M&T’s Best Bet? Promotional CD Rates

If you’re shopping for CDs at a big bank — and we’re not sure why you would be — you could do worse than M&T Bank.

Of course, you won’t find the best CD rates there.

But Buffalo, N.Y.-based M&T Bank does beat the average annual yields offered by large banks and thrifts in most terms.

Still, considering that five out of the six most popular terms that we track are now at record lows, that earns no bragging rights.

To find the best rates, check our latest CD Rates Leaderboard.

If you visit the M&T Bank website (www.mandtbank.com), you can search rates by geographic area. M&T Bank has 725 branches in seven states and the District of Columbia, so I used a ZIP code from major cities in each.

The results were the same, with the exception of one decent promotional CD that I found only in New York City.

That 13-month CD pays 1.30% APY with a $1,000 minimum deposit.

That’s close to what the 12-month leader on our CD Rates Leaderboard is currently paying. Melrose Credit Union, also in the Big Apple, tops that term with a 1.41% APY offering.

By the way, all of M&T Bank’s promotional CD offers require new money, as well as a checking account.

New money isn’t required for the bank’s “select CDs,” but those rates aren’t good enough for you to bother.

Other above average M&T Bank promotional CD rates, which appear to be offered in all of the states it serves include:

12-month CD rates at 0.65% APY vs. an average rate of 0.45% APY. (Leaderboard rate is 1.41% APY.)

18-month CD rates at 1.01% APY vs. an average rate of 0.69% APY for 24-month CDs. (Leaderboard is 1.66% APY.)

24-month CD rates at 0.85%.

36-month CD rates at 1.15% APY vs. an average rate of 1.02% APY. (Leaderboard is 2.17% APY.)

60-month CD rates at 2.00% APY vs. an average rate of 1.69% APY. (Leaderboard is 2.93% APY.)

You’ll find better deals if you compare M&T Bank’s returns with the best CD rates from scores of other banks in our extensive database.