National City Bank continues to offer an attractive CD promotion. The CD yield for the shorter terms has gone up from 4.25% to 4.50% APY. This is available for terms of 13 to 18 months. 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:
- 4.50% APY 13 to 18 months
- 5.00% APY 19 to 35 months
- 5.25% APY 36 to 54 months
These CDs 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. It's definitely easier if you live near a branch. Branches are located in FL, IN, IL, KY, MI, MO, OH, PA and WI.
One important detail regarding National City's 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.
National City is another bank that has been hit hard by the housing slump and mortgage crisis (see article). As I recommend with any bank, it's best to stay under the FDIC limits. The short-term CDs above would work out well with the new FDIC limits (see post). National City Bank is a member FDIC (FDIC Certificate # 6557).