M&T Bank $500 Checking & Savings Bonus – Available Online [CT, DC, DE, MA, MD, ME, NH, NJ, NY, PA, VA, VT, WV]

Update 3/4/25:

  • $500 bonus link /500bonus is back, promo code TO, valid till 3/31/25
  • $400 bonus link /400bonus, promo code TJ, valid till 3/31/25
  • $350 bonus link /premium-checking, valid till 05/31/25

Hat tip to ShawntheShawn

Update 1/8/25: There’s a new link for $500 bonus with promo code TU, valid through 2/28/25.

Update 12/15/24: $350 bonus back at this link through 1/31/25 (ht Shawn)

Offer at a glance

  • Maximum bonus amount: $100/$150/$200/$250/$350
  • Availability: CT, DC, DE, MD, NJ, NY, PA, VA, VT, WV
  • Direct deposit required: Yes, $500
  • Additional requirements: None
  • Hard/soft pull: Soft
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: Avoidable
  • Early account termination fee: $50, 180-days
  • Expiration date: July August 15, 2018 September 5, 2018 October 31st, 2018 November 26th, 2018 January 16th, 2019 February 25th, 2019 April 1st, 2019 May 13th, 2019 March 2, 2020 September 15, 2020 January 11, 2021 April 5, 2021 October 5, 2021 April 30, 2022 May 27, 2022 June 28, 2022 February 24, 2023 August 25, 2023
  • Household limit: None listed

The Offer

Input your zip code and see what offers show for you:

  • M&T Bank is offering $500 when you set up and receive qualifying direct deposits to your new MyChoice Plus, MyChoice Plus Checking with Interest or MyChoice Premium Checking account, totaling at least $1,000 within 90 days of account opening.

 

The Fine Print

  • We will credit one cash bonus to the account if the account receives a total of at least $500 in qualifying direct deposits within 90 days of account opening.
  • Qualifying direct deposits include, but are not limited to, recurring electronic deposits such as payroll, pension or Social Security. Person-to-person, bank transfers or other electronic money transfers such as those made through internet payment services do not qualify.
  • Bonus will be credited to the account within 90 days of direct deposit activation as long as the account is in good standing and all of the eligibility requirements are satisfied at the time we seek to credit the bonus.
  • Only one Premium Checking Bonus and one Direct Deposit Bonus will be awarded per customer regardless of the number of accounts opened.
  • The bonus(es) are not available to existing personal M&T checking account customers, or those whose accounts have been closed within 180 days, employees of M&T Bank or any of its affiliates, or customers who have received a bonus in connection with a personal M&T checking account within the preceding twelve-month period.
  • A $50 early close-out fee applies if the account is closed within 180 days of opening.
  • Bonus offers may vary by product and region, are not transferable and are reportable for tax purposes.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them.

Avoiding Fees

EZChoice Checking

This account has no monthly fees.

Basic Banking

This account has a non-waivable $3 monthly fee.

Classic Checking

This account has a monthly fee of $4.95 that can be waived with any one of the following methods:

  • Have at least 1 direct deposit to your M&T Classic Checking with Interest account
  • Keep an average daily balance of $500 or more in the account per monthly service charge cycle
  • Make 10 or more debit card purchases or payments
  • Keep combined balances of $1,500 or more in eligible personal deposit accounts

MyChoice Plus Checking

This account has a monthly fee of $14.95 that can be waived with any one of the following methods:

  • Keep an average daily balance of $2,500 or more in the account per monthly service charge cycle
  • Have direct deposits to your MyChoice Plus Checking account totaling at least $1,500 per monthly service charge cycle

MyChoice Premium Checking

This account has a monthly fee of $24.95 that can be waived with any one one of the following methods:

  • Keep an average daily balance of $7,500 or more in the account per monthly service charge cycle
  • Keep total combined balances of $25,000 or more in eligible personal deposit accounts, loans and home equity outstanding balances, investments6 and business deposit accounts

Early Account Termination Fee

Looks to be $50 now if closed within 180 days.

