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Updated: Mar 30, 2024

M&T Bank Commercial Savings Account 2024 Review

A business savings account gives your company a place to safely store cash you want to set aside for future purposes. Finding the right business savings account can make a big financial difference ...
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A business savings account gives your company a place to safely store cash you want to set aside for future purposes. Finding the right business savings account can make a big financial difference to your company. Here’s our M&T Bank Commercial Savings account review to help you decide if it’s a good fit for your company.

Our Verdict

The M&T Bank Commercial Savings Account may be a good fit for existing M&T Bank customers that want all of their bank accounts at one institution. Otherwise, the low interest rate means the account won’t likely be a contender for a stand-alone savings account option.

M&T Bank Commercial Savings Account Pros & Cons

Pros
  • No transaction item limits
  • FDIC-insured up to the applicable limits
Cons
  • Monthly cash deposit limits (before fees imposed)
  • Low interest rates
  • Monthly fee may apply (can be waived)

Compare Best Business Bank Accounts Available Now

Find the best business accounts to manage your business funds better and improve your bottom line:

Compared to Other Business Savings Accounts

M&T Market Advantage for Business Savings

The M&T Market Advantage for Business Savings account is another option from the same bank. This account charges a $12.50 monthly maintenance fee. It can be waived by maintaining a $10,000 minimum daily ledger balance.

This has an introductory promotional interest rate worth considering. Unfortunately, it only lasts for a limited time with a qualifying deposit. Most businesses are better off looking for an account with an interest rate that won’t change after a promotional period expires.

M&T Commercial Money Market Savings

Thee M&T Commercial Money Market Savings Account has a similarly low interest rate as the M&T Bank Commercial Savings account. The account charges a $12.50 monthly maintenance fee unless you maintain a $10,000 daily balance.

Live Oak Bank Business Savings Account

The Live Oak Bank Business Savings Account offers an impressive interest rate with no monthly fees. It's an excellent alternative for business clients who are comfortable managing the account digitally and do not need access to physical banking locations.

Read our editorial review of the Live Oak Bank Business Savings Account.

TD Business Savings Account

The TD Business Savings account, with a $5 monthly maintenance fee (waivable with a $500 minimum balance), is suitable for existing TD Bank customers seeking to consolidate banking services despite its low interest rates. It offers free monthly cash deposits up to $5,000, after which fees apply, positioning it as a functional option for basic savings needs.

Read our editorial review of the TD Business Savings Account.

Monthly Maintenance Fee

The M&T Bank Commercial Savings account will charge you a $5 monthly maintenance fee. The fee can be waived each month where you maintain a $300 daily minimum balance.

Monthly Deposit Limits

There is no fee for transaction items on the account. This includes:

  • Deposit tickets
  • Checks paid
  • Checks deposited
  • ACH credits and debits (not generated by the customer)

Monthly Cash Deposit Limits

You can deposit up to $5,000 in cash each month without incurring any fees. Each additional $100 of cash deposited results in a $0.27 fee.

Interest Rates

This business savings account pays a very low interest rate. You must also maintain a $100 daily collected balance to earn the interest rate.

The rate is higher than many brick-and-mortar banks. Even so, the rate is still inconsequential compared to the top interest rates you can earn on business savings accounts.

If you’re looking for the best interest rates, consider one of the better online business savings account opinions.

Other Account Fees

Almost every bank has a list of fees it charges its banking customers. M&T Bank does not clearly disclose a full list of fees for their Commercial Savings account in an easy-to-find place on their website.

We were able to discover the following two fees by talking to an M&T banker over the phone. Please verify any fees you may be charged for this account before signing up.

Other Service Fees - M&T Bank Commercial Savings Account

Type Fee
Out-of-network ATM fee $3.00 each
Incoming wire transfer $16 each

Account Access and Management

The M&T Bank Commercial Savings account is an FDIC-insured account. This provides insurance for your deposits, up to insurance limits, should the bank fail. This coverage is separate for business and personal accounts at the same bank unless your business is a sole proprietorship.

The account offers you ATM access, something not all business savings accounts offer. 

The M&T Bank mobile banking apps provide the standard suite of features that allow business clients to view account activity, perform fund transfers, and deposit checks remotely.

How to Open

The only way to open an M&T Bank Commercial Savings account is by visiting a local bank branch and working with a Relationship Manager. The bank does not disclose what information you need to open an account, but you can call your branch to verify before heading in.

This account supports the following business types:

  • Sole proprietorship
  • Partnerships
  • DBA firms
  • Non-profit organizations

In general, you can expect to provide the following types of information when opening a business savings account:

  • Name
  • Date of birth
  • Social Security number
  • Contact information
  • Government photo identification
  • Business formation documents
  • Business registration documents
  • Business employer or taxpayer identification number
  • Information about all owners and account signers

How to Choose the Right Business Savings Account

Each company has its own unique needs and priorities. That means there isn’t one business savings account that will be the best option for every business.

Instead, you have to figure out what your company feels is the most important in a savings account. Then, you have to narrow down your options to your top choice.

Here are some priorities you may want to consider when searching for the right business savings account.

Interest rate

A business savings account’s interest rate is usually the top priority as it determines how much money you earn on your deposits.

FDIC or NCUA insurance coverage

FDIC or NCUA insurance should be a must-have feature of any account you open. If the bank fails, your deposits are insured up to the limits of the program.

Larger companies may have funds that exceed these limits. These businesses must carefully consider a bank’s financial stability before making deposits above the limits.

Monthly maintenance fees

Monthly maintenance fees take away from your savings balance, so they should be avoided when possible. A select few banks don’t have this fee. However, most banks that charge this fee offer a way to get the fee waived.

Minimum balance requirements

A bank may waive your maintenance fee if you keep a minimum balance in the account. How the minimum is calculated and the specific amount will depend on the institution and account type.

Transaction limits and excess transaction fees

Banks often limit the number of withdrawals or deposits you can make in a month. You may have to pay an excess transaction fee for each transaction above those limits.

Cash deposit limits and excess cash deposit fees

A bank may limit the amount of cash you can deposit for free in a month. Each additional $100 of cash deposited past that limit normally results in a small fee.

Physical bank locations and hours

The branch locations of brick-and-mortar banks can play a big role in the account you choose. If a bank is located near your business, it could make your life much easier.

Other products

Companies searching for a new bank for all of their accounts may want to prioritize loan or checking account features over savings account features. These other accounts could result in higher fees or costs.