What you need to open an M&T savings account
M&T Bank lets you open a savings account in person at a branch, by phone, or online through their website. The fastest route is online if you have the documents ready. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit — the amount varies by account type, so check M&T's current requirements before you start.
If you are opening an account for someone under 18, a parent or legal guardian must be present or approve the account. Some M&T branches offer accounts specifically for minors with different rules and lower or no minimum deposits.
You will also need a way to fund the account: a debit card, a check, or a transfer from another bank. If you open online, M&T can link to an existing bank account to pull the initial deposit automatically.
Key Takeaways
- M&T accepts online, phone, and in-person account openings, with online being the fastest if you have your ID and Social Security number ready.
- You will need a valid government ID, your Social Security number, and an initial deposit amount that depends on the specific savings account type you choose.
- M&T can link to an existing bank account to transfer your opening deposit if you open online, or you can bring a check or debit card to a branch.
- The entire process usually takes 10 to 15 minutes online or at a branch, and your account becomes active the same day or the next business day.
Opening an account online through M&T's website
Go to M&T Bank's website and look for the "Open an Account" or "Savings Accounts" section. Select the savings account type that fits your needs — M&T offers several, including a basic savings account and accounts with higher interest rates if you maintain a larger balance. The website will walk you through each step.
You will enter your personal information: name, address, date of birth, Social Security number, phone number, and email. M&T will verify your identity using information from credit bureaus and public records. This verification usually takes a few minutes, though occasionally M&T may ask you to confirm additional details by phone or email.
Next, you will link a bank account to transfer your opening deposit. M&T will ask for your routing number and account number from your existing bank. The transfer typically posts within one to two business days. Once the deposit clears, your M&T savings account is active and you can begin using it.
Opening an account by phone or at a branch
Call M&T's customer service line to open an account by phone. A representative will ask the same questions as the online form and walk you through the process. You will still need to provide your ID and Social Security number, and you will arrange how to send your opening deposit — usually by check or by authorizing a transfer from another account.
If you prefer to open an account in person, visit any M&T branch during business hours. Bring your valid ID, Social Security number, and your opening deposit (as a check, debit card, or authorization to transfer from another bank). A branch employee will complete the paperwork with you, verify your identity, and process the deposit. Your account is typically active the same day.
In-person opening is useful if you have questions about which account type suits you, or if you want to set up additional services like online banking access or a debit card at the same time.
What happens after you open your account
Once your account is open, M&T will send you a debit card by mail, usually within 5 to 10 business days. You can also set up online banking and mobile banking access immediately through M&T's website or app, even before your debit card arrives. Online banking lets you transfer money, pay bills, and check your balance anytime.
Your first statement will arrive about 30 days after opening, either by mail or electronically if you choose paperless statements. The statement shows your opening deposit, any interest earned, and any fees charged. M&T savings accounts earn interest, though the rate varies by account type and changes based on market conditions.
If you opened the account online and have questions later, you can contact M&T by phone, through their website chat, or by visiting a branch. Most issues — like updating your address, adding a beneficiary, or changing your account settings — can be handled online or by phone without a branch visit.
Minimum deposits and account fees
M&T's minimum opening deposit varies by account type. Some savings accounts have no minimum, while others require $25, $100, or more. Check M&T's website or call before you open to confirm the current minimum for the specific account you want.
Monthly maintenance fees also vary. Some M&T savings accounts charge no monthly fee, while others charge $5 to $10 per month. Fees are often waived if you maintain a minimum balance or set up direct deposit. Read the account details carefully before opening so you understand what you will pay.
Interest rates on M&T savings accounts are typically low — usually less than 1 percent annually, though this changes frequently. If you are saving for a specific goal and want a higher rate, compare M&T's rates to other banks before deciding.
If you already have an M&T account
If you already bank with M&T, opening a second savings account is simpler. Log into your online banking, look for "Open a New Account" or "Add an Account," and follow the prompts. You will not need to verify your identity again, and the new account is usually active within minutes. You can transfer money between your existing M&T accounts immediately.
If you prefer, you can also call M&T or visit a branch to open a second account. Existing customers can often do this faster because M&T already has your information on file.
Frequently Asked Questions
Can I open an M&T savings account without a Social Security number?
No, M&T requires a Social Security number for all account holders. If you do not have one, you may be able to open an account using an Individual Taxpayer Identification Number (ITIN) instead, but this varies by branch. Call M&T directly to ask about ITIN accounts in your area.
How long does it take to open an M&T savings account?
Online opening usually takes 10 to 15 minutes, and your account is active the same day or the next business day. In-person opening at a branch takes about 15 to 20 minutes and is typically active the same day. Phone opening takes 20 to 30 minutes.
What if my identity verification fails online?
M&T will contact you by phone or email to ask additional questions or request more information. You may need to visit a branch in person with your ID to complete the verification. This usually happens within one to two business days.
Can I open an M&T savings account if I have had banking problems before?
M&T checks ChexSystems, a banking history database, when you open an account. If you have unpaid overdrafts or closed accounts in bad standing, M&T may deny your application. Call M&T to discuss your situation before you open an account online.
Do I need to open a checking account to open a savings account at M&T?
No, you can open a savings account alone. However, many people open both at the same time because M&T often offers promotions or lower fees when you have multiple accounts.