Prospective bank customers in Syracuse, NY may be lured by some pretty hefty cash offers for opening a checking account.  We haven’t seen many offers above $50, so when M&T Bank offers new members $150 to open a Power Checking account, we take notice.  Select checking accounts get $100 and basic checking with interest gets $50.  Incentives, however, can boost the $150 to as high as $250 for Power Checking.  You must enroll in certain M&T programs like overdraft protection or use BillPay to take advantage of this extra bounty.  The total for regular checking could get you as high as $125.  It’s easiest to take full advantage of these offers if you have your checking account elsewhere, but your mortgage is at M&T.

What’s a strong 2-year (24 months) CD rate right now?  You’re looking at top rates of around 2 percent.  Yes, I know it sounds pathetic.  Most strong deposit earning checking accounts are still only 0.5% and most strong 1 year CDs are around 1.25%.  Although recent talk has been more hawkish from the Fed and friends, I tend to think that’s more political pandering and appeasement for the Tea Party.  The largest institution offering the 2% CD is American Express Bank, which offers the CD with no minimum deposit, which is rare among banks that are among the Certificate of deposit leaders.