M&T Bank Review for Small Business 2021

m&t bank

M&T Bank Small Business Banking

With the broad range of banking services in the market today, it’s hard to find a one-size-fits-all option for small business. M&T Bank claims to offer a unique banking experience customized to the needs of your small business, but what would that really mean for you? Here’s a rundown of what you need to know. 


Business Checking Solutions

M&T Bank has a wide range of variety in terms of business checking accounts, all of which have online and mobile access, as well as customizable debit chip cards. While they also have more specialized account types available for industry-specific businesses such as non-profits, here are some of the features of the three most basic business checking account offerings.


Business Checking AccountBusiness TypeAccount Features
Simple Checking for BusinessNew businesses or smaller start-ups that are expecting fewer transactions.• Waive $10 maintenance fee with $2,500 minimum average balance
• Up to $5,000 deposited for free monthly
• First 100 transactions per month are free, then $1 per transaction
Tailored Business CheckingSmall businesses looking for a scalable checking account and flexible ways to waive maintenance fees.• Waive $20 maintenance fee:
$10,000 monthly balance
$25,000 monthly balance between checking and savings
$2,000 in M&T business credit purchases
• Direct-deposit Merchant Services proceeds
• Up to $20,000 deposited for free monthly
• First 500 transactions per month are free, then $0.50 per transaction
BizFlex CheckingMid-sized businesses looking for help managing cash flow and grow.• Waive $50 maintenance fee with $50,000 minimum average balance between all linked checking accounts (Up to 4)
• Up to $50,000 deposited for free monthly
• First 1000 transactions per month are free, then $0.25 per transaction
• Treasury management services


Expected APY and Minimum Deposit 

While the standard checking accounts are not interest-bearing, M&T Bank offers plenty of different options for money market and savings accounts with tiered interest rates to suit your needs. For more information on rates and minimum deposit for opening an account, you’ll need to visit a branch location today to speak with a qualified banker.


Ranked Mobile App 

A major consideration in your banking decision is on-the-go accessibility. The mobile app for M&T Bank is rated 3.2 out of 5 stars in the App Store among iOS users (936 ratings). For Android users, it is rated slightly higher, at 4.5 out of 5 stars (7k ratings). For me, it was important to find a bank with same-day mobile check deposits and easy fund transfer services, which are both great features of the M&T app.


Pros & Cons of Mobile App 

When it comes to accessing your account through the mobile app, you’ll want to get an idea of what kind of services you’re signing up for. Here are a few pros and cons to the M&T Bank app.


Transfer Access
The app makes it easy to send money with Zelle, schedule a transfer, or set up bill payment from the convenience of your mobile device.
UX Design
This app’s layout is uncomfortably overcrowded, with too much happening on the dashboard screen.
Mobile Check Deposits
Make same-day check deposits from anywhere until 8pm EST. You can also pull up check images for a better record.
Developers are constantly having to provide new updates in an effort to reduce glitches in mobile deposit and transfer features.


Pros and Cons for Small Businesses

Mobile banking aside, your banking business is as valuable as your time. Pros and cons of using M&T Bank’s financial solutions may include the following:


Banking Relationship
Qualified relationship managers are available to help you customize your banking experience and build trust with your bank.
Limited Locations
Regionally based in the Northeastern U.S., there are a limited number of branches and in-network ATMs.
Industry Solutions
A wide range of resources on cash management, employee benefits, and investment can help keep your company on the right track.
Lack of Online Services
When it comes to their poorly designed website, it can be hard to narrow down the information you need.



Overall, M&T Bank offers flexible banking options for small- to mid-sized businesses in the Northeastern region. Meanwhile, companies not in that neighborhood may want to look elsewhere for competitive banking services, leaving this bank with a 3- out of 5-star rating. You can find more bank reviews like this at Revenued.com


Originally written in 2018. Most recently updated in March 2021.



Originally written in 2018. Most recently updated in March 2021.

We're working on some pretty cool new pieces of content, including tools that will give you insight into your business finances.

Want to be the first to know when they launch?

Capital One Small Business Banking Review for 2021

When it comes to financial solutions for your small business, finding the right banking partner can be a challenge. As a key player in the mobile and online banking industry, Capital One is a partner worth consideration. We’ve dug a bit deeper and actually used a Capital One bank account. Here’s what we found out: […]

If I Own Multiple Businesses, Can I Get Multiple Revenued Business Cards?

If you own multiple businesses, you can get a Revenued Business Card for each of your companies as long as they can each qualify for the card on their own. Criteria for a card is based on your business’s revenue and bank activity, not on your finances or credit.  Continue reading to learn more about […]

What We Think of the Capital One Spark Classic for Business Card

As a small business owner looking to expand their company line of credit, you want to find a company credit card that works for your small business. One solution to your small business credit card dilemma is the Capital One Spark Classic for Business. We’ve taken a look at some of the main features of […]