[MA, CT, DE, D.C., MD, NJ, NY, PA, VA, WV] M&T Bank $300-$1,500 Business Checking Bonus

Update 10/1/24: Extended to 12/31/24

Update 6/30/24: Deal is back through September 30, 2024. There is also a $300 and $1,500 tier now.

Update 4/3/24: Deal is back through June 28th. Hat tip to Frazz

Update 1/8/24: Deal is back and valid until 3/29. Hat tip to reader BD.

Update 10/2/23: Extended until 12/29.

Update 4/2/23: Extended until 6/30/2023

Update 1/15/23: Bonus is now $500 and doesn’t require merchant services.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: In branch only [Branch locator]. Branches are in CT, DE, D.C., MD, NJ, NY, PA, VA, WV
  • Direct deposit required: No
  • Additional requirements: Average daily balance of $5,000 for the 3rd full month after account opening
  • Hard/soft pull: Soft
  • ChexSystems:Yes
  • Credit card funding: No
  • Monthly fees: $20, avoidable
  • Early account termination fee: $50 if closed within 180 days of date opened, bonus forfeit if closed within six months as well.
  • Household limit: None
  • Expiration date: June 28th, 2019 September 30th, 2020 November 30, 2020

The Offer

Direct link to offer

  • M&T Bank is offering a bonus of $500 when you open a new Tailored Business Checking account and complete the following requirements:
    • Have an Average Ledger Balance in the account is at least $15,000 in the third full calendar month after the account was opened
    • $300 bonus when you have an Average Ledger Balance in the account is at least $5,000+ in the third full calendar month after the account was opened
    • $1,5000 bonus when you have an Average Ledger Balance in the account is at least $100,000+ in the third full calendar month after the account was opened

 

 

The Fine Print

  • We will credit $500 bonus (the “Checking Bonus”) to a new M&T Tailored Business Checking account opened between 1/1/2023 and 3/31/2023 if the Average Ledger Balance in the account is at least $5,000 in the third full calendar month after the account was opened. If the requirements are met and the Account remains open, the Checking Bonus will be credited to the Account within 45 days after the end of the third full calendar month after the account was opened. The Checking Bonus is reportable for tax purposes and is not available to employees of M&T Bank or any of its affiliates. The Checking Bonus is not available to customers who have had a non-personal M&T checking account within the previous 90 days of opening an M&T Tailored Business Checking account. Only one Checking Bonus will be awarded per customer regardless of the number of new M&T Tailored Business Checking accounts opened. A $50 Account Closure Fee applies if the account is closed within the time period referenced in the Commercial Deposit Account Fee Schedule.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has a $20 monthly fee. This is waived if you:

  • Maintain a $10,000 monthly average ledger balance
  • Maintain $25,000 average ledger balance between checking & savings
  • Make $2,000 in purchases on a linked M&T business credit card
  • M&T bank merchant services account proceeds deposited

Early Account Termination Fee

$50 if closed within 180 days of date opened, bonus forfeit if closed within six months as well

Our Verdict

Update; You need $15,000 in the account to trigger the bonus, making the return even worse unfortunately.

You will need to keep $10,000 in this account to keep it fee free and to trigger the bonus (or you could put $5,000 into the account and just pay the monthly fees). Either way the deal is still worth doing as the bonus is for $500. Keep in mind M&T also offer personal bonuses of up to $300 as well. I will be adding this to our list of the best business bank account bonuses.

Hat tip to reader ChurningFast

Useful posts regarding bank bonuses:

Post history:

  • Update 10/19/22: Extended through 12/31/2022.
  • Update 7/3/22: Back and extended until Sept 30, 2022.
  • Update 5/16/22: Deal is back and valid until  6/30/22.
  • Update 1/15/22: Deal is back and valid until 3/11/22.
  • Update 5/31/21: Extended until 6/30/21.
  • Update 4/27/21: Deal is back and valid until May 30, 2021. Looks like it can be opened online now. Hat tip to IS250
  • Update 10/4/20: Deal good through November 30, 2020.
  • Update 8/10/20: Monthly fee is waived for the first three months. Hat tip to Lazy Travelers
  • Update 8/2/20: Deal is back and valid until September, 30 2020. Hat tip to reader crystal
  • Update 3/21/20: Deal has been extended until May 15th, 2020.
  • Update 2/2/20: Deal is back until 3/20/20 but checking bonus has been reduced to $300. I’d recommend waiting until the $400/$100 bonus returns. Hat tip to reader Ryan
  • Update 7/28/19: Deal is back and valid until September 26th, 2019. There is also a $200 bonus that we will post about shortly.
    William Charles
  • On June 30, 2024, 20:55
Tags: ct bank bonusesdc bank bonusesde bank bonusesdirect deposit not requiredmd bank bonusesnj bank bonusesno credit card fundingny bank bonusespa bank bonusessoft pullva bank bonuseswv bank bonuses

View Comments (424)

  • Can anyone explain Average Ledger Balance ?

