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JF
JF

Which is correct – 180 days (in The Fine Print) or 12 months (in Our Verdict)?

Looney Tunes
Looney Tunes

Both according to the Disclosures on the M&T website:

“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 credited to a personal M&T checking account within the last 12 months”

JF
JF

Thanks. Didn’t read it thoroughly. I closed my account 8 months ago, have to find when I received the bonus.

Lucky
Lucky

Is that one year from bonus to bonus or from bonus to opening.

esaphire3
esaphire3

$450 bonus now requires 20k balance for 2 months

Lil Ol Me
Lil Ol Me

That’s what it looks like to me as well… $10k@4% for 2 months is $65. Doesn’t seem worth it considering, you can get better interest rates than 4%, and it’ll probably be tied up for more than 2 months, and you’ll have a bunch of extra effort. I’m thinking the deal hear is the checking account for $350.

anon
anon

Anybody get charged the $50 early termination fee? At about $25/month in lost interest at 4%, looks like it worth it to pay the fee. Can you ACH out the balance then close? Does M&T post fee/negative balance?

Yawgoog
Yawgoog

After the two-month requirement you can lower the balance to $7500 to avoid fees. You can also downgrade the account to EZ Choice which has no fees.
https://www.doctorofcredit.com/mt-bank-150-checking-bonus-tn-available-online-ct-dc-de-md-nj-ny-pa-va-wv/#comment-1464636

anon
anon

Thanks Yaw. Downgrading looks like the way to go.

Alias Mathias
Alias Mathias

If you actually live out of state, they require you to go in-branch to close the account OR send a notary, which both cost $.

Also this account cannot be used internationally, as the system flags it if you log in from outside the US, and you usually have to spend minimum 1 hr on the phone to have them unlock it. There is no override for this w/ senior tech support. Coupled with the opportunity cost of the high deposit requirement, I highly recommend seeking a bonus elsewhere.

Novacat05
Novacat05

I was able to close via SM in November(though I was in-state, would they really check that before granting a request to close?)

Sam
Sam

a lot of these mid size banks are like this

Wein
Wein

the fact that it requires 7k to keep the checking account fee free and you have to keep it open for at least 6 months makes this deal not attractive.

Yawgoog
Yawgoog
Nate nate
Nate nate

The opportunity cost of having money tied up is now at least worth thinking about. If I’m getting >3.5% on a savings account already, and assuming M&T pays close to 0%, there is an opp cost of >$120 in lost interest.

Novacat05
Novacat05

I’ve churned them before multiple times, it’s not quite 6 months.

For this bonus, you would deposit $20k by end of February, leave it in for 2 months. Once April hits, pull out all $20k. You might get hit for $25, but that’s way less than the amount of interest you lose in a month. Your bonus should post end of the following month(April). Once it posts, immediately close money market and downgrade checking to EZ Choice Checking. Wait out the 6 months to close out accounts.

When I did this last fall, I was not charged the monthly fee for the month following the bonus period. Even if you have to eat one $25 monthly fee you still come out ahead. My statement date was beginning of month, so I waited till that to roll over, then pulled out the $10k, my bonus posted at end of that month, less than 30 days, once it did I downgraded before next statement date to avoid the $25 monthly fee.

The $100 for the additional $10k is hardly worth it, 4% on that money over two months gets you $66. Interest in M&T MM account is pitiful.

If you are eligible for Chase, highly recommend doing that instead. Or if not, park $10k in Marcus for 90 days. That bonus is $100 bonus, but at least you earn a competitive interest rate, so it’s actually a legit extra $100. In fact, you should not do the extra $100 for $10k bonus with M&T at all, not while this Marcus bonus is available.

Nate nate
Nate nate

Why isn’t this best bank bonus qualifier?

B
B

Applied in October with Promo Code TK, (Part of the $450 bonus) with premium checking,

Got a DD bonus for $150 in December (a day after real DD)

When can I expect the othe $300?

FYI – the posts indicate it is $350 DD?

Warren Munger
Warren Munger

Same situation with me.

jd
jd

old link for the premium checking + money market bonus is alive again, DD one might follow soon too
https://campaigns.mtb.com/premium-bonus-money-market
Also classic/basic checking are gone, replaced by ez choice which has no fees
Chuck

Avi
Avi

So the link only creates a checking account. Do we need to apply separately for the savings account? FWIW I used the promo code “CD”.

fearthez
fearthez

Just got a mailer for the $250 bonus for a $500 DD in 90 days with code UB. $100 bonus is also around for monthly balance of $2.5k in Match and April Chuck Also looks like MA is eligible now, I received this flyer there and they accepted my zip

fearthez
fearthez
Rana
Rana

Using above promo link I have opened checking account (observed that ‘CD’ as the promo code). What promo code to be used for Relationship Savings account? Please help. Calls to M&T Representatives said that I can’t use “CD” for savings account promo.

jd
jd

The extra savings promo needed offer UB, probably limited to new market areas.