M&T Bank, based out of Buffalo, New York, offers a handful of promotional CDs (certificates of deposit) with mediocre yields.

They don’t have any standard CDs at the moment making these promotional deposits the only CDs available from M&T Bank.

They come with short terms of either 12 months or 18 months and must be opened in an M&T Bank branch. There are no online CDs offered at this time.

To see if M&T Bank and their certificates of deposit are right for you, continue reading our review below.

M&T Bank CD Rates + Account Details

M&T Bank CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. The minimum deposit required to open one of their CDs is $1,000.

If you open (or already have) a checking account with M&T Bank, you’re likely eligible for higher rates via their “Select CDs” which come with the same terms, just better yields.

CD Rates

Term	APY
12 month Select CD	4.00%
18 month Select CD	4.00%
12 month Non-Select	3.00%
18 month Non-Select	3.00%

* To be eligible for Select CDs at M&T Bank, you must have one of the following accounts:

• MyChoice Premium Checking,
• M&T Select,
• M&T Select With Interest,
• Employee M&T Select With Interest or
• Power Checking ​​

To give these yields some context, the average yield on a 12 month CD and a 60 month CD sit at just 1.49% and 1.35% APY, respectively, according to recent FDIC data.

Compounding and Crediting Interest

Interest is compounded daily on all M&T Bank CDs and credited to your account at the end of the day before the maturity date. You may also request to have your interest credited to you at a different frequency if you’d like. Since you must open an M&T Bank CD in a local branch, you can discuss interest payment options with a representative in-person.

Grace Period

M&T Bank CDs come with a standard 10 calendar day grace period in which you may add funds, withdraw funds or close out the CD without incurring an early withdrawal fee.

Early Withdrawal Penalties

Early withdrawal penalties are steeper at M&T Bank than most banks and credit unions. Fees are assessed based on the term of your CD. See fees below:

CD Term	Early Withdrawal Fee
12 months +	$50 plus 182 days’ interest
> 12 months	$25 plus 91 days’ interest

How to Open a M&T Bank CD?

Use the M&T Bank branch locator to find a branch near you. You may also call this number – 1-800-724-3222 to set up an appointment with a Relationship Banker. This is the only way to open a CD with M&T Bank currently.

At a minimum, you’ll want to have the following information handy:

• Full legal name
• Current address
• telephone number
• social security number
• date of birth

If transferring funds from another institution to fund your CD, please have your bank or credit union’s routing number as well as your account number readily available as well.

M&T Bank Reviews and Customer Sentiment

M&T Bank receives relatively low ratings and reviews from 3rd party review sites. For instance their BBB (Better Business Bureau) rating sits at just 1.08 stars out of 5 based on 167 consumer reviews.

If you plan on opening a checking account for a higher CD rate, then you’ll likely use one of the mobile apps which receive mixed reviews based on whether you’ll download the IOS or Android version.

Their IOS app enjoys a 4.9 star rating out of 5 based on over 167,000 ratings and their Android app has a rating of just 2.6 stars out of 5 based on over 14,000 consumer reviews.

Final Thoughts

While M&T Bank’s CD rates beat the national average by a heavy margin, they are still behind the top yields offered by FDIC-insured online banks and NCUA-insured credit unions with national availability.

The best CD rates for 12 and 18 month terms are now topping 5.00% APY and don’t require other accounts to be opened with the institution to earn the top rate.

America First Credit Union was founded in 1939 in Salt Lake City, Utah, and is now the 8th largest credit union by asset size and 5th largest by membership in the United States. This federally-chartered credit union controls $16.83 billion in total assets in 2022 and serves over 1.2 million members. What started as an institution for civilian employees of Fort Douglas now has member-owners across the country.

Membership with this credit union is restricted to certain geographical locations in the western United States. But if you are eligible to become a member, should you open a CD?

Here’s everything you need to know about the many CDs offered through this credit union and what it’s like to bank with America First.

