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1.11%--M&T Bank60 Month Select Promo CD
Accounts mentioned in this post. Rates as of May 25, 2016.

M&T Bank’s Promo 5-Year CD - Branch Only


In the last month we’ve seen several small banks and internet banks come out with 2%+ 5-year CDs as Treasury yields have risen. M&T Bank is the largest bank that I’ve seen to come out with a 2% 5-year CD in the last month. It’s currently offering a 5-year promo CD with yields that range from 1.97% to 2.22% depending on your location. You can see the rates available in your area from this M&T Bank CD page. You first have to enter your zip code to see the rate available in your area. I plugged into several zip codes. Here are a few of the rates for different zip codes as of 8/7/2013:

  • 2.22% APY 5-year CD for zip codes 21202 (Baltimore), 19103 (Philadelphia)
  • 2.07% APY 5-year CD for zip codes 20007 (Washington DC), 14222 (Buffalo)
  • 1.97% APY 5-year CD for zip codes 10001 (NYC)

From the small print under the rate table it appeared this promo CD required a checking account. I called M&T Bank today (800-724-3222), and according to the M&T CSR, this promo CD does not require a checking account. It only requires new money. I also was told the early withdrawal penalty is equal to 180 days of interest. I was not able to find the EWP on M&T’s website.

According to the CSR, a branch visit is required to open this promo CD. Most of M&T Bank branches are located in New York, Maryland, Pennsylvania, Virginia, Washington, D.C., West Virginia, Delaware and New Jersey.

Thanks to the DA member who mentioned this 5-year promo CD in the comments.

M&T Bank is a large regional bank with over $81 billion in assets and over 700 branches which are mostly in the Mid Atlantic states. It has been growing from several acquisitions. Some of the banks that it has recently acquired include Wilmington Trust and Provident Bank, and it’s in the process of acquiring Hudson City. Many DA members remember the unfortunate acquisition of Wilmington Trust which ended Wilmington Trust’s internet division WTDirect.

The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 13.14% (above average) based on March 2013 data. Please refer to our financial overview of M&T Bank for more details. It has been a FDIC member since 1934 (FDIC Certificate # 588).

How These CD Rates Compare

The highest 5-year CD rate that’s nationally available is 2.06% APY at EverBank. Close behind EverBank is iGObanking.com with a 2.05% APY 5-year CD. These rates are accurate as of 8/7/2013.

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

Related Pages: M&T Bank, CD rates

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Shorebreak   |     |   Comment #1
I have a M&T 5-Year CD paying an APY of 5% that matures in October. That was opened without a branch visit. Let's not forget that it was originally a Provident Bank CD. M&T merged, rather took over, Provident Bank on May 23, 2009.
Anonymous   |     |   Comment #2
My CD from Provident has matured a while back. High for my zipcode now is 1.97%
marcal   |     |   Comment #3
I opened up the 5-year 2.22 apy cd at M&T today and verified the the ewp was 6 months interest.

However when I got home I read the terms and found something different.  The wording was "In our discretion, we may allow you to withdraw money from the account at times other than at maturity or as permitted durning a grace period. However, it you make such a withdrawal, we may charge you a penalty.

The penalty will be:   $50 plus 182 days interest on the amount of the withdrawal computed, without compounding, at the interest rate in effect when the withdrawal is made if the term of the account during which the withdrawal is made is more that 364 days.

I wish they would have been honest, but  it wouldn't have stopped me from opening the CD

Anonymous   |     |   Comment #4
I opened one the other day.  Took over an hour as the banker had to keep calling someone to ask questions while entering info.  I asked what the EWP was and he said it varies depending when  I would close it.  Told him I need to know exactly before proceeding.  He called someone again and I was apprised of the $50 plus 182 days of interest.  I said I need to see that and we perused the documents and found it.

I really don't understand how he would not know exactly what the EWP was.  This is very basic info.
marcal   |     |   Comment #5
My opening was very quick. I had an account several years ago and they pulled all my info after showing them by driver's licence. I was there maybe 10 minutes. Fastest Cd opening ever.