Update 6/30/24: Deal is back through September 30, 2024. There is also a $300 and $1,500 tier now.
Update 4/3/24: Deal is back through June 28th. Hat tip to Frazz
Update 1/8/24: Deal is back and valid until 3/29. Hat tip to reader BD.
Update 10/2/23: Extended until 12/29.
Update 4/2/23: Extended until 6/30/2023
Update 1/15/23: Bonus is now $500 and doesn’t require merchant services.
Offer at a glance
Maximum bonus amount: $500
Availability: In branch only [Branch locator]. Branches are in CT, DE, D.C., MD, NJ, NY, PA, VA, WV
Direct deposit required: No
Additional requirements: Average daily balance of $5,000 for the 3rd full month after account opening
Hard/soft pull: Soft
ChexSystems:Yes
Credit card funding: No
Monthly fees: $20, avoidable
Early account termination fee: $50 if closed within 180 days of date opened, bonus forfeit if closed within six months as well.
Household limit: None
Expiration date: June 28th, 2019 September 30th, 2020 November 30, 2020
The Offer
M&T Bank is offering a bonus of $500 when you open a new Tailored Business Checking account and complete the following requirements:
Have an Average Ledger Balance in the account is at least $15,000 in the third full calendar month after the account was opened
$300 bonus when you have an Average Ledger Balance in the account is at least $5,000+ in the third full calendar month after the account was opened
$1,5000 bonus when you have an Average Ledger Balance in the account is at least $100,000+ in the third full calendar month after the account was opened
The Fine Print
We will credit $500 bonus (the “Checking Bonus”) to a new M&T Tailored Business Checking account opened between 1/1/2023 and 3/31/2023 if the Average Ledger Balance in the account is at least $5,000 in the third full calendar month after the account was opened. If the requirements are met and the Account remains open, the Checking Bonus will be credited to the Account within 45 days after the end of the third full calendar month after the account was opened. The Checking Bonus is reportable for tax purposes and is not available to employees of M&T Bank or any of its affiliates. The Checking Bonus is not available to customers who have had a non-personal M&T checking account within the previous 90 days of opening an M&T Tailored Business Checking account. Only one Checking Bonus will be awarded per customer regardless of the number of new M&T Tailored Business Checking accounts opened. A $50 Account Closure Fee applies if the account is closed within the time period referenced in the Commercial Deposit Account Fee Schedule.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $20 monthly fee. This is waived if you:
Maintain a $10,000 monthly average ledger balance
Maintain $25,000 average ledger balance between checking & savings
Make $2,000 in purchases on a linked M&T business credit card
M&T bank merchant services account proceeds deposited
Early Account Termination Fee
$50 if closed within 180 days of date opened, bonus forfeit if closed within six months as well
Our Verdict
Update; You need $15,000 in the account to trigger the bonus, making the return even worse unfortunately.
You will need to keep $10,000 in this account to keep it fee free and to trigger the bonus (or you could put $5,000 into the account and just pay the monthly fees). Either way the deal is still worth doing as the bonus is for $500. Keep in mind M&T also offer personal bonuses of up to $300 as well. I will be adding this to our list of the best business bank account bonuses.
Hat tip to reader ChurningFast
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times
Post history:
Update 10/19/22: Extended through 12/31/2022.
Update 7/3/22: Back and extended until Sept 30, 2022.
Update 5/16/22: Deal is back and valid until 6/30/22.
Update 1/15/22: Deal is back and valid until 3/11/22.
Update 5/31/21: Extended until 6/30/21.
Update 4/27/21: Deal is back and valid until May 30, 2021. Looks like it can be opened online now. Hat tip to IS250
Update 10/4/20: Deal good through November 30, 2020.
Update 8/10/20: Monthly fee is waived for the first three months. Hat tip to Lazy Travelers
Update 8/2/20: Deal is back and valid until September, 30 2020. Hat tip to reader crystal
Update 3/21/20: Deal has been extended until May 15th, 2020.
Update 2/2/20: Deal is back until 3/20/20 but checking bonus has been reduced to $300. I’d recommend waiting until the $400/$100 bonus returns. Hat tip to reader Ryan
Update 7/28/19: Deal is back and valid until September 26th, 2019. There is also a $200 bonus that we will post about shortly.