Dedicated to Deposits: Deals, Data, and Discussion

4.00% Money Market Account for 180 Days at National City


National City Bank continues to offer a very competitive money market account promotion. The details are listed online at I first reported on this and their CD promotion in this July 25th post. One thing that has changed is that it now only requires a $5,000 balance to receive the 4% APY for the first 180 days. This promotion used to required $25,000. The $5,000 has to be new money, and it still requires a current checking account or you must open a new checking account (except the Free Checking) with at least $1,500.

After the 180 days, I'm not sure if this account will be worth keeping. The standard rates listed at the money market savings page are low. Also, there's a $10/month fee for balances under $1,500.

For the interest checking account, I've heard you can reduce the $1,500 balance after it's opened. You can avoid a fee if your combined balance (excluding checking and IRAs) is at least $15,000. You may also be able to change the checking to a free checking account.

Based on my conversation with the CSR, this promotion appears to be limited to states with National City branches. This includes FL, IN, IL, KY, MI, MO, OH, PA and WI. If you open it online and/or by mail, your signature card may be required to be notarized.

CD Specials: Details on the latest National City CD specials are available at this post.

National City is another bank that has been hit hard by the housing slump and mortgage crisis. As I recommend with any bank, make sure you stay below the FDIC limits. Please refer to my FDIC post for more details. If you plan to use POD accounts to extend your FDIC insurance, please refer to this post for what a reader has reported regarding National City and POD accounts. National City's financials can be reviewed at this FDIC page.

  Tags: Indiana, money market accounts, Illinois, Michigan, Pennsylvania, Kentucky, Wisconsin, Missouri, IRA rates, Ohio, Florida

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Comment #1 by Anonymous posted on
I recall looking at the fee structures on a pdf file I found and there was a fee to change the account. I believe it was in the $12 range, but not sure if this fee is enforced.

What I am curious about is if I can come in today to open a free checking account, then as a current customer come back the next day and open the 4% money market.

"To qualify for this offer, depositor must have an existing National City personal checking account or open a new personal checking account (except Free Checking) with $1,500 not currently on deposit. "

It appears as though "(except free checking)" applies only to non-customers.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
That's a good point about the free checking account. I've also heard you can just change the interest checking to a free checking after the CD is opened. I'm not sure if you would have to wait a certain time before this could be done without any fee.