Dedicated to Deposits: Deals, Data, and Discussion

Update on National City's CD Specials and Latest Acquisition News


National City Bank has updated their promotional page at to include the 5.00% APY 48-month CD special and the latest expiration date of 4/12/08. When I last posted on this special, it had listed a lower rate and an earlier expiration. The minimum deposit is $10,000, and it requires that you have or open a checking or savings account. A new free checking doesn't qualify, and the minimum checking deposit is $1,500. Without the checking, the yield is 4.75% APY. They also have a special 4.25% APY 24-month CD as I previously reported. This is not listed in the promo page. According to the CSR, it's also scheduled to last until 4/12/08. For both CDs, lower rates are available without the checking/savings accounts and with a deposit under $10K. Below are all of the combinations:

Term w/chk/svg no chk/svg no chk/svg
$10K min $10K min $2.5K min
48-mo 5.00% APY 4.75% APY 4.55% APY
24-mo 4.25% APY 4.00% APY 3.80% APY

Even without the checking and with only a $2.5K minimum, the rates are still a rate leader compared to other banks. These National City CDs are also available in an IRA. The maximum deposit is $500,000 per household.

There's also a money market account promotion with a yield of 3.05% APY for balances over $25,000 guaranteed for 180 days. This is listed in the promotion page. It has the same checking requirement as the CDs, however, it's not scheduled to end until 4/26/08.

The CSR who I spoke with today said that they can open accounts by phone (800-622-4036) for people in any state (not just states where they have branches). Last week I was told a new customer had to live in a state where they have branches. So if you don't live in a National City state and you want to take advantage of these offers, you should call and see if they'll accept you. Hopefully, you'll get an accommodating CSR.

National City has branches in FL, IN, IL, KY, MI, MO, OH, PA and WI.

For more details about this promotion and CDs, please refer to my March 24th post and this National City CD review post.

National City in the News

The latest news reports that Fifth Third Bancorp is the latest in a line of potential suitors for National City. Other potential buyers include Wells Fargo, JPMorgan Chase and PNC Financial Services Group Inc. A portfolio manager interviewed in the article said "National City's fall from grace was caused by too many acquisitions and concentrating too heavily in its mortgage business." So be sure to keep your deposits below the FDIC limits in case National City's condition worsens and the deals fall through. National City Bank is FDIC insured (Certificate # 6557).

  Tags: CD rates, IRA rates

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