    Can I add $120000 in account on March 6th if I opened account on December?

    • The average ledger balance in banking is the mean of an account's daily ending balances over a specified period, typically a month. To calculate it, sum the ending balance for each day and divide by the number of days in the period.

      For your example:
      120,000*26/31 > 100k required average ledger balance in the third full month so it should work.

      Just keep in mind that it's not advisable to keep an account at zero balance bc the bank will sometimes auto-close accounts. I'd also keep a small amount in the account for whatever surprise charges they throw at you.

      • Thank you very much!

        I used your M&T personal referral link opened a personal M&T account with TV promo code. Hope it will work. My last personal account bonus day was 12/16/2023. and I will use your M&T business referral link open account in Dec.

        Thank you answered my questions in the past.

  • Is the post for the regular M&T checking gone? I can swear I posted something earlier today. I was asking a bout something but lost de link. @Gadget could you help?

  • Just a quick note to say that I didn't have to physically go into a bank to get my ID verified. I was able to schedule a video call with a rep at the Denville, NJ office to verify my driver's license (I uploaded it during the onboarding process, but they say it wasn't readable).

  • I somehow got the bonus earlier than expected?

    DP:

    Acc opened online: 5/21

    $15,225 deposit on July 28th // pulled funds out first week of September

    Got 2 calls from M&T today on 10/04, but i wasn't able to answer it.

    Logged into my account and saw the CASH BONUS TAILORED BUSINESS CHECKING $500

    Either the rep was calling me because they added it manually or they called to let me know the bonus arrived to the account.

    another DP if curious. When i first opened the account, i called to make sure the promo code was attached and 2 reps told me nothing was attached to my account, but during application process, the code was definitely there and it was greyed out. Meaning that for these business accounts, it's probably invisible to reps, but it's still definitely there.

  • New offer for Tailored Business Checking ONLY - which has more reqs for avoiding fees. Follow these simple steps to get your bonus: STEP 1 OPEN QUALIFYING M&T ACCOUNT* Open online or at your local M&T branch with Promo Code BO by 6‌/‌28‌/‌2024.     STEP 2 COMPLETE QUALIFYING ACTIVITY* Maintain an average ledger balance of at least $5,000 in the third full month after you open the checking account.     STEP 3 RECEIVE YOUR CASH BONUS* If all requirements are met, your bonus will be credited to your account by the end of the fourth month after account opening. Don’t miss out on this cash bonus. Hurry – offer ends 6‌/‌28‌/‌2024!

  • Opened 5/1/24 in branch (couldn't open online). Money xferred in June (well before the "third calendar month" which would've been July?) Bonus says to pay out 45 days after third calendar month which should be like Sept. 15th or so? Still no bonus payout.

    • if i'm not mistaken, your third full calendar month would be in August since you opened May 1

      Opening month: May
      1st full Month from opening: June
      3rd full Month: August

      +45 days from Sep 1 = Oct 15

      So you still have another 13 days granted you didn't pull out before the end of august

  • I tried opening it up online as a sole prop.
    I got a message saying I need to go to a branch to continue the application.

  • So does this mean we have to keep the balance only for the 3rd full month to get the bonus? I can keep 100000 for one month and get $1500?

  • Bonus posted July 30 for March account opening. Deposited $10k near end of May, sat for June and July to meet requirements.

  • I applied for a $500 M&T business bonus in branch in February for maintaining a $5,000 balance during the third full calendar month. The third full calendar month for me is May and it is supposed to pay out within 45 days after meeting the qualifying activities. The fine print reads you need to keep open the “Tailored” business checking account when M&T seeks to credit the bonus. However, I downgraded to a simple business checking account to avoid the higher fees. I am a little nervous because the 15th is approaching, still haven’t received the bonus, and I am hoping/trusting downgrading my account during my fourth full calendar month wouldn’t affect my eligibility; I trust the intent of the language is that the account needs to be open with a balance. Any thoughts? If I am not credited the bonus on the 15th, will inquire on the 16th about the bonus as I believe I otherwise met the qualifying activities.

    • Hm, I'm afraid you disqualified yourself by downgrading prior to receiving your bonus. Better luck next time.

      • I upgraded the account to a Tailored business account and asked M&T to take a second look at whether I qualified for the bonus again. After all, the terms say “your new M&T Tailored business account must still be open when we seek to credit the bonus.” So now it was! And M&T promptly credited me the $500 bonus. I recovered from my earlier mistake of downgrading the account and now I met the terms of the bonus; persistence pays off!

      • Unfortunately, I learned today that you’re right. Lesson learned: read the fine print. I do grant myself some grace, however, as I am allowed one screwup after a year and a half of mostly successful bank bonuses.

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