If someone offered you $200 just to open a bank account, would you take it? Right now, M&T Bank is giving new customers a chance to earn a $200 bonus, but you need to act fast because the offer ends July 31.
Let us break down exactly what you need to do, who qualifies, and what to expect so you do not miss out on this opportunity.
How do you qualify for the $200 bonus?
To get the $200, you will need to open a new MyChoice Premium Checking Account with M&T Bank and meet a few simple conditions. It is not hard, but the steps must be followed carefully.
Here is how to qualify:
- You must be 18 years or older
- Open the account online through M&T Bank’s website or by scheduling an appointment at a local branch
- You need to make a minimum deposit of $25 to open the account
- Then, within the first 90 days, you must receive at least $500 in direct deposits into the account
Once those direct deposits go through, M&T Bank will automatically deposit the $200 bonus into your new account.
What is the deadline to get the M&T bank bonus?
The last day to sign up and be eligible for the $200 is Wednesday, July 31.
So, if you want to get the bonus, you will need to:
- Open the MyChoice Premium Checking Account before or on July 31
- Start setting up your direct deposits right away so they hit within 90 days
Remember, this offer is only for new account holders — if you already have an M&T checking account, you will not qualify.
What are the benefits of mychoice premium checking?
Besides the bonus, the MyChoice Premium Checking Account comes with a few other helpful features.
Here are the perks:
- It earns interest on your balance
- You get no out-of-network ATM fees from M&T Bank
- There are discounts on loan rates and safety deposit boxes
- You will have free overdraft protection transfer from a linked account
It is a good fit if you plan to keep some money in the account and want a few extras beyond just the $200.
Are there any downsides to the account?
Yes, there are a few things you should know before signing up:
- The account has a monthly maintenance fee of $24.95
- That fee is waived if you keep at least $7,500 in the account every month
- ATM fee reimbursements are low compared to other banks
So if you plan to use this account long-term, it is a good idea to keep an eye on your balance to avoid the monthly fee.
How does this compare to other bank bonuses?
M&T Bank is not the only financial institution offering free money this summer. In fact, some other banks have even higher bonuses — depending on what you are looking for.
Here are some other top sign-up bonuses:
- Chase Private Client Checking: Up to $3,000
- Citi Checking Account: Up to $1,500
- Capital One 360 Performance Savings: Up to $1,500
- Huntington Business Checking: Up to $1,000
- Chase Total Checking + Savings: Up to $900
- Associated Bank Checking: Up to $600
And if you already have a Chase Bank account, you can earn up to $500 just by referring your friends and family. Each referral gives you $50, and you can refer up to 10 people per year.
If you are looking for an easy way to earn some extra cash this summer, this M&T Bank bonus is one of the simpler offers out there. But you need to take action before July 31 or the chance disappears.