Our Verdict

The direct link above is just a generic M&T website link, so the bonus should work for any zip code deemed eligible (not sure what the “not transferable” means in the fine print). I’m assuming this bonus is available in the the states listed above, as was the case last time around (note it won’t work in all areas in those states). Let us know if you see eligible areas elsewhere. Remember, you can’t do this if you’ve gotten a bonus within 12 months.

There’s also a $50 referral offer from M&T which should stack with the regular bank bonus. More  details and referral sharing can be found on this dedicated page. Do not share referrals in the comments here.

Thanks to reader Michael for letting us know about this bonus. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

Bonus history

  • Update 10/30/24: New code TV 11/30/24. Doesn’t seem to be any mailer restrictions this time. Hat tip to reader Massy Mass
  • Update 9/10/24. Looks like you need to have received a mailer to be eligible. $500 bonus is back with promo code UC. See also this comment for the various options.
  • Update 7/7/24: Another link for this offer, promo code UB. (ht RobertL)
  • Update 7/2/24: Offer is back, new promo code TJ and valid till 8/30.
  • Update 4/1/24: Deal is back, this time for $400. Promo code TE and valid until 5/31/24
  • Update 3/4/24: Deal is back, this time $350. Valid until 3/29/24.
  • Update 1/5/24: There is now a $400 checking offer, requires a $1,000 direct deposit and promo code TK
  • Update 11/5/23: Deal is back until 11/24/23 .
  • Update 10/19/23: Deal is back until 10/27/2023.
  • Update 9/19/23: Deal is back valid 9/29/23. Bonus is $350 this time. Promo code is CA.
  • Update 7/6/23: Another bonus option can be found at this link – get $200 and $150 with potentially easier requirements. (ht Yukun) Again, this should also stack with the $50 referral offer.
  • Update 7/3/23: Extended through 8/25/23 with promo code CC. Referral $50 offer still around too as a stack. (ht Shawn)
  • Update 6/15/23: There’s also a $50 referral offer from M&T which should stack with the regular bank bonus. More  details and referral sharing can be found on this dedicated page. Do not share referrals in the comments here.
  • Update 5/14/23: New $450 link. Does say use code found in the mailer, but the landing page says the code is CB so unsure if that is enforced.
  • Update 3/1/23: new $350 link
  • Update 2/27/23: the $350 and $450 links are expired. Here’s a lower $200 link.
  • Update 1/22/23: here’s a $450 link (ht jd) and another link (ht DailyGrindit)
  • Update 12/2/22: Bonus is down to $350 with promo code CJ, new link here, valid through 1/27/23 (ht Jim). There’s another link here for $250/$350 which is valid through 2/24/23.
  • Update 10/14/22: $450 bonus is back.
  • Update 10/13/22: $350 bonus is back, not as good as the $450 bonus. Valid until October 28, 2022
  • Update 9/5/22: The $450 is expired. Seems only $200 is now available (link).
  • Update 7/10/22: New $450 offer link here. Promo code UB. (ht Elena)
  • Update 6/9/22: New $350 offer link, use promo code CC. (ht TallyTime)
  • Update 4/28/22: $350 checking bonus + $100 direct deposit bonus now available online. Promo code TY
  • Update 4/12/22: Instead of a savings bonus you can get a $100 direct deposit bonus
  • Update 4/11/22: There is also a $100 savings bonus now as well. Hat tip to reader MC
  • Update 4/2/22: Extended through June 30th
  • Update 2/21/22: Extended through April 30, 2022. Hat tip to reader alopez14
  • Update 1/13/22: Looks like there is a $450 bonus as well.
  • Update 1/11/22: Extended through 1/28/22.
  • Update 4/7/21: Extended through July 12, 2021
  • Update 1/14/21: Extended through April 5, 2021 now
  • Update 7/1/20: Extended through September 15, 2020. It seems like promo codes are now state restricted. E.g TH doesn’t work in NJ/NY.
  • Update 3/11/20: New $250 checking/$100 savings bonus with promo code TK. Hat tip to Peckerwood17. Valid until 6/1/20 Looks like the TK promo code has not been extended.
  • Update 1/15/20: There is a $400 bonus now.
  • Update 1/7/20: Deal has been extended until March 2, 2020.
  • Update 11/8/19: Deal has been extended until January 6th, 2020.
  • Update 8/20/19: Deal has been extended until November 4th, 2019.
  • Update 7/10/19: Deal has been increased to $300 for MyChoice Plus or Premium & $200 for EZchecking & basic. Hat tip to readers Sean A & Allen W
  • Update 7/2/19: Now available until August 19th, 2019
  • Update 5/14/19: Deal is now available until July 1st, 2019.
  • Update 4/7/19: $350 bonus now available in branch. Hat tip to reader Gerald
  • Update 2/26/19: Bonus has been extended until April 1st, 2019.
  • Update 1/17/19: Offer has been extended until February 25th, 2019.
  • Update 11/28/18: Offer has been extended until January 16th, 2019.
  • Update 11/01/2018: Offers extended until November 26th, 2018
  • Repost 09/17/18: There is now a $300 in branch offer. Details below. Hat tip to Lazy Traveler’s.
  • Repost 8/19/18: Offer extended through September 5, 2018. 
  • Repost 7/19/18: Offer extended through August 15th.
    Chuck
  • On March 4, 2025, 21:10
Tags: bank bonusct bank bonusesdc bank bonusesde bank bonusesM&T Bankmd bank bonusesnj bank bonusesny bank bonusespa bank bonusesva bank bonuseswv bank bonuses

