Update 10/19/09: The 12-month CD special has ended. It has been replaced by a special 24-month CD with a 2.35% APY.
MetLife Bank is offering a special 2.25% APY 12-month CD. Minimum deposit is $25,000, and new money is required. This special is listed in a rotating ad at the bottom right of MetLife Bank's front page as of 9/15/09. The ad links to this promotions page. The offer code is Sally10. This is also available in an IRA, but an IRA CD cannot be applied for online.
When I contacted MetLife Bank last year regarding a past CD promotion, I was informed of the following details about the CDs. Make sure to call for the latest info, and please leave a comment if anything has changed.
- 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)
- 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- Early withdrawal penalty equals 90 days of interest on the amount withdrawn for terms of one year and less
MetLife Bank also offers an online savings account and money market account. I first reported on MetLife's money market account back in 2006. Last year I stopped reporting on this 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 1.50% APY, and this requires a $25,000 balance.
Regarding a hard credit pull, I emailed MetLife about this last year. Here was 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's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial (based on 6/30/09 data) and 4 stars (sound) at Bankrate.com (based on 3/31/09 data). It's rare to see Bankrate with a higher rating than BauerFinancial. It might be due to BauerFinancial basing the rating on newer financial data.
MetLife Bank has its headquarters in New Jersey. It has been a FDIC member since 1999 (FDIC Certificate # 35055). It's a sizable bank with $14.6 billion assets and $7.8 billion in deposits based on FDIC data. According to this data, the bank has grown considerably in the last year.
Other Competitive Certificate of Deposit Rates