M&T Bank CD Rates: Current Offers and How They Compare

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M&T Bank offers its customers a range of certificate of deposit (CD) account options. The rates on many of M&T’s CDs are highly competitive and above the national average. To open a CD, M&T requires customers to have at least $1,000 and, for certain options, a qualifying M&T checking account.

Current M&T Bank CD Rates in 2025

The annual percentage yield (APY) 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 14203, where M&T Bank is headquartered.

M&T Bank CD rates and details are in the table below:

Other term lengths are available, but the rates are lower. So it’s best to stick with featured offers.

All of M&T Bank’s CDs are FDIC insured up to the maximum limit. If M&T Bank ever fails, that insurance can cover the loss of your funds.

Types of CDs Offered by M&T Bank

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, you cannot remove your money before the maturity date without paying an early withdrawal fee. However, your earnings are guaranteed after the CD matures, unlike money invested in stocks, and you do not have to pay monthly fees. 

M&T Bank offers regular and Select CDs of various lengths. Select CDs have higher rates, but you’ll need to have an eligible M&T checking account to open one. 

How M&T Bank CD Rates Compare to Competitors

The featured rates on M&T Bank’s CDs are significantly higher than the rates offered by many other banks. Here are the national average rates for four common CD terms as of June 16, according to the Federal Deposit Insurance Corp.: 

• 1-month term: 0.23%
• 3-month term: 1.55%
• 6-month term: 1.60%
• 12-month term: 1.70%

In contrast, M&T Bank’s currently available CDs have APYs that go up to in some markets. That said, the best CD rates offered by some other banks are higher.

CDs

MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Discover® Bank, Member FDIC, CD Accounts

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3.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

KeyBank CD Accounts

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MOST COMPARABLE

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank CD Rates

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Fees

Fees

Fees

No monthly service fee

N/A

No monthly service fee

APY

APY

APY

Up to

Up to

Up to

Min Opening

Min Opening

Min Opening

$0

$2,500

$0

If you’re looking for a low-risk way to increase your savings over time, M&T Bank CDs may be a good choice, especially if you already have a relationship with the bank. However, there may be other, better ways to boost your savings. 

Here’s a comparison of M&T Bank’s featured rates compared to other banks and credit unions:

M&T Bank might not have the highest rates, but it’s important to consider other factors such as interest compounding and account fees.

For instance, interest is compounded daily on M&T Bank CDs. You can transfer the earned interest to an M&T checking or savings account, or have it by mailed check at any time without penalty.

Other banks may compound interest monthly or have less flexible terms for withdrawing CD interest earnings.

CD Terms and Requirements at M&T Bank

M&T Bank CDs range in length from six months to 24 months, with even more terms available in the branch. Higher APYs are typically offered on shorter durations. Its CDs are only available to customers who have at least $1,000 to deposit.

You’ll also need a qualified account to open a CD:

• MyChoice Premium Checking 
• M&T Select
• M&T Select With Interest
• Power Checking
• Advantage Checking 

How To Open a CD Account With M&T Bank

It’s not possible to open a CD online with M&T Bank. Instead, visit a branch near you to open a CD account. You can also visit the bank’s website or call the bank at 800-724-3222 to set up an appointment.

You’ll need to provide the following:

• Your contact details
• Social Security number
• Government-issued photo ID
• Proof of address — such as a bank or utility bill
• Opening deposit of at least $1,000

Early Withdrawal Penalties and Policies

If you withdraw any of your principal before an M&T Bank CD matures, you’ll be subject to penalties. The penalty amount depends on the length of the term:

• Terms greater than 364 days: $50 plus 182 days’ interest
• Terms less than 365 days: $25 plus 91 days’ interest

If you’re considering a CD and think you might need the money soon, it’s best to choose a shorter term.

Pros and Cons of M&T Bank CD Rates

M&T Bank CDs have advantages and disadvantages. Be sure to weigh the pros and cons and compare to other issuers’ CDs before you decide to open a new account.

M&T Bank CD Pros:

• Higher-than-average rates
• Variety of term lengths and options
• Trusted bank with FDIC insurance
• Interest compounded daily with various withdrawal options

M&T Bank CD Cons:

• Minimum deposit of $1,000
• Requires an eligible M&T checking account which may incur fees
• Penalties for early withdrawals
• Inability to open an account online

Is an M&T Bank CD Right for You?

If you already have an eligible checking account with M&T Bank, opening a CD could be worthwhile. M&T’s APYs are decent, and you may appreciate the convenience of having your financial products with one issuer.

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 with 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.

However, other financial institutions offer more lucrative rates of return. You’ll want to compare rates and terms and visit M&T Bank’s website or branch to get a full overview of your options. 

Caitlyn Moorhead and Mary Green 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 Sept. 16, 2025.

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.

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