View Comments (3647)

  • This "bank" is unbelievable and been like that it seems for years, I tried to see if I can use it, for every day... oh, boy I was wrong. For example, you cannot manually add bank account for transfers, and you need to use their broken MX system, ok, I copy paste user and pas from my santander bank, after 4 minutes it said, "great, all good" - it added bank account and showed it under External Account and last 4 digits of the account,

    After 5 minutes, it stated "The credentials entered do not match your credentials at this institution. Please re-enter your credentials to continue importing data." I copy paste 2 times user name and pas, didn't work, and 2 times, I manually types user name and pass, didn't work... what the hell, how do people use this for everyday... based on what people wrote, a lot of things are broken and not working... gonna pull the money... some banks operates like corner grocery stores... at least they give good bonus :)

  • This bank is an absolute nightmare to deal with. They will flag you and freeze your accounts for no reason whatsoever and they make you go through hell to clear it. Avoid at all costs! The bonus is not worth the effort. Thank me later!

  • "Sorry, we aren’t able to confirm your identity at this time. We can help you open your account at a branch."

  • I am an existing M&T credit card customer and I just opened the checking account for the bonus yesterday. There was a place to enter the promo code TO and I entered it but I never got any document acknowledging I was enrolled in the promo. Is there any way to see if I am enrolled?

    • Sometimes, M&T mails you a letter confirming offer enrollment. This happened to me only once. You may contact the support for confirmation, but also keep in mind the frontline CS may not see or have access to the information and they often give wrong information. If they tell you they do not see you are enrolled in a promotion, that can be false.

  • 2/27/25 Opened Premium Checking
    3/4/25 Key bank push $505
    3/5/25 Key bank push $500
    3/6/25 $400 bonus posted

    Probably the quickest bonus I will ever receive.
    I will downgrade the account next week to EZchoice to prevent monthly fees

    • Your experience seems to be an outlier compared to some difficulties mentioned below from others. Any insights on what helped you get your bonus so quickly?

  • In the end, M&T said they will not honor the promo since it wasn't the applicable region.

    Doesn't matter that I have backup stating my region was eligible via their website, prior calls where they confirmed I was eligible, and the fact that the promo code is attached to me account - meaning there was no error in opening it.

    Anyway, given the bonus didn't pay out, can I just open a new account with them for the new bonuses? Or is it based on last time you had an active account?

    • "Cash bonus offers are not available to employees of M&T Bank or any of its affiliates or to customers who have already received a bonus credited to a personal M&T checking account within the last 12 months (Refer Friends Program is excluded from this 12-month period)."

