The 'APY' or Annual Percentage Yield is the rate of return on an interest-bearing account for a one-year period based on the interest rate and frequency of compounding. The APY for an account that pays a variable interest rate (i.e., an interest rate that may change after the account is opened) is a hypothetical rate that assumes that the interest rate will not change, although, in fact, it may change in accordance with the features and terms of the account. The interest rates and APYs for accounts that can be opened with M&T online are variable and may change at any time in our discretion without prior notice, before or after an account is opened. The current APY for a particular account is located on the specific product page and is displayed on the 'Verify Your Information' screen at the end of the online account opening application.