Standard Certificates of Deposit

All certificate accounts with America First are federally insured up to $250,000 per account, per depositor by the NCUA.

There are many different types of certificates of deposit available through this credit union. These include Regular, IRA, Bump-Rate, Dedicated Savings, Flexible, and Ladder. In this article, we’ll cover

All standard CDs require a minimum opening deposit and balance to earn interest of $500. This credit union does not use tiered rates for these CDs. You will earn the same rate for your term length regardless of your balance. See these rates below.

Standard CD Rates

Term	APY
3 – 5 months	3.50%
6 – 11 months	4.25%
12 – 17 months	5.10%
18 – 23 months	4.50%
24 – 29 months	4.95%
30 – 35 months	3.75%
36 – 47 months	4.00%
48 – 59 months	4.00%
60 months	4.25%

To put these offers in perspective, the national average for a 12 month CD and a 60 month CD sit at just 1.49% APY and 1.35% APY, respectively, according to recent FDIC data.

That said, the top yields from online banks and other nationally available credit unions are sitting at 5.00% APY and 4.50% APY for the same respective terms – with America First being among the rate leaders with their 12-17 month offer.

Compounding Interest

Interest for this account is compounded and credited monthly back into the certificate or paid out to a linked account of your choosing. You can request that the dividends be sent automatically to a checking, savings, or money market account with America First instead of rolling back into the CD.

These CDs automatically renew at the same term length when they reach maturity. When this happens, you will have a grace period of 10 calendar days during which you can withdraw funds without getting charged a fee.

📍 Please note: The maximum deposit you can place into any one deposit account is $100,000.

Early Withdrawal Penalties

Early withdrawal penalties will apply if you remove some or all of the money from your account before it matures, outside of the grace period. These are:

• Early withdrawal from a term of less than 12 months incurs a penalty fee equal to 60 days’ interest
• Early withdrawal from a term of greater than 12 months incurs a penalty fee equal to 180 days’ interest.

These are pretty low penalties for standard certificates.

Specialty Certificates of Deposit

In this section, we’ll go over all of the non-standard CDs America First Credit Union has to offer except for the IRA CD. Let’s start with the Bump-Rate CDs.

Bump-Rate CDs

Bump-rate CDs allow you to request a rate bump one time during the term. If the rates available on new CDs is higher than the rate you locked into when you opened your account, you can have your rate adjusted to this higher rate and this will apply until the account reaches maturity. This is the only feature that makes this different from a standard certificate.

With this extra flexibility comes the downside of lower rates. These rates are not as competitive as standard CDs with this credit union, which weren’t all that competitive to begin with. See the table below for current Bump-Rate APYs.

Bump-Rate CD Rates

Term	APY
3 – 5 months	3.50%
6 – 11 months	4.25%
12 – 17 months	5.10%
18 – 23 months	4.50%
24 – 29 months	4.95%
30 – 35 months	3.75%
36 – 47 months	4.00%
48 – 59 months	4.00%
60 months	4.25%

The minimum opening deposit for these accounts is also $500. It’s up to you to initiate a rate bump. If you choose not to or forget, America First will not do it for you. Dividends can be credited back into your certificate or paid out into a linked savings, checking, or money market account.

This CD is automatically renewable as a regular certificate if you choose to go that route.

Flexible CDs

At the moment, there is only one flexible certificate at America First Credit Union. It is a 12-month CD that earns interest at a rate of 0.40%. What sets this account apart from a standard CD is the added flexibility to access and add money before maturity. 

Instead of paying a fee for any early withdrawal, you are permitted to make up to one free withdrawal per quarter at no added cost. The catch is that you can’t just do this any time you like. It has to be during the first five calendar days of the quarter or you forfeit the option and will pay the same early withdrawal penalties as everyone else. 

As long as your flexible CD has been open for at least one full calendar month prior to the end of the quarter month (with quarter months being January, April, July, and October), you can take any amount of your money out that you want. 

