Dedicated to Deposits: Deals, Data, and Discussion

3.50% 3 to 12-Month CDs and $200 Checking Bonus at Metropolitan National Bank

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Metropolitan Commercial Bank
Metropolitan National Bank is offering a 3.50% APY CD for terms of 3 months, 5 months, 6 months and 12 months. The minimum deposit is $2,500.

There's an online application that allows funding by ACH transfer. According to the application's FAQ, any valid US address is acceptable. If you're a new customer, it appears you'll need to complete a Signature Card and provide copies of driver's license and utility bill.

$200 Checking Bonus Still Available

They're still offering a $200 checking account bonus. I last reported on this promotion in February, and like the CD, this checking can also be opened online. Reports from readers have mentioned that a real direct deposit of a full paycheck may be required.

Financially Strong

For those looking for a financially healthy bank with competitive CD rates, Metropolitan may be the one. It's rated 4 out of 5 stars (sound) at Bankrate and 4 out of 5 stars (excellent) at BauerFinancial. Both are based on 12/31/07 data.

Branches are located in New York city. The bank is FDIC insured (FDIC Certificate # 34699).

Other High Yield Certificate of Deposit Rates

The 3.50% yield is very competitive for 3 and 6 month terms as you can see in my latest CD rate summary. E-LOAN's 3-month CD is close with a yield of 3.46% APY. For 6-month terms, there are 5 institutions with higher rates. The highest one from a bank is 3.75% APY at Corus Bank.
  Tags: New York, Metropolitan Commercial Bank, CD rates

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
Metropolitan Bank will require you to deposit you ENTIRE salary as a recurring direct deposit. Only then you are eligible for $200 bonus

1
Comment #2 by Anonymous posted on
Anonymous
How can they tell that it's your entire salary?

1