Dedicated to Deposits: Deals, Data, and Discussion

4.42% 60-Month / 4.15% 48-Month CDs Online at M&T Bank


Update 3/3/08: The CD rates have fallen. Please check the bank's website for the latest rates.

M&T Bank, N.A. is offering competitive rates on its 48 and 60-month CDs. The 60-month yield is 4.42% APY and the 48-month yield is 4.15% APY. The minimum deposit is $5,000.

The CD details are available at this disclosure page. Some important details include:
  • early withdrawal penalty is 182 days of interest on terms of one year and over
  • grace period at maturity is 10 calendar days
  • $15 domestic outgoing wire transfer fee

According to instructions on the online application, the application doesn't seem to submit your information online. You'll need to print, sign and mail in the application with your check.

Their FAQ page is fairly comprehensive. The one surprise is that there's no internet access. You have to call for account information. Here are some other useful details listed in their FAQ:
  • Locking in the Rate: Your APY is determined as of the date of the postmark on your completed application and account opening deposit to M&T Bank, N.A., or the date of our receipt of the completed application and account opening deposit, whichever results in a higher APY.
  • Beneficiaries: Only one individual can be listed as beneficiary per CD account. As an alternative, we suggest dividing the funds and opening multiple accounts of at least $5,000, each with its own beneficiary.
  • Wire Transfer for Opening Deposit: Yes, but first fax your completed application to 585-948-5260. It is advisable to confirm receipt of your application prior to initiating your wire transfer. You can call 1-800-528-6532 to confirm.
  • Internet Access: Account information can only be obtained by calling 1-800-528-6532.
  • Account in the name of a minor These accounts can only be opened in the state of NY, PA, MD, VA, WV, and Washington, DC. Must call 1-800-528-6532 to open this type of account.
  • Traditional, Roth and SEP IRA's: Must call 1-800-528-6532 to open this type of account.

It has been a while since I've seen any decent CD rates at M&T's online bank. When they started offering these rates online in 2006, the rates were very competitive.

M&T Bank started offering an online savings account last year. The savings account continues to be very competitive (see post).

These CD rates are only available at this M&T Bank website. is an internet-only subsidiary of M&T Bank which is FDIC insured (Certificate # 588). M&T Bank has a 3 out of 5 star rating (performing) at based on 9/30/07 data.

Related Pages: CD rates, IRA rates

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Comment #1 by Anonymous posted on
M&T Bank is also offering a 4.15% apy M&T Market Advantage Account as a 3 month promo on balances of $25k-$49,999. After promo, currently 2% apy (ugh). This was advertised in Washington Post (Sunday). "Stop by any M&T Bank branch today or call 1-800-724-3222."