Dedicated to Deposits: Deals, Data, and Discussion

5.25% Money Market Account Promo at National City Bank

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National City Bank is offering a promotional 5.25% APY on a new Preferred Money Market savings account with the rate guaranteed for 180 days. The minimum balance to earn 5.25% is $5,000. To qualify, customers must have an existing National City personal checking account or must open a Preferred Interest Checking account with a minimum $1,500 deposit. There's a $100 closing fee if closed within 270 days.

For those who prefer a brick-and-mortar bank, this may a decent deal. The rates will likely go down substantially after 180 days, and you'll need to remain in the account for another 90 days to avoid the $100 early closing fee. The current standard rate on their Money Market Savings account is 3.94% for balances over $25K and only 1.25% for balances between $10K and $25K. The checking account requirement also hurts this deal. The Preferred Interest Checking account has a $10/month fee unless a minimum is maintained. It does have some nice perks including free checks and a free standard size safe deposit box.

This deal is only for those who live in certain National City market areas. If your zip code is outside this area, you may not be shown the deal (I used zip code 44114). Branches are located in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Florida and Pennsylvania.

National City has been FDIC insured since 1934.

Thanks to the reader who mentioned this special in the finding deals post.
  Tags: savings account

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Comments
Comment #1 by Generoso (anonymous) posted on
Generoso
I have a National City Bank of Michigan/Illinois Money Market Checking Account.

I want to know how to contact them to follow up this account as I am overseas.

Is there a way you could provide me with this bank's contact person and email address?

Thank you very much for your help.

Mr. Gene Octavio
genoct@gmail.com

1