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5.25% 6-Month Money Market Savings Promotion at National City

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National City is guaranteeing 5.25% APY for 180 days on its Money Market Savings Account. Here's the promotional page link. The 5.25% applies only to balances above $25,000. Interest on balances below $25k is currently only 1.50%. It also requires a checking account (excluding the free checking) with a minimum of $1,500. Maximum deposit limit is $1 million. The accounts must be opened by 9/30/07.

Both the money market and the checking accounts have potential monthly fees. The Money Market Savings requires a $1,500 minimum daily balance to avoid a $10/month fee. The Interest Checking requires either a $1.5k minimum daily balance, $3k average daily balance or a $15k minimum daily combined balance to avoid a $10/month fee. The Interest Checking Plus has a similar fee structure as the Interest Checking except that fees are waived for those 50 and over. But the account requires monthly automatic activity or else it'll be converted into the Interest Checking.

According to the customer service rep, this promotion is available to residents of states that National City has branches in. This includes Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania and Florida. National City is FDIC insured (Certificate # 6557).

If you don't mind the balance requirements, the guaranteed rate could come in handy if the Fed cuts rates today and continues to cut rates in the months ahead. The rate is not as high as that offered by AmTrust or UmbrellaBank, but the guarantee is twice as long.

Thanks to the reader who mentioned this promotion in the comments.

  Tags: Indiana, Illinois, Michigan, Pennsylvania, Kentucky, Missouri, Ohio, savings account, Florida

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Comments
2 Comments.
Comment #1 by Avinash Agrawal (anonymous) posted on
Avinash Agrawal
From http://people20.blogspot.com/2007/09/wrote-to-national-city-bank-on.html


Wrote to National City bank on simplifying account opening process

Wrote to National City bank:
I would like to enroll for National City money market account since the yield is good, but its requirements are very tedious and complicated. It should be simple, like ING Direct's (ie no account minimum, no fees, etc). For example, "National City Money Market Savings requires a $1,500 minimum daily balance to avoid a $10/month fee. The Interest Checking requires either a $1.5k minimum daily balance, $3k average daily balance or a $15k minimum daily combined balance to avoid a $10/month fee. "

National City should come up with a SIMPLE application procedure, like other online banks are doing, like ING Direct, HSBC Direct, etc

Write at:
http://www.nationalcity.com/about/contactus/personal/default.asp

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Comment #2 by Anonymous posted on
Anonymous
minimum balance requirement is $5k, not $25k, and you can set up direct deposit to the checking account to avoid any fees.

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