M&T Bank, based out of Buffalo, New York, offers a handful of promotional CDs (certificates of deposit) with mediocre yields.

They don’t have any standard CDs at the moment making these promotional deposits the only CDs available from M&T Bank.

They come with short terms of either 12 months or 18 months and must be opened in an M&T Bank branch. There are no online CDs offered at this time.

To see if M&T Bank and their certificates of deposit are right for you, continue reading our review below.

M&T Bank CD Rates + Account Details

M&T Bank CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. The minimum deposit required to open one of their CDs is $1,000.

If you open (or already have) a checking account with M&T Bank, you’re likely eligible for higher rates via their “Select Promo” CDs which come with the same terms, just better yields.

CD Rates

* To be eligible for Select Promo CDs at M&T Bank, you must have one of the following accounts:

• MyChoice Premium Checking,
• M&T Select,
• M&T Select With Interest,
• Employee M&T Select With Interest or
• Power Checking ​​

To give these yields some context, the average yield on a 12 month CD and a 60 month CD sit at just 0.60% and 0.74% APY, respectively, according to recent FDIC data.

Compounding and Crediting Interest

Interest is compounded daily on all M&T Bank CDs and credited to your account at the end of the day before the maturity date. You may also request to have your interest credited to you at a different frequency if you’d like. Since you must open an M&T Bank CD in a local branch, you can discuss interest payment options with a representative in-person.

Grace Period

M&T Bank CDs come with a standard 10 calendar day grace period in which you may add funds, withdraw funds or close out the CD without incurring an early withdrawal fee.

Early Withdrawal Penalties

Early withdrawal penalties are steeper at M&T Bank than most banks and credit unions. Fees are assessed based on the term of your CD. See fees below:

How to Open a M&T Bank CD?

Use the M&T Bank branch locator to find a branch near you. You may also call this number – 1-800-724-3222 to set up an appointment with a Relationship Banker. This is the only way to open a CD with M&T Bank currently.

At a minimum, you’ll want to have the following information handy:

• Full legal name
• Current address
• telephone number
• social security number
• date of birth

If transferring funds from another institution to fund your CD, please have your bank or credit union’s routing number as well as your account number readily available as well.

M&T Bank Reviews and Customer Sentiment

M&T Bank receives relatively low ratings and reviews from 3rd party review sites. For instance their BBB (Better Business Bureau) rating sits at just 1.08 stars out of 5 based on 167 consumer reviews.

If you plan on opening a checking account for a higher CD rate, then you’ll likely use one of the mobile apps which receive mixed reviews based on whether you’ll download the IOS or Android version.

Their IOS app enjoys a 4.9 star rating out of 5 based on over 167,000 ratings and their Android app has a rating of just 2.6 stars out of 5 based on over 14,000 consumer reviews.

Final Thoughts

While M&T Bank’s CD rates beat the national average by a heavy margin, they are still behind the top yields offered by FDIC-insured online banks and NCUA-insured credit unions with national availability.

The best CD rates for 12 and 18 month terms are now topping 3.0% APY and 3.20% APY, respectively, and don’t require other accounts to be opened with the institution to earn the top rate.