      Since you haven't received a bonus in the past 12 months, you should be eligible for the new promotion, and yes, you can open a new account as an existing customer for the new bonus. There are DPs for it in the comments.

      • what about referral? If I referred P2 a year ago, can I refer P2 again and both collect $50? (does it make difference if P2's account never closed, or did close 6mo ago)

        • "The Referred Person must be the primary owner of the new checking account, and may not be or have been a primary owner of any M&T personal or business checking account within the previous six months."

          According to the terms, if your P2 is an existing customer, P2 is not qualified for the $50 bonus for being referred, and you will not receive the $50 bonus for referring P2. Is this enforced? I haven't seen DPs on trying it despite the terms.

          • Not enforced, last May I was able to stack the referral even though my account from the previous churn was still open.

          • Hi @guest_1730838, two clarifying questions:

            1. For your successful stack as an existing M&T checking account customer, I assume you registered with a referral link using the same email and phone# on your M&T checking account from the previous churn, right?

            2. In that "previous churn" you mentioned, did you also stack and receive the $50 reward for being referred?

            Thank you. Tagging @guest_1568654 as this is related to another interesting ongoing discussion.

          • Email yes, phone I honestly have no idea. I didn't use a referral for the previous churn, I don't think they were using referlive at that time (2022).

          • Thank you, @guest_1730838. The reason you were able to successfully stack as an existing checking customer could be that it was the first time you were referred. More DPs are needed for us to figure out whether existing customers can consistently receive the bonus for being referred when churning. @guest_1984043

          • @guest_1632744,

            I just glanced through the terms of the RL offer. You are right that @guest_2019542 evaded this part of the terms: "The Referred Person must be the primary owner of the new checking account, and may not be or have been a primary owner of any M&T personal or business checking account within the previous six months."

            However, it's not as good of a DP as I thought since JD has never previously received a RL bonus for M&T. What do you think?

          • That's a nice DP. Thanks, @guest_1730838. Hope it stays that way.

            Beyond M&T, I am not sure. People can try it, then we will know. @guest_1984043

          • @guest_2019186,

            That's an interesting DP.

            @guest_1632744,

            Do you think that the same thing would work with OP for people opening 2nd, 3rd, etc. accounts?

  • THIS WAS A PAIN. Learn from my mistakes read the comments. and WAIT for the debit card!!!!
    1/21-opened online premuim account
    1/23-test deposits from capital 1 rejected
    2/1- activated debit card
    2/5-online account frozen for too many password attempts
    2/6-push from bank of america checking
    2/7-coded as p2p
    2/10- in branch appoinment employee had no clue what was going on. unlocked note placed on account that i had visited the branch
    2/15 read the comments and finally did my home work
    2/21- monthly fee waived from bofa push
    2/20-push from charles shwaab brokerage acct coded as shwabb brokerage money link
    posted on 2/24
    bonus posted on 2/25.
    they are super sensitive to fraud take it slow.
    in terms of taking money out i found a random speedway with a m&t ATM. pulled the money out over 2 days as they refused to raise my atm limit even on a premuim acct

  • You can't even send trial deposits for linking the account until you get the debit card. Silly. CapOne got rejected and I waited 3 days too. Good thing I didn't setup my employer DD. How do they expect people to put in an initial deposit if they're going to drag their butts

    • Had no prob with trial deposits the day of and day after opening, without debit card, for P2. P1 on the OTOH has to go in branch due to ID verification (despite both P1/P2 opening up biz/personal MTB accounts in the past). Not even sure I can get the bonus then. But trial deposits were no prob tbh.

      • Strange, there's another DP below saying cap one trial deposits also failed. What bank did you use? i can't imagine they don't like just cap one but maybe.

        How did you know P1 needed to go in?

  • In-branch opening data point:
    Online application was rejected.
    Popped into the mid-town Manhattan branch on a recent trip there.
    Presented the promo code for $500 to open Premium. In and out in 15 minutes.
    2/21: DD $510 from Schwab
    2/28: DD $500 from Schwab
    3/3: $500 bonus posted
    3/6: Sent message to downgrade to EZ

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