Dedicated to Deposits: Deals, Data, and Discussion

5.00% 48-Month CD at National City Bank Extended


Update 3/15/08: The promotional 5% 48-month CD rate has been extended to at least 3/22/08.

National City Bank has extended its 5% special CD through March 15, 2008. The minimum deposit is $10,000. I first reported on this special last Sunday. The promotional page is located at

The promotional page also lists a 4.00% APY 24-month CD special and a 3.05% APY money market savings account with the rate guaranteed for 180 days. The 3.05% yield requires a minimum balance of $25,000.

I called Friday, and I was told that it can be opened by phone from any state. A reader reported being told by a CSR that it's only available in certain states. In the past their promotions have been limited to states where they have branches (FL, IN, IL, KY, MI, MO, OH and PA).

You can apply by phone, and they will send you a signature card which you must mail in with a check. They must receive this within a week of the application to guarantee the rate. I was told they can fax or email you the signature card. A reader mentioned that you can extend the term up to 54 months. Another reader mentioned that you can get 4.80%APY for a deposit under $10,000.

The CD requires that you have an existing National City checking or savings account or you must open a new checking account or money marekt savings account with a minimum opening balance of $1,500. Note, the Free checking does not qualify. So you'll have to watch out for a $10 monthly maintenance fee. Their intererst checking accounts are not too bad. Those age 50 or older can have the fee waived on the Interest Checking Plus account. Otherwise, you'll need a $1,500 minimum daily balance or maintain $15,000 minimum daily balance in any combination of deposit accounts except checking and IRA.

Some of the details of the CD include:
  • $10,000 minimum deposit
  • $500,000 maximum deposit per household
  • Availabe in an IRA
  • Early withdrawal penalty is 12 months of interest

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 readers who've emailed me and left comments on this CD special.

  Tags: CD rates, IRA rates

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Comment #1 by Bill (anonymous) posted on
Please note that National City Bank now has branches in Wisconsin as well after their purchase of Mid-America Bank.

Comment #2 by Anonymous posted on
A CSR in a Chicago branch said on 3/8 that the rates will hold until 3/29 for in-branch transactions.

Comment #3 by PNS2CLT (anonymous) posted on
PNS2CLT has been updated to reflect that the rate's been extended through the 22nd... my local branch is advertising the rate via the 29th.