[MA, CT, DE, D.C., MD, NJ, NY, PA, VA, WV] M&T Bank $300-$1,500 Business Checking Bonus

Update 1/18/26: Can also open an essentials checking account now that is easier to keep fee free ($1,000 balance instead of $10,000). 

Update 1/2/26: Deal is back until 3/31/26. Hat tip to Super Pirate formerly SP

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

Direct link to offer

• M&T Bank is offering a bonus of $500 when you open a new 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

Business Essential Checking has a $5 monthly fee. Waived if you do any of the following:

• Carry a $1,000 average ledger balance per month OR
• The purchases and payments7 made from the Account with the linked Visa® debit card(s) total $300.00 or more (transactions must be settled during the Analysis Period, and withdrawals are not included

Possibly waived first three months. 

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

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