With this account, you are also permitted to make additional deposits at any time after opening. You can deposit up to $10,000 per calendar month as long as you don’t exceed the balance limit for this product. You cannot deposit more than $100,000 into any one flexible certificate or combination of flexible certificates.

The minimum opening deposit is again $500. This account will automatically renew at maturity.

Dedicated Savings

Interest rates are the same for these CDs as they are for standard CD accounts, but there are a few key differences between how these accounts function.

Dedicated Savings Certificate Rates

Term	APY
3 – 5 months	3.50%
6 – 11 months	4.25%
12 – 17 months	5.10%
18 – 23 months	4.50%
24 – 29 months	4.95%
30 – 35 months	3.75%
36 – 47 months	4.00%
48 – 59 months	4.00%
60 months	4.25%

There is no minimum opening deposit requirement for this account and you don’t need to maintain a certain balance to keep earning interest. You do, however, have to make a deposit of at least $10 each month to keep a dedicated savings certificate. You will link another account to automate this transfer so you don’t have to remember. 

You can make contributions of up to $10,000 per month as long as your balance in one or multiple dedicated savings certificates does not exceed $100,000. 

Dedicated savings CDs are used for large short-term financial goals like vacations and holidays. Rather. As with the other CDs, you have the option to either allow the dividends to automatically roll back into the certificate or have them paid out.

Early withdrawal penalties still apply.

Ladder CDs

This isn’t a type of CD as much as it is an investing or cash management strategy. To ladder your CDs or create a CD ladder means that you’re opening up several certificates of different term lengths so that they have staggered maturity dates.

By having many CDs that mature at different times, you will reach maturity more often than if you were to invest all the money into one certificate. This can be a smart way to use CDs for short-term goals and still take advantage of the higher rates offered on longer terms. It’s up to you how you ladder, but a lot of people open one-year, two-year, three-year, four-year, and five-year accounts so that one account matures every year.

Since it makes the most sense to ladder regular certificates as these offer the best rates, take a look at the section above for rate information. Note that you do not need to take any extra steps to ladder your CDs and the renewal policies, early withdrawal policies, and deposit policies are all the same.

Ladder CDs will automatically renew at the longest term length available for the ladder maturity structure.

How to Become a Member

There are several different ways to become a member of America First Credit Union. The first is to live, work, or attend school or church in select cities and counties of Utah, Nevada, Arizona, Idaho, Oregon, and New Mexico. See a list of eligible cities and counties by state below: 

• Utah: All of Salt Lake and Juab counties and eligible areas of Cache, Davis, Iron, Rich, Washington, and Weber counties
• Nevada: All of Clark and Lincoln counties (except for those living within 25 miles of the Alamo U.S. Post Office) and eligible areas of Churchill, Douglas, Esmeralda, Lyon, Mineral, Nye, Storey, Washoe, and Carson City counties
• Arizona: All of Maricopa county and eligible areas of Mohave and Pima counties
• Idaho: Eligible areas of Ada, Bannock, Bear Lake, Bingham, Boise, Bonneville, Canyon, Caribou, Clark, Elmore, Franklin, Gem, Jefferson, Madison, Owyhee, and Power counties
• Oregon: Eligible areas of Malheur county
• New Mexico: Eligible areas of Bernalillo, Chaves, De Baca, Guadalupe, Harding, Mora, Quay, Sandoval, San Miguel, Santa Fe, Torrance, and Valencia counties

As you can see, membership is rather exclusive. If you don’t qualify geographically, you may be eligible to join through your employer. America First partners with many Select Employer Groups across the country. More broadly, anyone who works in the food and beverage industry in Utah can become a member.

And like many other credit unions, you can also join through a family member, spouse, or someone you live with who is already a member.

If none of these apply to you, you are not eligible to join. Unlike many other credit unions, America First does not offer a “loophole” or alternative to people who don’t otherwise meet membership requirements.

