATMs with your debit card.
At Grasshopper, you can take advantage of unlimited transfers with no fee, and incoming domestic wire transfers are free. Eligible debit card purchases also earn rewards, which can help your business save money.
Read our full Grasshopper Business Checking review.
BlueVine Business Banking
BlueVine is perhaps best known as a small business lender, but you can also open a business checking account here. There are no monthly fees or overdraft fees, and you can take advantage of unlimited transactions. You can open an account online and you’ll have access to online banking.
BlueVine has no minimum balance requirements. More importantly, you can earn a competitive annual percentage yield (APY) on checking balances.
Read our full BlueVine Business Banking review.
Found Small Business Checking
Found is designed for freelancers and small business owners who work solo. Found offers business checking with fee-free unlimited transactions and no minimum balance requirements. You can manage accounts online or on the go with the Found mobile app.
Found includes expense management and invoicing tools to help you stay on top of your business finances. There are no maintenance fees, but you will pay a fee if you upgrade to a Found Plus account.
Read our full Found Small Business Checking review.
How M&T Business Checking Works
M&T Bank is a traditional, brick-and-mortar bank with branch and ATM locations.
Simple Checking for Business is designed as a straightforward business bank account with the basic features needed to manage expenses. In addition to checking, M&T Bank offers savings accounts as part of its broader suite of banking services.
In addition to a simple checking option, M&T Bank offers several other accounts with more features in exchange for a higher monthly fee.
Who Is the M and T Bank Business Account Right For?
You might consider opening an account with M&T Bank if you prefer branch banking to digital banking platforms.
The account is comparable to other business checking accounts in terms of features, benefits, and fees. If you need more than basic business checking, consider one of M&T Bank’s other accounts.
This bank may not be right for you if you want a bank account that’s specifically tailored to the needs of freelancers, sole proprietors, and independent contractors.
Rating the Features
So far, we’ve sketched a broad outline of what you can expect if you decide to open an account with M&T Bank. To wrap up our review, here’s a closer look at how the features compare.
Overall, M&T Bank offers a satisfactory user experience. The website and mobile app are easy to navigate, and the key information needed to open an account is readily available.
User Experience
You can open an account online if that’s more convenient for you or visit a branch. Once your account is open, you can withdraw cash or check balances at ATMs.
Fees
M&T Bank charges a $10 monthly maintenance fee for Simple Checking. This fee is waived for the first three months, and if you take advantage of a special promotion, you may be able to get it waived for up to 12 months. M&T Bank periodically makes those types of offers to new customers.
However, the $1 fee for each transaction over 100 is more important. If you typically have a lot of transactions, the usage fee could quickly add up. When considering the costs, compare these fees to other tailored business checking account options. Be aware of all terms and conditions before opening an account to ensure you understand any requirements or limitations.
Rates
M&T Bank doesn’t pay interest on this account. You can, however, earn interest with a different account offered by the bank. The rate is pretty competitive for business checking.
Minimum Deposit
No minimum balance requirement for this account, and no minimum opening deposit is mentioned on the M&T Bank website. However, you will need to maintain a minimum balance of $2,500 or more to avoid the $10 monthly maintenance fees.
Tools and Extras
Some banks offer plenty of built-in tools to help manage business expenses more easily. This account doesn’t come with a lot of added features or extras. You can, however, get upgraded features and benefits with some of the other accounts offered by M&T Bank.
Customer Support
Customer support is available at M&T Bank branches and by phone. The number to call for business banking support is 1-800-724-6070. At this time, no live chat support is offered.
Access
M&T Bank offers multiple ways to manage your account, including online, mobile, and branch banking. As part of its business banking services, M&T Bank also provides tools to help manage cash flow and track deposits, making it easier for businesses to stay organized and monitor their finances.
ATMs
The branch and ATM network isn’t as extensive as other banks, since M&T Bank is on the smaller side. But it’s still nice to know that you can visit a branch or ATM if you’d prefer to bank in person.
Safety and Security
Like other banks, M&T Bank takes customer safety and security seriously. Some security measures the bank uses include data encryption and chip technology for business debit cards. You can also take additional security measures by choosing a secure online and mobile banking password and setting up account alerts.
Getting Started
You can start online or visit a branch to open a tailored business checking account with M&T Bank. If you’d like to open your account in person, call M&T Bank to schedule an appointment with a banker.
To open your account, you must provide basic information about yourself and your business. You’ll also need to decide how much money you want to deposit. Remember, you must maintain a minimum balance of $2,500 or more to avoid the $10 monthly maintenance fee.
Frequently Asked Questions (FAQs)
The minimum balance requirement varies by account type. For example, the M&T Simple Checking for Business has no minimum balance requirement, while other accounts may require $2,500 or more to avoid fees..
The best bank account for a small business depends on your needs. Many small companies choose low-fee options like M&T Simple Checking for Business, which offers basic features and no minimum balance.
To open a business bank account with M&T, visit a branch or apply online. You’ll need your business documents (like your EIN, LLC, or corporation paperwork), a valid ID, and an opening deposit.
Yes, opening a separate business bank account for an LLC is recommended and often required to keep finances separate and maintain legal protection.
