M&T Bank has really gotten very aggressive in its promotions lately and this time they’re offering up to $175 in “Family Value Bonuses” when you open a checking account. You can access the promotion by visiting a specialty built website, BuiltForFamilies.com , and entering your zip code to see if there are eligible accounts in your area.
I already have an M&T Bank account, so I’m not eligible, but I really like how their account comparison page tells you everything you need to know. How many other places explain their fees in plain english? If you open an M&T Select Checking, there’s a $14 monthly service fee unless you have a balance over $5,000 or total balances of $10,000, or have a mortgage originally over $100,000. Their Totally Free Checking has no minimum balance or monthly fee and is eligible for $25 in cash, $50 in gift cards.
Here are the different accounts, their bonuses (gift card is from Best Buy), and minimum requirements:
- M&T Select® Checking – $5,000 minimum balance, $125 in cash bonuses, $50 in gift cards
- Power Checking – $50,000 min., $175 cash, $50 gift cards
- Totally Free Checking – No min, $25 cash, $50 gift cards
- College Checking – for students, $25 cash, $50 gift cards
- Basic Banking – $3 monthly fee, $25 cash, $50 gift cards
The cash bonus is paid upon activation of a direct deposit and the activation of their M&T Visa credit card (the majority of the bonus is paid because of the direct deposit). The gift cards are paid out on activating overdraft protection and enrolling/using billpay.