Consumer Sentiment & Reviews

Are America First Credit Union member-owners happy? Reviews are mixed. Many users complain about poor customer service, but just as many have never had an issue. Most likely, it depends on which branch you’re visiting or if you’re calling customer service.

The America First mobile app is solid all around. It has a rating of 4.7 out of 5 stars on Google Play and 4.8 out of 5 stars in the App Store. While not fancy, this has everything you want in a mobile banking app and is pretty reliable and easy to use.

To contact customer support, you can call 1-800-999-3961 before 8 pm Mountain Time, email support@americafirst.com, or log into your America First account to access the chat function during business hours. You can also schedule a good time for a representative to call you back to avoid waiting.

There are over 130 branch locations in Utah and Nevada. While you don’t ever have to set foot in a branch if you don’t want to, there are convenient locations in many major cities.

Founded in 1933 in Sacramento, California, Golden 1 Credit Union began as a financial institution for employees of California and was created under the name California State Employees’ Credit Union #1. Today, it is known as Golden 1. 

This financial institution controls more than $19 billion in consumer assets with over 70 branches and home loan centers across the state of California. As of 2022, Golden 1 Credit Union has more than 1 million member-owners.

Golden 1 is a member-only credit union. To become a member, you must be a resident of California.

You can learn more about joining the credit union as well as the competitive CDs (certificates of deposit) they offer in our review below.

CD Rates + Account Details

There are now two types of certificates of deposit with Golden 1 Credit Union – their standard term CDs and their promotional CDs.

As of March 2023, they only offer one promotional CD with a 17 month term. You’ll earn either 5.00% APY (annual percentage yield) with deposits of $50,000 or more and 4.75% APY with deposits of $500 to $49,999.99.

Promotional CD Rates

CD Term	Min. Deposit	APY
17 months	$50,000	5.00%
17 months	$500	4.75%

Their standard CDs are referred to as term savings certificates. These CDs are available in term lengths from 3 to 60 months.

For term savings certificates, Golden 1 uses a tiered rate structure that rewards greater deposits with higher yields.

Term Savings Certificate Rates

Term	APY	APY
	deposits under $100k	deposits $100K +
3 – 5 months	1.00%	1.20%
6 – 11 months	1.75%	1.85%
12 – 17 months	2.05%	2.15%
18 – 23 months	2.05%	2.15%
24 – 35 months	2.40%	2.50%
36 – 47 months	2.80%	2.90%
48 – 59 months	2.90%	3.00%
60 months	3.10%	3.20%

To put these yields into perspective, the current national average for a 12 month and a 60 month CD sit at just 1.49% and 1.35% APY, respectively, according to FDIC data.

That said, following the FED’s last rate hike top yields from online banks are now topping 5.00% and 4.50% APY for the same respective terms.

Compounding Interest

Interest is compounded and credited monthly. You can optionally have the dividends paid out monthly if you want to collect regular payments as a source of income, which some customers do. There is no extra charge for choosing this option and you can choose any payout method that works for you between bank transfer, cash, or check. Otherwise, dividends will be credited automatically to your account each month.

Another noteworthy aspect of this account is that you can use the funds as collateral for a Certificate Loan. A certificate loan with Golden 1 Credit Union is a secured loan with lower interest rates and more flexible repayment terms than unsecured loan products with the credit union. This is a good choice for borrowers who want to build their credit as these loans are easier to qualify for and accrue less interest than similar alternatives.

And if you do choose to use your CD balance as collateral when applying, the principal will still continue to earn interest until you repay the loan or the account matures.

Funding the CD

You can fund this account using any of the following methods:

• Mobile or paper check deposit
• Cash deposit
• ACH transfer (initiated by Golden 1 or an external bank)
• Domestic wire transfer

As with most CDs, you are not permitted to make additional deposits into this account after opening and funding it.

