M&T Bank CD Rates for July 2024 (2024)

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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 July 2024

As of June 28, 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:

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 has 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.

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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 July 15, 2024:

• 1-month term: 0.25%
• 3-month term: 1.66%
• 6-month term: 1.98%
• 12-month term: 1.82%

In contrast, M&T Bank’s currently available CDs have APYs that go up to .

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 a 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.

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 July 15, 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.