Dedicated to Deposits: Deals, Data, and Discussion

4.21% 18-Month / 5.04% 60-Month CD at M&T Bank Online


M&T Bank, N.A. just came out with some very competitive long-term CD rates. These include a 4.21% APY 18-month CD, a 4.34% APY 24-month CD and a 5.04% APY 60-month CD. The minimum deposit is $5,000. The shorter terms are much less competitive. Below is a list of all the CD rates for terms of 18 to 60 months:

M&T Bank Online CD Rates as of 6/23/08:

Term APY
18-month 4.21%
24-month 4.34%
30-month 4.52%
36-month 4.69%
48-month 4.91%
60-month 5.04%

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.

These CD rates are only available at the website. This is an internet-only subsidiary of M&T Bank which is FDIC insured (Certificate # 588). M&T Bank also has an interent bank called OnBank which it recently started in April. OnBank offers both an online savings account and CDs. Unlike, OnBank is designed to be all online. I'm surprised that hasn't replaced Currently, OnBank's CD rates are lower than what's being offered at However, OnBank still has a very competitive no-minimum online savings account (see post).

M&T Bank has a 3 star rating (performing) at Bankrate based on 12/31/07 data and a 5 star rating (superior) at BauerFinancial based on 3/31/08 data.

  Tags: CD rates

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