What you need to open an M&T savings account

M&T Bank lets you open a savings account in person at a branch, online through their website, or by phone. You'll need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The minimum opening deposit varies by account type—some M&T savings accounts require $25, while others require $100 or more. Check the specific account you're interested in before you start, because this affects whether you can open it that day.

If you're opening online or by phone, M&T will verify your identity by asking questions about your financial history and checking your credit report. This process usually takes a few minutes. You'll also need a way to fund the account—either a debit card, another bank account you own, or cash at a branch.

M&T requires you to be at least 18 years old to open an account in your own name. If you're under 18, a parent or guardian must open a custodial account with you.

Key Takeaways

  • You can open an M&T savings account online, by phone, or at a branch, and the process takes 10 to 20 minutes if you have your ID and Social Security number ready.
  • Minimum opening deposits range from $25 to $100 depending on the account type, so confirm the requirement before you begin.
  • M&T will verify your identity by asking security questions and checking your credit report, which does not affect your credit score.
  • You can fund your new account with a debit card, transfer from another bank account, or cash deposited at a branch.
  • Monthly maintenance fees vary by account—some accounts waive fees if you maintain a minimum balance or set up direct deposit.

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 larger balances. The online form will ask for your name, address, date of birth, Social Security number, and employment information.

M&T will then verify your identity by asking security questions based on your credit history—questions like "Which of these addresses have you lived at?" or "Which lender issued your auto loan?" Answer honestly. This verification takes a few minutes and does not lower your credit score.

Once verified, you'll choose how to fund the account. If you link a debit card or another bank account, the transfer usually posts within one to two business days. If you prefer to deposit cash, you'll need to visit an M&T branch in person with your new account information.

Opening an account at an M&T branch

Bring your government-issued ID, Social Security number, and your initial deposit to any M&T branch. A banker will walk you through a short form, verify your identity in person, and set up your account while you wait. This is the fastest route if you want to start using your account the same day—you'll receive a debit card and account number when ready, though the physical card arrives by mail in 7 to 10 business days.

If you're depositing cash, bring it in the amount you need for the minimum opening deposit. If you're funding the account from another bank account or debit card, the banker can process that transfer on the spot. Ask the banker which account type has the lowest fees for your situation—they can explain the difference between accounts and help you pick one that matches how you plan to use it.

Opening an account by phone

Call M&T Bank's customer service line to open a savings account over the phone. You'll need your ID, Social Security number, and information about how you want to fund the account. The representative will ask security questions to verify your identity, then walk you through the account setup.

Phone opening usually takes 15 to 20 minutes. Once complete, you'll receive your account number when ready and can start using it for transfers and direct deposits. Your debit card will arrive by mail within 7 to 10 business days. If you need to deposit cash, you'll have to visit a branch in person.

What happens after you open your account

Your account is active as soon as the opening process is complete. You can use your account number to set up direct deposits or transfers from other accounts right away. Your debit card arrives by mail within 7 to 10 business days—until then, you can withdraw cash at an M&T ATM using your account number and PIN, or at a branch with your ID.

M&T will send you account statements either by mail or email, depending on what you choose during setup. Review your first statement to make sure all the information is correct. If you notice an error, contact M&T within 30 days to report it.

Check whether your account has a monthly maintenance fee and what you need to do to waive it. Some M&T savings accounts waive fees if you maintain a minimum balance (often $500 to $1,000) or set up direct deposit. If your account has a fee and you don't meet the waiver requirements, you'll be charged each month.

Fees and interest rates to understand

M&T savings accounts earn interest, but the rate varies by account type and changes based on the Federal Reserve's interest rate decisions. When you open your account, ask what the current rate is for the specific account you're choosing. Rates are typically higher on accounts that require larger minimum balances.

Monthly maintenance fees also vary. Some M&T savings accounts charge $5 to $10 per month, while others charge nothing. You can usually waive the fee by maintaining a minimum balance or setting up direct deposit. If you don't meet the waiver requirement, the fee comes out of your account each month.

M&T also charges fees for certain actions: overdraft fees if you withdraw more than you have (though savings accounts rarely overdraft), fees for excessive withdrawals beyond a certain number per month, and fees if you close the account within a short time of opening it. Ask about all of these when you open your account so there are no surprises.

Frequently Asked Questions

Can I open an M&T savings account if I don't have a Social Security number?

No. M&T requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you may be able to open an account—call M&T to ask whether they accept ITINs at your location.

What if I don't have a government-issued ID?

You'll need a government-issued ID to open an account. If you don't have one, you can get a state ID from your local DMV. Some states offer ID cards specifically for people who don't drive. Bring proof of your address (utility bill, lease, or bank statement) and your Social Security number to the DMV.

How long does it take to open an account online versus at a branch?

Online opening usually takes 10 to 20 minutes from start to finish. Opening at a branch takes about the same time. Phone opening takes 15 to 20 minutes. The main difference is that branch opening gives you when ready access to a debit card and the ability to deposit cash the same day.

Can I open a joint savings account at M&T?

Yes. Both account holders need to be present (in person or by phone) and provide their own ID and Social Security number. M&T will verify both identities before opening the account. Both names appear on the account, and either person can withdraw money or make changes.

What's the difference between M&T savings accounts?

M&T offers several savings account types with different minimum balances, interest rates, and fee structures. Some are designed for frequent savers, others for people who want to build larger balances. Ask M&T which account matches your savings goals and how often you plan to deposit money.