Viktor Cvetkovic / Getty Images
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Trusted by
Millions of Readers
M&T Bank offers its customers a range of certificates of deposit 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 and earn CD interest.
Current M&T Bank CD Rates for June 2024
As of June 7, 2024, M&T Bank has three different CD options. The annual percentage yield 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 5-month CD | $1,000 deposit | |
| 6-month Select CD | $1,000 deposit and a qualifying M&T checking account | |
| 12-month Select 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 terms that are great for growing your money over time. Unlike a high-yield savings account or money market account, for the duration of your CD term, you cannot remove your money before the maturity date without paying an early withdrawal penalty fee. However, your earnings are guaranteed after the CD matures, unlike money invested in stocks, and you do not have to pay monthly fees.
Alternative M&T Bank Products
M&T Bank offers three CD accounts, each of which have competitive APYs. However, you can’t open a Select CD account unless you have a qualified checking account with M&T. The bank also offers alternative M&T banking products such as savings, credit cards, installment loans, lines of credit, mortgages and home equity accounts.
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 Account
- 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?
The amount of interest you could earn 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 May 20, 2024:
- 1-month term: 0.23%
- 3-month term: 1.53%
- 6-month term: 1.79%
- 12-month term: 1.80%
In contrast, all of M&T Bank’s currently available CDs have an APY of at least , and the promotional CD offers a APY.
Make your money work for you
Get the latest news on investing, money, and more with our free newsletter.
By subscribing, you agree to our Terms of Use and Privacy Policy. Unsubscribe at any time.
Thanks!
You're now subscribed to our newsletter. Check your inbox for more details.
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 700 branches and 1,800 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
Final Take To GO
When you are looking for the financial institution, bank or credit union with the right deposit accounts to grow your money, you want to make sure you find the right fit. If M&T Bank CDs sounds like a winner, you can visit a branch near you to open a CD account. You can also visit the bank’s website to set up an appointment or call the bank at 1-800-724-2440.
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.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 7, 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."
