5% 12-Month Promo CD at a Illinois Bank

Metropolitan Bank has a promotional 12-month CD paying 5.00% APY. The minimum required deposit is $5K. The 5% rate requires opening a free checking account with direct deposit. Without the checking account, the certificate yields 4.75%. The checking account must remain open for 6 months to maintain the 5% APY.

Another perk for opening the free checking account with direct deposit is a $75 cash bonus. This checking account requires $100 to open. The bonus without direct deposit is a free cordless screwdriver. Like the CD deal, you have to keep the account open for at least 6 months to avoid a closure fee equal to the bonus.

Metropolitan Bank also has high yield money market account with a rate of 3.98% APY which is not bad for a brick-and-mortar bank. However, it requires $25K for this rate to apply. If the balance falls below $25K, the rate falls to 0.50% and a $25/month fee kicks in.

The bank has 8 branches in Illinois with 5 of the 8 in Chicago.