M&T Bank CD Reviews (November 2021)

Highlights
Minimum Opening Deposit	Starting at $1,000
Certificate Term	12 months 2 years 3 years 4 years 5 years 18 months 6 years
APY (Annual Percentage Yield)	0.05%

M&T Bank CD Review

M&T Bank CD is offered by M&T Bank, a bank founded in 1856 and based in Buffalo, NY. M&T Bank CD is available in 9 states (and Washington, DC).

Key Takeaways

Small selection of CD account types. M&T Bank CD only offers traditional and IRA CDs.
Low APY. The maximum annual percentage yield for this account is only 0.05.
$1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
Wide selection of CD terms. M&T Bank CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of M&T Bank CD

Pros	Cons
FDIC insured. Multiple CD terms available. No charge on incoming domestic or international wire transfers.	Only available in 9 states. There isn't a no-penalty CD option.

M&T Bank CD FAQ

Are cd accounts from M&T Bank federally insured?

Yes, your M&T Bank cd accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does M&T Bank offer?

M&T Bank CD provides the following types of CDs.

Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but M&T Bank CD offers a CD that is specifically for retirement.

What CD rates does M&T Bank offer on its CDs?

The CD rates for this account have an APY of0.05% (APY stands for annual percentage yield, rates may change).

What terms does M&T Bank CD offer?

M&T Bank offers CD terms of the following lengths:

M&T Bank CD Rates & Terms
Description
2-Year APY	0.05%
12-Month APY	0.05%
APY (Annual Percentage Yield)	0.05%

What is the minimum deposit to open a CD account with M&T Bank?

M&T Bank CD requires a minimum deposit of $1,000 to open an account.

What is the grace period for M&T Bank CD?

There is a 10-day grace period for M&T Bank CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does M&T Bank CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

M&T Bankcharges an early withdrawal fee of $25.

M&T Bank CD Fees
Description
Early Withdrawal Fee Amount	$25

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Message From M&T Bank CD

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CDs can help you earn while you save. Talk to an MandT Relationship Banker about our rate offers. Fixed or variable rate for the term of the CD – from 32 days to 72 months Accounts are FDIC-insured up to the maximum applicable limit.