M&T Bank vs. Truist in Arizona: Which Bank Offers Better High

M&T Bank vs. Truist in Arizona: Which Bank Offers Better High-Yield Savings?

When considering high-yield savings accounts, M&T Bank and Truist are two prominent options available in Arizona. This article provides a detailed comparison of these banks, focusing on their offerings, eligibility requirements, account opening processes, fees, and alternative banking options.

Quick Summary

M&T Bank and Truist both provide high-yield savings accounts with competitive interest rates. However, their features, fees, and accessibility may vary, impacting your decision. This comparison aims to help you determine which bank may better suit your financial needs in Arizona.

Eligibility & Requirements

M&T Bank

To open a high-yield savings account with M&T Bank, customers typically need to meet the following requirements:

- Age: Must be at least 18 years old.
- Identification: Valid government-issued photo ID (e.g., driver's license or passport).
- Social Security Number: Required for U.S. citizens and residents.
- Initial Deposit: Minimum deposit requirements may vary; check with M&T Bank for specific amounts.

Truist

Truist has similar eligibility criteria for their high-yield savings accounts:

- Age: Must be at least 18 years old.
- Identification: Valid government-issued photo ID.
- Social Security Number: Necessary for identity verification.
- Initial Deposit: Initial deposit requirements can vary; verify with Truist for specifics.

Both banks may also require proof of residency and may have additional criteria based on account type.

Step-by-Step Opening Process

M&T Bank

1. Visit the Website: Go to M&T Bank’s official website or a local branch.
2. Choose Account Type: Select the high-yield savings account option.
3. Complete Application: Fill out the online application form with personal and financial information.
4. Submit Identification: Upload or present necessary identification documents.
5. Fund the Account: Make the initial deposit electronically or in-person.
6. Review Terms: Read and accept the account terms and conditions.

Truist

1. Access the Website: Navigate to Truist's official website or visit a branch.
2. Select Account Type: Click on the high-yield savings account option.
3. Fill Out Application: Provide required information in the application form.
4. Provide Identification: Submit necessary IDs as per bank requirements.
5. Initial Deposit: Fund your account through electronic transfer or in-person deposit.
6. Agree to Terms: Review and accept all terms and conditions associated with the account.

Both banks provide online and in-person options for account opening, allowing customers flexibility in how they choose to handle the process.

Typical Fees & Timelines

M&T Bank

M&T Bank's high-yield savings accounts may incur various fees, including:

- Monthly Maintenance Fees: Typically range from $5 to $10, but these may be waived if certain conditions (like maintaining a minimum balance) are met.
- ATM Fees: Fees for using out-of-network ATMs may range from $2 to $3.
- Overdraft Fees: Generally around $35 per occurrence.

Truist

Truist also has a fee structure that may include:

- Monthly Maintenance Fees: Usually between $5 and $10, which can be waived based on balance requirements.
- ATM Fees: Out-of-network ATM fees may similarly range from $2 to $3.
- Overdraft Fees: Typically about $36 per incident.

Both banks may have additional fees related to specific services, so it is crucial to verify with each bank for the most accurate and up-to-date information.

Alternatives & Digital Banks

In addition to M&T Bank and Truist, several alternative banks and digital banks offer high-yield savings accounts in Arizona. Some noteworthy options include:

- Ally Bank: Known for competitive interest rates and no monthly fees.
- Marcus by Goldman Sachs: Offers high rates with no minimum deposit requirements.
- American Express National Bank: Provides a high-yield savings account with competitive rates and no monthly fees.

Digital banks often have lower fees and higher interest rates due to their online-only structure, making them worth considering.

FAQs

1. What is a high-yield savings account?

A high-yield savings account typically offers a higher interest rate compared to standard savings accounts, allowing your money to grow faster.

2. Are there any minimum balance requirements?

Both M&T Bank and Truist may have minimum balance requirements to avoid monthly fees. Check with the respective bank for specifics.

3. Can I open an account online?

Yes, both M&T Bank and Truist offer online account opening options.

4. Are there withdrawal limits?

Yes, federal regulations limit certain withdrawals to six per month for savings accounts.

5. What happens if I exceed withdrawal limits?

Exceeding the withdrawal limit may result in fees or the bank converting your account to a checking account.

6. How can I fund my high-yield savings account?

You can typically fund your account through electronic transfers, direct deposits, or in-person deposits at a branch.

7. Are interest rates fixed or variable?

High-yield savings account interest rates are usually variable, meaning they can change based on market conditions.

8. Can I access my funds easily?

Yes, high-yield savings accounts generally allow for easy access to funds, though there may be withdrawal limits.

Conclusion

When comparing M&T Bank and Truist for high-yield savings accounts in Arizona, consider factors such as fees, interest rates, and account features that align with your financial goals. Both banks offer competitive products, but your choice may depend on specific needs and preferences.

Disclaimer: For informational purposes only; not financial/tax/legal advice. Always verify details with official bank sources before making any financial decisions.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles