M&T Bank Cash Bonuses: Up to $600 for Checking & Savings, Plus a $2,000 Business Deal

If you're in the market for a new checking account, M&T Bank has rolled out a bunch of cash incentives that might be worth your time. Depending on which account you open and how much you can deposit, you could pocket anywhere from $100 to $600 on the personal side, and up to $2,000 if you're opening a business account. Let's break down what's on the table, who qualifies, and what to watch out for.

The Big One: $600 for Checking + Money Market

The most generous personal offer combines a MyChoice Premium Checking account with a Preferred Money Market account. You'll need to open both by August 31, 2026, and use promo code TM at account opening. To snag the full $600, you'll need to meet two separate requirements: first, set up qualifying direct deposits of at least $1,000 within 90 days of opening the checking account (that earns you $450). Then, deposit $25,000 in new money into the money market account and keep an average monthly balance of $25,000 for September and October 2026 (that adds another $150). The bonus is credited by the end of the year, and you must keep the accounts open until then.

One nice thing about this offer is that it doesn't require direct deposit for the checking portion—you can use other funding methods. But keep in mind that the $25,000 balance requirement is steep, so this is really for folks who have that kind of cash sitting around. Also, the money market account likely has its own fees, so make sure you can waive them or the bonus might not be worth it.

• Open MyChoice Premium Checking and Preferred Money Market by 8/31/26 with promo code TM
• Earn $450 with $1,000+ in qualifying direct deposits within 90 days
• Earn an extra $150 by depositing $25,000 in new money and maintaining $25,000 average balance in Sept & Oct 2026
• Bonus credited by 12/31/26
• No direct deposit requirement for the $450 portion

Simpler Deals: $400 and $200 Checking Bonuses

If you don't want to juggle two accounts, M&T also has standalone checking bonuses. The $400 offer requires opening a MyChoice Premium Checking (or certain other accounts) by July 31, 2026, using promo code TG, and setting up direct deposits totaling at least $500 within 90 days. That's a lower bar than the $600 deal, but you still need to meet the direct deposit requirement—and it has to be a qualifying one, like payroll or pension. Person-to-person transfers don't count.

There's also a tiered $200 bonus available on several checking accounts (EZChoice, MyChoice Plus, MyChoice Premium) through July 31, 2026. The bonus amount varies: $200 for MyChoice Premium, $150 for MyChoice Plus, and $100 for EZChoice. The direct deposit requirement is the same $500 within 90 days. So if you're willing to pay a higher monthly fee (or meet the waiver requirements), you can get a bigger bonus. Just remember that these offers are limited to one bonus per customer, and you can't have received a personal M&T checking bonus in the last 12 months.

• $400 bonus: Open eligible checking by 7/31/26 with promo code TG, $500+ direct deposits within 90 days
• $200 bonus: Open eligible checking by 7/31/26, $500+ direct deposits within 90 days
• Bonus tiers: $200 for MyChoice Premium, $150 for MyChoice Plus, $100 for EZChoice
• Direct deposits must be recurring payroll, pension, or Social Security—not transfers
• One bonus per customer; 12-month waiting period if you've had a prior bonus

Business Owners: Up to $2,000 for Tailored Business Checking

M&T is also courting small business owners with a bonus of up to $2,000 when you open a Tailored Business Checking account. This offer requires you to visit a branch (it's in-branch only) and use promo code BD. The bonus is based on your average ledger balance in the third full month after opening: $300 for balances between $5,000 and $14,999.99, $500 for $15,000 to $24,999.99, and so on up to $2,000 for higher balances. You'll need to maintain that balance to get the bonus, and the account has a $20 monthly fee that can be avoided if you meet certain requirements.

This is a solid deal for businesses that keep a decent chunk of change in their checking account. But note that the bonus is tiered—you won't get the full $2,000 unless you have a substantial balance. Also, there's an early termination fee of $50 if you close within 365 days, so make sure you're in it for the long haul.

• Open Tailored Business Checking in-branch by 9/30/26 with promo code BD
• Bonus based on average ledger balance in the third full month: $300 (5k-14.9k), $500 (15k-24.9k), up to $2,000
• No direct deposit required
• Monthly fee $20, avoidable
• Early termination fee $50 if closed within 365 days

What to Watch Out For

Before you jump in, there are a few things to keep in mind. First, all these bonuses are taxable—M&T will report them to the IRS, so you'll owe taxes on the amount. Second, you'll likely face a hard credit check (though the source mentions soft pull for some offers, but it's not guaranteed). Also, if you close the account within 180 days (365 for business), you'll be charged a $50 early termination fee, which eats into your bonus.

Another gotcha: the direct deposit requirements are strict. Person-to-person transfers, Venmo, PayPal, or bank-to-bank transfers don't count. Only recurring electronic deposits like payroll, pension, or Social Security qualify. So if you're planning to just transfer money from another account, that won't work.

Finally, check the monthly fees. The MyChoice Premium Checking has a monthly fee that can be waived, but you need to meet certain criteria (like maintaining a minimum balance or having direct deposits). Make sure you can meet those requirements, or the fee will chip away at your bonus.

• Bonuses are taxable income
• Early termination fee $50 (personal) or $50 (business) if closed within 180/365 days
• Direct deposits must be recurring payroll, pension, or Social Security—no transfers
• Monthly fees can be waived, but check the requirements
• One bonus per customer, and you can't have had a personal M&T checking bonus in the last 12 months

Bottom Line

• M&T Bank is offering multiple cash bonuses for new checking and money market accounts, with the highest personal bonus at $600.
• The $600 deal requires opening both a checking and money market account and maintaining a $25,000 balance in the money market for two months.
• Simpler $400 and $200 checking bonuses require direct deposits of $500+ within 90 days.
• Business owners can earn up to $2,000 by opening a Tailored Business Checking account and maintaining a high balance.
• Watch out for monthly fees, early termination fees, and strict direct deposit definitions.

Common Questions