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M&T Bank offers its customers a wide range of certificates of deposit, or CD, account options. The rates on many of M&T’s CDs are highly competitive and above the national average. However, M&T also requires customers to have at least $1,000 and, for most, a qualifying M&T checking account, to open a CD account.
To open an M&T Bank CD, visit a branch near you. You can also visit the bank’s website to set up an appointment or call the bank at 1-800-724-2440.
Is opening a CD account at M&T Bank a good way to increase your savings? What are M&T Bank CD rates for February 2024? How do M&T Bank CD rates stack up against the competition? Keep reading to learn everything you need to know.
An Overview of M&T Bank CDs
As of Feb. 5, 2024, M&T Bank has two different CD options . The annual percentage yield, or APY, for M&T Bank’s CDs varies depending on the ZIP code of the bank branch and is subject to change. The quoted APYs are based on the rates for Buffalo, New York, ZIP code 14240, where M&T Bank is headquartered.
The details of M&T Bank’s available CDs are detailed in the table below:
| CD Term Length | APY | Requirements To Qualify |
|---|---|---|
| Promotional 8-month CD | $1,000 deposit | |
| Select 24-month CD | $1,000 deposit and a qualifying M&T checking account |
All of M&T Bank’s CDs are FDIC-insured up to the maximum limit, so if M&T Bank ever fails, that insurance can cover the loss of your funds.
How Do M&T’s Select CD Accounts Work?
CDs are accounts with set interest rates and investment terms that are great for accruing interest over time. Unlike a savings account, for the duration of your CD term, you cannot remove your money without paying a penalty fee. However, your earnings are guaranteed, unlike money invested in stocks, and you do not have to pay monthly fees.
M&T Bank offers three CD accounts, each of which offers a competitive APY. However, you can’t open a Select CD account unless you have a qualified checking account with M&T.
To open a Select CD account, customers need to have one of the following M&T accounts:
- MyChoice Premium Checking Account
- Select Account
- Select Account with Interest
- Power Checking Account
- Advantage Checking Account
How Can You Open a Qualified Checking Account with M&T?
If you don’t have a qualified checking account with M&T Bank, you may also open a MyChoice Premium Checking Account in order to gain access to M&T’s Select CD Accounts.
You can open a MyChoice Premium Checking Account with a minimum deposit of $25. However, you will pay a monthly maintenance fee of $24.95 unless you maintain a minimum balance in the account. The MyChoice Premium account is free if you have an average daily balance of at least $7,500, or a combined daily average balance of at least $25,000 in eligible accounts.
How Much Can You Earn with an M&T Bank CD?
Customers earn money on CDs because of the interest they receive on their initial deposits. All of M&T Bank’s CDs earn interest. However, the interest is calculated differently depending on your CD’s term length and your balance. You can use GOBankingRates’ easy savings calculator to figure out how much you’d earn using M&T Bank CD rates.
If you open an automatically renewable M&T Bank CD, you’ll have the option to add money to your initial balance at any point. You will also have the option to renew your CD once the initial term is completed.
M&T Bank also allows you to collect your interest payments before your CD’s term is completed. M&T Bank can transfer your interest disbursem*nts by:
- Mailing you a check
- Depositing your balance into your linked M&T account
- Give you your balance when you visit your local M&T branch
How Does M&T Bank Stack Up Against the Competition?
The rates on M&T Bank’s standard CDs are significantly higher than the rates offered by many other banks. According to the FDIC, the average APYs for standard CDs, as of Jan. 16, 2024:
- 1-month term: 0.23%
- 3-month term: 1.67%
- 6-month term: 1.51%
- 12-month term: 1.86%
In contrast, all of M&T Bank’s currently available CDs have an APY of at least , and the promotional CD offers a APY.
However, M&T Bank’s CD rates are only available for customers who have at least $1,000 to deposit and the select CDs are also only available for customers who can open one of the bank’s qualified accounts.
If you’re looking for a low-risk way to increase your savings over time, M&T Bank CDs may be a good choice. However, there may be other, better ways to boost your savings. Wells Fargo, for example, offers customers a APY on one of its CDs.
Where Is M&T Bank Located?
M&T Bank has more than 1,000 branches and 1,807 ATMs distributed across 15 states. The bank has locations in the following states:
- Connecticut
- Delaware
- District of Columbia
- Florida
- Maine
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Rhode Island
- Vermont
- Virginia
- West Virginia
FAQ
- Is M&T Bank FDIC-insured?
- M&T Bank is FDIC insured up to $250,000.
- Does M&T Bank charge a penalty for early withdrawal?
- Yes. If you withdraw your principal early, M&T Bank may charge you a penalty. However, you can withdraw your interest payments early without penalty.
- Does M&T Bank offer other kinds of accounts?
- In addition to their promotional and select CDs, M&T offers checking and savings accounts, as well as business and commercial banking products and services. M&T also offers credit cards, mortgages, insurance and investment tools.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 5, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
- FDIC. 2024. "National Rates and Rate Caps."
