Dedicated to Deposits: Deals, Data, and Discussion

4.50% 48-Month CD at National City Bank


National City Bank is again offering a special 48-month CD. However, the rate is only 4.50% APY compared to 5.25% that National City was offering last month. Nevertheless, 4.50% is still a high CD rate after last month's massive Fed rate cuts. As a comparison, the best 4-year CD currently listed on Bankrate is 4.10% APY at Eastern Savings Bank.

The minimum deposit is $10,000, and you can apply by phone (800-622-4036). The special CD is also available as an IRA or rollover IRA CD. The offer is good through 2/17/08.

Some of the details of the CD promotion differ between those in Florida and those in other states with National City branches. The small print of the promo page differs based on the zip code that you enter.

For a zip code outside of Florida the depositor must have an existing National City personal savings account or open a personal Money Market Savings account with $1,500. The maximum deposit is $250K per household. The offer is available at National City locations in IN, IL, KY, MI, MO, OH and PA.

For a Florida zip code, the small print states that a depositor must have an existing National City checking account or open one with $1,500. The maximum deposit is $500K per household. The offer is available in National City locations in Florida.

National City is also offering a special 3.40% APY on their money market account guaranteed for 180 days for balances of $25,000 or more. For balances under $25,000, the current rate is only 1.50% APY. This also requires an interest checking account. Offer expires 3/01/08. Last month this intro rate was 4.50% APY.

When I spoke to the CSR last month, I was told there's no hard credit inquiry for applying for either the checking or CD. Only a ChexSystem is done. But please note, CSRs are often incorrect on this issue. Some other details of the CD include: 12-month interest early withdrawal penalty on amount withdrawn and a 10 calendar day grace period at maturity.

National City Bank is FDIC insured (Certificate # 6557). The bank has a 2 out of 5 star rating (below peer group) at based on 9/30/07 data.

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

  Tags: Indiana, Illinois, Pennsylvania, Kentucky, CD rates, Missouri, IRA rates, Ohio, Florida

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Comment #1 by Anonymous posted on
48 month 5.0% is currently available... get it now before bernanke drops again on the 18th!

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I did post on this last Sunday. It definitely deserves another post since like you said, 5% CDs will soon be history.