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

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National City Bank has updated their promotional page at nationalcity.com/SaveNow 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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Comments
17 Comments.
Comment #1 by PNS2CLT (anonymous) posted on
PNS2CLT
Actually you can view full details of the promotion here:

https://www.nationalcity.com/main/promotions/pages/promotions_type1.asp

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Comment #2 by Anonymous posted on
Anonymous
Rates seem to be lower in my area for the 2500.00 dollar non checking customers.

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Comment #3 by ctgottapee (anonymous) posted on
ctgottapee
keep in mind that even if you get these rates now, if another bank aquires them, that bank can lower the rates on the CD, giving you the option to call it early rather than accept it. more than likely any potential bank would do so. even a customer friendly bank like ING lowered many of netbanks current CDs on holders during its aquisition.

i wouldn't be surprised if nat city didn't factor this into offering higher rates, to improve liquidity numbers

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Comment #4 by Anonymous posted on
Anonymous
This is off the subject, but I just wanted to know if anyone has had problems with Countrywide's Savingslink account...I have had this account for about three months now and in the meantime have put a large sum of money into it...just to discover today that the entire account is gone! I can not get a hold of anyone at Countrywide today, since everything is closed! I know it's an internet based account which makes me very nervous!!! What has been others experiences? Please put something out there about this!! Please let me know what I should do! I am furious!

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Comment #5 by Anonymous posted on
Anonymous
TO Anonymous re CWB

I am longstanding CWB SavingsLink account holder. Have same problem this AM as you but have not had this problem before. I would not be overly concerned as I imagine their IT Dept is doing some sort of mtce. I'd expect the SL accts will be restored soon but you (and I) can call them Monday AM if the issue still exists. It's a VG account from my experience.

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Comment #6 by Anonymous posted on
Anonymous
Thanks (anonymous) for your quick reply...the reason I am worried is because I also hold a CD with Countrywide, and when I opened my account earlier today, it listed the CD, but my SL account was not listed at all, as if it had never existed. Do you have other banking accounts with Countrywide as well, and if so, are they showing up?? I'm glad to hear someone else is experiencing a similar problem this AM. Has this happened before in your experience? Thanks again!!

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Comment #7 by Anonymous posted on
Anonymous
My Savinglink account has also disappeared! My CD shows, but the rest is gone. Today is my birthday and the last thing I wanted to worry about is 20 grand vanishing.

The worst thing is that I don't think I can even prove how much money I had in the account if there are problems.

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Comment #8 by Anonymous posted on
Anonymous
Now there is a message and it won't let me in-

"Our online banking system is currently undergoing scheduled maintenance. Please visit us again after 11:00 AM Pacific Time on Saturday, April 5, 2008. We apologize for any inconvenience this may cause. If you have any questions, please contact our Customer Care Center at 1-800-283-8875; Mon-Fri from 7:00AM - 7:00PM."

I truely hope they can fix this mess.. :^(

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Comment #9 by Anonymous posted on
Anonymous
I too have experienced the disappearing Countrywide Savings Link account this AM. I have three CD's with Countrywide that are still showing when I log in, but where oh where did my Savings Link Account go? I'm glad I'm not the only one experiencing this. I keep all of my liquid money in that account and it has caused a bit of panic in our household this AM. I am determined now to find another "home" for at least half of my liquid funds, as this is just too un-nerving!

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Comment #10 by Anonymous posted on
Anonymous
Yes,I agree! That is why I am VERY upset because I'm not sure how I can prove how much money I had in there (and I had over 100 grand), which is why I'm very NERVOUS about this, as well as angry! How can we protect ourselves in an internet based account and prove the sum amount, (other than printing it out daily for ourselves)?

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Comment #11 by Anonymous posted on
Anonymous
I finally am able to see my SL account...just checked right now. I would like to ask anyone how we can protect ourselves in case we weren't able to get the account back. How do we prove the amount of money we have in the account? I am contemplating moving my funds to another bank because this is too nerve wracking!! I'm still fairly new to the SL account, but I believe that it doesn't send any account balances to us in the mail on a monthly basis, correct??

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Comment #12 by Anonymous posted on
Anonymous
If you use banking software like "Quiken" or something similar, you may be able to use it to show proof of what you have deposited. I don't use anything like that, so I'm not sure. Hopefully, some of the more financially and computer savvy people will chime in on your question.

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Comment #13 by Banking Guy (anonymous) posted on
Banking Guy
I've had my brokerage account showing zero balance online during part of a weekend. At least it did show that maintenance was in progress. I would recommend to download or print your online statements once a month. When you first get online access with the balance displayed, it doesn't hurt to download that online page. I don't know if this will be sufficient proof, but it should provide some evidence.

Also, I would think all of the financial institutions would do frequent backups so if something major happens, they should be able to restore their databases which has all the account information.

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Comment #14 by Spooner (anonymous) posted on
Spooner
This was a delayed April Fool's Day joke by CW to make people think their money was gone.

Incidentally, to prove to CW your balance should your account disappear, print out your monthly statements.

But don't be overly concerned about your account disappearing. Banks do redundant backups at different locations in case of a fire or catastrophic disaster. They also do regular printouts.

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Comment #15 by Anonymous posted on
Anonymous
Problem is that for Savingslink statements it says "unavailable". I just signed up for e-statements earlier in the day when the problems first were discovered...I have had a Savingslink account for close to a year and I don't recall ever getting a paper statement. At least I can't find any. Do they send paper statements?

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Comment #16 by Anonymous posted on
Anonymous
I was told today by a National City Bank CSR that the special 48 month 5.00% APY CD offer has been extended to April 26, 2008. Also, I was impressed by the knowledgeable and helpful CSR.

1
Comment #17 by Anonymous posted on
Anonymous
Extended another week, until May 3. See details at
https://www.nationalcity.com/main/promotions/pages/promotions_type1.asp

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