Dedicated to Deposits: Deals, Data, and Discussion

2.25% 12-Month CD at Metlife Bank - Available Nationwide

POSTED ON BY

MetLife Bank
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 It has been replaced by a special 24-month CD with a 2.35% APY.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)
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  • Early withdrawal penalty equals 90 days of interest on the amount withdrawn for terms of one year and less
Update 10/03/09: I contacted MetLife Bank for info on beneficiaries. According to the CSR, you can add up to 4 beneficiaries as a POD account in the online application. I also asked about how long they expected this CD special to last. I was told it should last at least until mid October.

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

Related Pages: CD rates, IRA rates, MetLife Bank

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Comments
11 Comments.
Comment #1 by Scott (anonymous) posted on
Scott
Good bank to deal with. They were offering a 2 year 4.40% CD in Dec 2009. Took me a while to get open and funded because I was doing in my trust name. Dealt with one person over the phone the whole process while papers were mailed back and fourth. By the time it got done the 4.40% had ended but they still gave me that rate. Still have 16 months left :)

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad to see the good customer service. That 4.40% sure seems like a good deal these days. It's hard to believe rates have fallen that much.

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Comment #3 by Anonymous posted on
Anonymous
I have had nothing but problems with Metlife. They take forever to mail proceeds from matured CD's or closed mm accts - both of which I have had there. Something about batch mailings. I transferred an IRA from Metlife to a local bank and fortunately had the bank initiate the paperwork because the check was lost. If I had initiated the transfer, I would have had to wait 90 days before they would issue another. Because the bank was involved, they "only" took 2 weeks after affidavits.

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Comment #4 by Anonymous posted on
Anonymous
@Anonymous, at 8:07 AM
How recent were your problems ?
Thx for sharing. Trying to figure out if they've fixed their Act.

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Comment #5 by Jim S (anonymous) posted on
Jim S
I opened a new 2.25% - 12 Mo CD. The application process is simple and straightforward and the ACH transfer was quick and easy

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Comment #6 by Anonymous posted on
Anonymous
I'm the one who had the problems ... all were within the past few months. Opening the a/c is not the problem - it's getting your funds back that takes forever.

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Comment #7 by Anonymous posted on
Anonymous
Couldn't you have done an outgoing ACH transfer to withdraw your funds?

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Comment #8 by Anonymous posted on
Anonymous
Problem person responding - sorry have not responded sooner. In my case they were IRA CD's that were being transferred to another institution.

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Comment #9 by Anonymous posted on
Anonymous
Met Life stinks. I had problems printing their form after completing an online application. Emailed them for instructions on how to proceed, how to mail the check wihtout the printed form but a day passed with no reply so I called. The people on the phone have no training and are clearly inexperianced and unable to think on their own. When finally give to a manager an expressed my frustration my colorful use of words made him loose it and he threatened me and said that "we are on a recorded line and that the bank will be contacting me soon". What a jerk, cost his bank a quarter mill in cd deposits... and INGDirect has the same 2.25% rate for new money. I went there instead. Very smooth, professional, well trained staff at ING direct! Check them out.

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Comment #10 by Anonymous posted on
Anonymous
No more 1-year CD at 2.25% special. Now they have a 2-year CD special for 2.35% instead.

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Comment #11 by Anonymous posted on
Anonymous
I am a MLB customer since 5/2003 w/ 1/4 million at the bank. It is MLB's policy to send a customer an alert letter re upcoming CD maturity.  i did not receive that letter, instead two weeks post maturity. received a renewal letter.  I called the bank immediately as I did not want renewal -- had  other plans for that money. I explained the situation to the supervisor, and that I have a binder with all documentation/correspondence from MLB since  5/03 ---- no alert letter for this CD was sent to me. I got no satisfaction.  I will no longer bank with MLB EVER!  This is the last straw to a string of bad service and poor performance by a poorly trained, unprofessional staff.

 

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