Both TD Bank and M&T have a strong presence in states like New York, New Jersey, Pennsylvania, Massachusetts, and more states on the East side.
In this comparison, we'll compare TD and M&T banking products side by side including checking accounts, savings options, credit cards and lending products.
Checking Accounts
TD Bank is our winner when it comes to checking accounts. TD Bank offers a variety of options for personal customers and including special accounts for seniors and students with enhanced features.
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Account Types
M&T Bank offers four main types of checking accounts, such as the EZChoice checking for basic needs, MyChoice Plus for more features and benefits and MyChoice Premium for premium perks such as waived fees for multiple banking activities:
M&T Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
M&T Bank EZChoice Checking | $0 | N/A |
M&T Bank MyChoice Plus | $14.95 | $2,500 |
MyWay Banking from M&T | $4.95 | Single monthly deposit/withdrawal/debit payment |
M&T Bank MyChoice Premium | $24.95 | $7,500 |
TD Bank offers various checking accounts for individuals, including for particular audiences such as students and seniors, while most accounts monthly fees can be waived:
TD Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
TD Convenience Checking Account | $15 | $100 |
TD Beyond Checking Account | $25 | $2,500 |
TD Simple Checking Account | $5.99 | Can't be waived |
TD Essential Banking | $4.95 | Can't be waived |
TD 60 Plus Checking Account | $10 | $250 |
Student Checking Account | $0 | N/A |
Zelle is available to use on all TD bank checking accounts:
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Features
M&T Bank's Basic Checking Account comes with useful features like online and mobile banking, M&T Alerts, access to 2,000 ATMs and 900 branches, and a debit card.
For added convenience, customers can opt for the Premium Checking Account. With this upgrade, you enjoy all the benefits of the Basic account, plus extras like no fees at non-M&T ATMs, the chance to earn interest, easy check handling through mobile deposit, a debit card, no fees for using non-M&T ATMs, free standard check orders, and special deposit rates.
M&T Bank | Main Features |
|---|---|
M&T Bank EZChoice Checking | Online & mobile banking, alerts, 2,000 ATMs, 900 branches, debit card |
M&T Bank MyChoice Plus | No Fee at non-M&T ATMs, Interest-bearing, mobile deposit, debit card |
MyWay Banking from M&T | No overdraft fees, online and mobile bill pay, checkless account |
M&T Bank MyChoice Premium | No fee at non-M&T ATMs, free check orders, special deposit rates |
TD Checking Account | Main Features |
|---|---|
TD Convenience Checking Account | Online banking, mobile deposit, Zelle, debit card |
TD Beyond Checking Account | No ATM fees, 2 overdraft fees reversed, overdraft payback, interest bearing |
TD Simple Checking Account | Online banking, mobile deposit, Zelle, debit card |
TD Essential Banking | digital tools, no overdraft fees, debit card |
TD 60 Plus Checking Account | Interest bearing, free checks, money orders and paper statements |
Student Checking Account | Online banking, mobile deposit, Zelle, debit card |
Savings Accounts
TD Bank is the winner when it comes to savings accounts as it offers a competitive rate, much higher than customers can get with M&T Bank.
TD Simple Savings has a lower interest rate and a small monthly fee. But TD Signature Savings offers higher interest rates (0.01% – 4.00%), but you need to keep at least $100,000 in your account to get the best rate.
Meanwhile, like many regular banks, M&T Bank's savings account doesn't give you very high rates. Also, neither bank has a money market account.
TD Savings | M&T Bank Savings | |
|---|---|---|
Savings Rate | 0.01% – 4.00% | 0.01% |
Minimum Deposit | $0 | $0 |
Fees | $5
Can be waived if you carry $300 minimum account balance or $25+ recurring transfer
| $7.5
Can be waived if you maintain a minimum daily balance of $500 or more or have a personal checking account with M&T Bank or by making at least one deposit in your Relationship Savings account
|
Certificate Of Deposits (CDs)
When it comes to CDs, there is no clear winner. Both TD and M&T banks offer high rates only on specific, promotional terms.
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M&T Bank CD Rates
M&T CDs | |
|---|---|
Select CD 12 Month | 4.00% |
Select CD 24 Month | 3.75% |
Regular CD 8 Month | 4.75% |
Minimum Deposit | $1,000 |
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TD Bank CD Rates
CD Term | APY |
|---|---|
3 Months | 1.00% – 3.00% |
6 Months | 1.00% – 5.00% |
12 Months | 1.00% – 4.50% |
18 Months | 1.00% – 4.00% |
24 Months | 1.00% – 4.00% |
36 Months | 1.00% – 3.51% |
48 Months | 0.05% |
60 Months (Step Rate CD) | 1.00% – 2.50% |
Credit Cards
TD Bank is our winner when it comes to credit cards, with more options and better rewards compared to M&T Bank.
TD Bank offers a couple of rewards credit cards, including cash back and points rewards, travel rewards, secured cards and long 0% intro APR cards.
Card | Rewards | Bonus | Annual Fee |
| TD Cash Credit Card | 1% – 3%
3% and 2% Cash Back on your choice of Spend Categories (you can switch your categories quarterly), and 1% Cash Back on all other purchases | $200
$200 Cash Back when you spend $500 within 90 days after account opening | $0 |
|---|---|---|---|---|
| TD Double Up Credit Card | 2%
2% unlimited Cash Back – no rotating Spend Categories, no caps or limits | $150
$150 Cash Back in the form of a statement credit when you spend $1,000 within the first 90 days after account opening | $0 |
| TD FlexPay Credit Card | N/A | 0% Intro APR: 18 billing cycles on balance transfers | $0 |
| TD First Class Visa Signature Credit Card | 1X – 3X
3X First Class miles on travel and dining purchases and 1X First Class miles on all other purchases | 25,000 miles
25,000 miles on $3,000 spent in first 6 cycles | $89 (waived first year) |
| TD Clear Visa Platinum Credit Card | N/A | N/A | $120 / $240 |
M&T Bank offers credit cards with varying features, including cash rewards and low introductory APR. The M&T Visa Signature Credit Card is notable for its rewards program and benefits.
Card | Rewards | Bonus | Annual Fee |
| M&T Visa Signature Credit Card
| 1.5%
1.5% cash back on every purchase | 10,000 points
10,000 bonus points after $500 in purchases made in the first 90 days from account opening | $0 |
|---|---|---|---|---|
| M&T Visa Credit Card with Rewards | 1x
1 point per $1 spent on every purchase | 10,000 points
10,000 bonus points after $500 in purchases made in the first 90 days from account opening | $0 |
| M&T Visa Credit Card | N/A | 0% Intro APR: 12 billing cycles on balance transfers and purchases | $0 |
| M&T Secured Credit Card | N/A | N/A | $0 |
Lending Options For Borrowers
When it comes to lending products, M&T Bank offers better options for borrowers.
M&T Bank offers mortgages for buying or refinancing homes, home equity lines of credit, loans for building or buying property, auto loans for vehicle financing, and personal loans for various financial needs.
M&T Bank even specializes in student loans and student loan refinancing for education expenses, which is not available through TD Bank.
Which Bank Is Our Winner?
Overall, TD Bank is our winner with better banking products compared to M&T – higher savings account rates, more options for checking and better rewards on their credit cards.
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Our Methodology for Comparing Banks
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
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