Dedicated to Deposits: Deals, Data, and Discussion

Update on National City's CD Promotion: 5.25% 36-Month CD


National City Bank is again offering some attractive CD and money market specials. You now can get a CD with a yield of 5.25% APY on a term of 36 months. On Sunday, I reported on the new 5% APY CD for terms as low as 19 months. This was being advertised in some newspapers. More details are provided at this National City CD promotion page, but this doesn't list all of the terms. I just called for the full details:

Certificate of Deposit Specials for $10K minimum:
  • 4.25% APY 13 to 18 months
  • 5.00% APY 19 to 35 months
  • 5.25% APY 36 to 54 months
Money Market Savings Special:
  • 4.00% APY guaranteed for 180 days on $5,000 or more of new money
These have the typical National City requirement of an existing checking or savings account or a new checking (except Free checking) with a $1,500 minimum initial deposit. Without the checking account, the CD rates are 25 basis points lower. Also, the rates for a $2,500 minimum deposit are 20 basis points lower.

These specials may not be available in all states and can vary by state. The CSR made it sound like you could apply by phone and mail even if you didn't have a National City branch nearby. I recommend calling to verify for yourself (800-622-4036). A reader mentioned in my previous post that he was required to have the signature card notarized when he opened the CD by mail.

For more details on the money market special, please refer to this post.

One important detail regarding National City long-term CDs is that the early withdrawal penalty is 12 months of interest which is more severe than the average of 6-months interest.

FDIC/POD Issue: For those who plan to use PODs to increase your FDIC coverage at National City, please refer to my Sunday post.

National City is another bank that has been hit hard by the housing slump and mortgage crisis. It's always a good idea to stay below the FDIC insurance limits (see my FDIC post for more details). National City's financials can be reviewed at this FDIC page.

Update 9/17/08: I've confirmed with a National City CSR that the above rates are still available. The promo page now states an end-date of 9/27/08.

  Tags: money market accounts, CD rates

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Comment #1 by Anonymous posted on
According to the promotion page (linked above), the offer has been extended to 9/27/08

Comment #2 by Anonymous posted on
According to the promotion page (linked above), the offer has been extended again, to 10/18/08

Comment #3 by John (anonymous) posted on
All account authenticity questions were about my ex sister in law (same name anyway) that has not been in my family since about 1999. WTF? I was not immediately approved. We shall see what the CSR has to say next week.

Comment #4 by sycc (anonymous) posted on
This offer has been extended to 11/1/08.

Comment #5 by Andy (anonymous) posted on
I can report doing this CD via phone today with no problems. I did the 19 month 5% version with the checking account.

The guaranteed the rate for 7 days, giving me until Thursday to send them a check. Post office Priority mail (2-3 days) only costs you around $5.

So if you are thinking about this one, you have 1 day left!