Dedicated to Deposits: Deals, Data, and Discussion

2-Year CD with Yields Up to 4.40% at Metlife Bank - Nationally Available

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MetLife Bank
Updat 12/22/08: The CD rates have fallen. All rates are now below 4.00%.

MetLife Bank is offering some competitive CD rates. The most competitive is the 24-month certificate of deposit. A minimum deposit of 15,000 is required for decent rates. The 24-month APYs listed at MetLife Bank's rate table as of 12/15/08 include:
  • 4.15% $15K-$25K
  • 4.25% $25K-$50K
  • 4.35% $50K-$100K
  • 4.40% $100K+
Longer term CDs have rates 10 basis points higher. These are also available in an IRA.

Update 12/16/08 #2: A reader mentioned this MetLife Bank CD promotion. It's a special 12-month CD with a 4.15% APY for a minimum deposit of $15K. I just called, and I was told that this expired last week.

I contacted MetLife Bank today using their toll-free number (1-866-226-5638). After waiting 10 minutes, I was able to get hold of a customer service rep. The CSR was quite knowledgeable. She said these rates could change any day, but they typically only change on Mondays. Some of the CD details I was told include:
  • CD can be opened by mail, online or by phone
  • CD can be funded by check, wire transfer or ACH transfer
  • MetLife gives you 15 days to fund the CD to receive the rate that was in effect on the day you applied
  • At maturity, they accept closure instructions by phone
  • CD can be redeemed by ACH transfer to your external account
  • Mailing a check and a wire transfer are other options to receive the funds ($25 fee for outgoing wire transfers)
MetLife Bank's account disclosure (pdf) has other account details. A few important CD details are listed on page 2 and include:
  • Interest compounded daily, credited monthly
  • Grace period at maturity is 10 calendar days
  • CD redeemed during any grace period will not receive interest accrued during the grace period
  • Early withdrawal penalty equals 180 days of interest on the amount withdrawn for terms over one year
MetLife Bank also offers an online savings account and money market account. I first reported on MetLife's money market account back in 2006 when it was offering a $50 bonus. According to the CSR, this bonus is no longer available. I've stopped reporting on MetLife's money market account in my weekly rate summaries since the rates had never been competitive for online accounts. The top yield for both the savings and money market account is currently only 2.65% APY, and this requires a $25K balance.

Update 12/16/08: Regarding a hard credit pull, I emailed MetLife about this. Here is their reply:
When you open a MetLife Bank account, we only pull a soft credit inquiry which will not affect your credit report

MetLife Bank has fair ratings for soundness: 3.5 stars (good) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/08 data. MetLife Bank has its headquarters in New Jersey. It has been FDIC insured sinc 1999 (FDIC Certificate # 35055).
  Tags: CD rates, IRA rates, MetLife Bank

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Comments
7 comments.
Comment #1 by Anonymous posted on
Anonymous
Do you know if Metlife does a hard credit pull when we open a CD?

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Forgot to ask. I've just sent an email to MetLife with this question.

1
Comment #3 by Anonymous posted on
Anonymous
Don't they still have the 1 year 4.15% (code word Lucy4) promo goin at http://www.metlife.com/General/0,5018,20418,00.html

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I called and unfortunately, the CSR said this 4.15% 12-mo promo has expired. They need to update their webpage.

About the hard pull, it appears it's only a soft pull. I've added this to the post.

1
Comment #5 by Anonymous posted on
Anonymous
Has anyone opened an account with Metlife before? Is there anything bad/good thing about Metlife that I should know. I plan to open a CD but the review at bankaholic was not very good.
http://www.bankaholic.com/bank-reviews/?bankID=53

1
Comment #6 by mrfrugality (anonymous) posted on
mrfrugality
Have been a bank customer for several years starting with the bonus times (no longer available). No problems with MetLife. Smooth application process. Efficient ACH transfers. Feature rich. Minimum activity with them last couple of years as rates have not been competitive, but new CD opened lately, trouble free.

1
Comment #7 by scott (anonymous) posted on
scott
Metlife 24 month CD down

3.50% $15K-$25K
3.60% $25K-$50K
3.70% $50K-$100K
3.75% $100K+

Hoping I will get the 4.40%, Has been a long opening process due to my credit freeze. Was told last week I'm locked into that rate for 15 days

1