Grace Period and Early Withdrawal Fees

All CDs automatically are set to renew when they mature. When your account reaches maturity, there is a 7 day grace period during which you can withdraw some or all of your funds or close your account without incurring early withdrawal penalties if you do not wish to renew your certificate.

You will pay a fee if you remove money from this account (not including monthly interest payments) before it reaches maturity. The early withdrawal penalties for making a withdrawal before your account matures are as follows:

• Early withdrawal from a term of between 3 and 11 months will incur a penalty equal to 90 days’ interest
• Early withdrawal from a term of between 12 and 23 months will incur a penalty equal to 180 days’ interest
• Early withdrawal from a term of 24 months or more will incur a penalty equal to 365 days’ interest

Note that these early withdrawal fees are pretty average for standard certificate accounts. If you don’t want your account to renew automatically, you can provide written notice prior to maturity or during the grace period.

All Golden 1 certificates of deposit are federally insured by the NCUA up to the limit of $250,000 per account, per depositor. These accounts are just as safe and secure as any other CDs.

How to Become a Member

Anyone living in California is eligible to become a member of Golden 1 Credit Union. There are no specific communities you must be a part of if you are a resident of California. 

You can apply in person at a branch location, online using this link, or by calling 1-877-465-3361. This application only takes a few minutes to fill out.

You may be eligible for membership if you are an active-duty military member who typically lives in California but you are currently located out of state. If you do not live in California but your family member or domestic partner is a member of Golden 1, you can also join this credit union. 

The final way to become a member is by being an employee of one of 1,000 Select Employee Groups across the country. These include nonprofit organizations, universities, and more. Indicate in your application that you do not live or work in California and select “I belong to a Select Employee Group” to find your place of employment.

If your application is approved, all you need to do to join is open a Golden 1 savings account with a deposit of at least $1. This is a Regular Savings account that earns an interest rate of 0.05%. With this account, which makes you a member-owner for as long as it is open and active, there are no monthly maintenance fees and in-network ATM transactions are unlimited (as long as you stay within your monthly limit of six withdrawals/transfers per federal guidelines for savings accounts).

There are several other savings and checking accounts you may choose to open as well when becoming a member, but the one mentioned above is the only one that is required for membership.

Consumer Sentiment & Reviews

So what is it like actually being a customer of this credit union? Customer sentiment for this credit union is mostly positive, with many reviewers reporting smooth experiences when opening new accounts and helpful customer service interactions. High interest rates draw many new customers to the credit union and keep them satisfied. 

But there are negatives as well. Many complaints are about the credit cards specifically but some deposit account users say that this credit union is difficult to work with when problems arise such as unauthorized transactions or changing the ownership of an account.

Overall, it seems like in-person service is better for most than online service and is a strong point for this institution. According to reviewers, the customer service you are likely to receive at a branch may be different than that you are likely to receive when you call or email.

While it is possible to open and manage a term savings certificate completely online, there are Golden 1 Credit Union branch locations as well. There are 50 full-service branch locations in 45 cities across California as well as five non-teller branches where you can perform basic transactions like deposits and withdrawals. There are 210 Golden 1 branded ATMs that members can use surcharge-free. See all branch and ATM locations here.

App reviews for Golden 1 Credit Union have been on the rise with each new update. The app has a rating of 4.5 out of 5 stars on Google Play and 4.7 out of 5 stars in the App Store.

Customer Service

There are a few different ways to get in touch with a customer support representative. The first is to call the member service contact center at 1-877-465-3361. This phone line, which is not dedicated to any specific account, is available Monday through Friday from 7:30 am to 6:00 pm Pacific Time and Saturday and Sunday from 9:00 am to 5:00 pm Pacific Time. 

Alternatively, you can email your question or request to mbrsvc@golden1.com and you should receive a response within one business day. You can also see the FAQ section of the site for help with general questions.

Golden 1 also offers 24/7 technical support for mobile and online banking. The number for this is 1-844-670-9542.