Certificates of Deposit (CDs)
Earn while you save at M&T Bank. Open a CD and enjoy a rate of return you can count on.
- Fixed or variable rate for the term of the CD – from 32 days to 72 months
- Optional beneficiary designation
- CDs must be opened at your local branch
- Accounts are FDIC-insured up to the maximum applicable limit
Early Withdrawal Penalty (for account terms greater than 364 days):
$50 plus 182 days’ interest on the non-interest portion of the withdrawal computed, without compounding, at the interest rate in effect when the withdrawal is made if the term of the account during which the withdrawal is made is more than 364 days; or
Early Withdrawal Penalty (for account terms less than 365 days)
$25 plus 91 days’ interest on the non-interest portion of the withdrawal computed, without compounding, at the interest rate in effect when the withdrawal is made if the term of the account during which the withdrawal is made is less than 365 days.
Is this product right for you?
This product is best for people who:
- Are looking for a reliable savings interest rate
- Are comfortable locking in their money for a period of time
- Want a savings portfolio that includes low-risk accounts
- Seek FDIC-insurance coverage up to the maximum limits
- Want to add diversity to existing savings portfolios
- The minimum deposit required to open:
- CDs - $1,000
- M&T Select CD accounts require a qualifying M&T Bank checking account to open:
- Customer must have or open one of the following qualifying checking accounts: MyChoice Premium Checking, M&T Select, M&T Select With Interest, Employee M&T Select With Interest or Power Checking
- CDs must be opened at an M&T Bank branch.
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Certificates of Deposit (CDs)
Annual Percentage Yield (APY)
How is CD interest calculated?
Interest is computed each day using the daily balance method. We apply 1/365 of that day's interest rate to the available balance. Interest is compounded daily and credited at the end of the day before each maturity date. If requested, interest may also be credited at a different frequency.
Can I choose how my interest is paid?
You may choose a credit to your account, a credit to your account that is immediately transferred to your M&T checking or savings account, or a credit to your account that is immediately withdrawn and paid by check.
Is there a penalty for early withdrawal?
Yes. A penalty may be imposed for early withdrawal. You can withdraw deposited funds from the CD without a penalty at maturity. For automatically renewed accounts, you may withdraw funds during the 10 calendar day grace period after the maturity date, provided that you haven't already added or withdrawn funds during an earlier transaction within the grace period.
How will I know that my CD is near maturity?
Prior to maturity, we will send you a reminder by mail with information on the renewal process and your account terms.
Can I add money to my CD once it has been opened?
For automatically renewable CD accounts, money can be added during the 10 calendar day grace period after the maturity date, provided that you haven't already added or withdrawn funds during an earlier transaction within the grace period. You can also choose to open an unlimited number of additional CDs, but promotional interest rate eligibility is limited to a maximum of $1 million in deposits per customer.
Can I get interest disbursements from my CD?
Yes. Interest disbursements can be automatically made to a linked M&T Checking or M&T Savings account or by a mailed check. Interest disbursements can also be made at your local M&T branch.
Can I make changes to my CD at maturity?
Yes. You may make a withdrawal without penalty, make a deposit, close the account, or change the length of your term on any maturity date of the account or within 10 calendar days after any maturity date on automatically renewable regular time deposit accounts.