M&T Bank 2 Year CD at 4.34% APY and 3 Year at 4.69% APY

M&T Bank, NA (not to be confused with their parent bank M&T Bank Corporation) began offering very competitive rates on two and three year CDs. Both their 2 year CD at 4.34% APY and their 3 year CD at 4.69% APY are second in yield on the BestCashCow CD Rate Tables.

There is a five thousands dollar minimum to open the CD but no need to open a companion savings account or some other account. As the woman on the phone told me, "all we sell are CDs, IRAs and Money Markets."

The application process is a bit substandard. You need to print out the form and then mail it in with a check. This is sort of pre-1997. The postal stamp provides proof of when the check was mailed and you'll get the rate as of that day.

M&T Bank, NA is a subsidiary of M&T Bank Corporation which has over $65 billion in assets as of December 31, 2007 and is one of the 20 largest commercial bank holding companies headquartered in the U.S.