Certificates of Deposit (CDs) Accounts & Interest Rates (2024)

See how much you could earn compared to leaving funds in your savings account.

M&T CDs, which are Time Deposit accounts, allow you to save at a higher rate when compared to keeping funds tucked away in your savings account. It’s a great option if you don’t need your funds right away and want to build your savings, and your rate is fixed for the term of the CD.

Check out how much you could save over 12 months with an initial deposit of $1,000 in an M&T CD, compared to leaving those funds in your savings account.

This comparison is for illustrative purposes only, and does not guarantee higher savings with a CD or that these specific rates and products will be available at all times in all areas.Call or visit a branch for APYs available in your area. Interest earned in this example assumes that $1,000 is held in each account for 12 months, and that the rates do not change during that time, although rates may change daily on Relationship Savings accounts. Fees could reduce earnings on the accounts. A penalty may be imposed for early withdrawal from a CD. The minimum opening deposit is $25 for a Relationship Savings account, and $1,000 for a CD. After the accounts are opened, the minimum balance to obtain the APY is $1.00.

Interest is computed each day using the daily balance method, under which we apply 1/365 of the interest rate for that day to the balance available to earn interest as of the end of that day.Interest is compounded daily and credited at the end of the day before each maturity date and prior to any withdrawal. If requested, interest may also be credited at a different frequency.

Prior to maturity, we will send you a reminder by mail with information on the renewal process and your account terms.

Unless your CD is an Automatically Renewable Add on Time Deposit, money can only be added during the 10-calendar-day grace period after the maturity date if you haven’t made another deposit or withdrawal during the grace period.

Yes. Interest disbursem*nts can be automatically made to a linked M&T Checking or M&T Savings account or by a mailed check. Interest disbursem*nts can also be made at your local M&T branch.

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.

Yes. If you make a withdrawal of principal from the CD during the term, we may charge you the penalties noted below. You can withdraw credited interest during the term without penalty. You can also withdraw funds from the CD without penalty at maturity or during the 10-calendar-day grace period if you haven’t made another withdrawal or deposit during the grace period.

The minimum deposit required to open a CD account is $1,000{{d1025*}}

M&T Select CD accounts require a qualifying M&T Bank checking account to open

Other M&T CD accounts (from 32 days to 72 months) do not require a qualifying checking account or an existing M&T Bank relationship to open

Early withdrawal (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 whenthe withdrawal is made if the terms of the account during which thewithdrawal is made is more than 364 days.

Early withdrawal (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