M&T Bank's Bonus and CDs

M&T Bank is still offering $100 cash bonus when you open a new Select checking account and activate direct deposit. Opening any other checking account qualifies for a $25 bonus. I had first mentionied this deal a month ago.

The main catch regarding this Select checking account is the $14 monthly fee if the minimum balance isn't maintained. The minimum balance is $5K in this checking account or a combined $10K in other M&T Bank accounts.

You have to live in one of the states that has M&T Bank branches. The states include Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, and Washington D.C.

This bank also has some very good rates on CDs. Here are the APYs for a few of the CD terms. Unfortunately, they don't list rates at their site. I had to find them at bankrate.com:

6  months: 4.15%
12 months: 4.60%
18 months: 4.64%
24 months: 4.68%
30 months: 4.71%
36 months: 4.74%
48 months: 4.77%

The minimum deposit requirement for these CDs is $5K. If you sign up for the Select checking account to get the bonus, you might consider purchasing one of these CDs to avoid the monthly maintenance fee.

One final note about this bank is that Bankrate gives them 4 out of 5 stars on its Safe and Sound star rating.