There is now a deal for $200 instead of $150.
Offer at a glance
- Maximum bonus amount: $150
- Availability: While it will let you open an account online anywhere, it won’t actually work unless you live in one of the following states: CT, DC, DE, FL, MA, MD, NJ, NY, OR, PA, VA, WV
- Direct deposit required: Yes, must direct deposit $100+
- Additional requirements: None
- Hard/soft pull: Soft
- Credit card funding: None
- Monthly fees: $6.95, waive-able
- Early account termination fee: $50, 180 days
- Expiration date: March 31st, 2016
Contents
The Offer
- Receive a sign up bonus of $150 when you complete the following requirements:
- Open any personal checking account with M&T
- Make one qualifying direct deposit in the amount of at least $100 within 90 days of account opening to qualify
The Fine Print
- Bonus will post within 90 days of receiving direct deposit, as long as it’s open and in good standing
- This offer is valid on new accounts opened before 3/31/2016
- Qualifying direct deposits include, but are not limited to, electronic deposits such as payroll or Social Security and do not include electronic money transfers or credits such as account-to-account transfers or those made through internet payment services
- Only one bonus will be rewarded regardless of the number of accounts, titling on account and the number of direct deposit arrangements established
Avoiding Fees
Early Account Termination Fee
There is an early close out fee of $50 according to these terms & conditions if you cancel within 180 days of signing up.
MyChoice Checking
You need to open a basic MyChoice checking account to get this bonus. This account has a monthly fee of $6.95 that can be waived with any of the following methods:
- Receive direct deposits totaling $200 or more per monthly service charge period
- Make 10 or more monthly debit card purchases per monthly service charge period
- Keep an average daily balance of $500 or more per monthly service charge period
M&T Bank is one of the few banks that doesn’t give you a grace period, these must be completed your first month otherwise you’ll be charged the fee.
Our Verdict
One of the nice things about bonuses from M&T bank is that the bonus typically posts one day after a qualifying direct deposit hits. In the past they have offered a bonus of $200, so it might be worth waiting for that bonus to reappear. Not sure if this bonus is churnable, as there is no language about having an existing or previous account in the fine print (if you try this let us know). Because they have offered a higher bonus in the past, we’re not adding this to our best bank bonuses page. It has been added to our deposit account bonus database, that can be found here.
Hat tip to dacorgi on /r/churning
