The New York Bank with the Best CD Rates

M&T Bank, N.A. is a federally chartered bank headquartered in Oakfield, New York. The bank operates as an online bank although accounts can be opened over the telephone and by mail. The bank is mid-sized with $266 million in total deposits reported at the end of the first quarter of 2008, but has received a 5-star rating from the bank rating service Baeur Financial based on their financial strength. A 5-star rating has more meaning than ever with the weakness in the banking sector due to the losses in the mortgage and lending industry. M&T Bank, N.A. is likely to increase their deposits during the second quarter after increasing their bank CD rates to among the highest in the nation. Current rates include:

12-month CD 3.59% APY

18-month CD 4.21% APY

24-month CD 4.34% APY

30-month CD 4.52% APY

36-month CD 4.69% APY

48-month CD 4.91% APY

60-month CD 5.04% APY

CDs can be opened online in about ten minutes at M&T Bank’s website and are open to residents anywhere in the United States.