Dedicated to Deposits: Deals, Data, and Discussion

2.15% 18-Month CD & 2.35% 24-Month CD at MetLife Bank - Available Nationwide

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MetLife Bank
Update 11/28/09: The 2.35% 24-month special CD is scheduled to end on November 30th. The 18-month CD rate has fallen.

MetLife Bank ended its 2.25% 12-month CD special last Monday, but it continues to offer some competitive CD rates. It replaced the 12-month special with a 24-month special that has a 2.35% APY for a $25,000 minimum deposit. Note, this is not listed in the bank's rate table. It's listed on the front page and in this MetLife Bank promo page. Make sure to include the offer code Patty10 when you apply.

Two other competitive CD rates include a 2.15% APY 18-month CD and a 2.00% APY 12-month CD. These require a $25,000 minimum deposit. The shorter terms are also competitive although it's hard for me to say that a CD rate under 2% is competitive. For a $25,000 minimum, the 3, 6 and 9-month APYs are 1.50%, 1.55% and 1.65%. MetLife Bank gives higher rates on the 6 and 9-month CDs for $50K and $100K minimum deposits. The 6-month rate is 1.75% APY and the 9-month rate is 1.85% APY for a $100K minimum. The above CD rates are listed in MetLife Bank's CDs Page as of 10/23/09.

For details about MetLife Bank's CDs and application process, please refer to my September post on MetLife Bank. Many commenters shared their experience on MetLife Bank in that post. The opinions are mixed. If you have experience with MetLife Bank, please leave a comment.

MetLife Bank's rating for safety and soundness continues to be 4 stars (sound) at Bankrate.com. It's only 3 stars (adequate) at BauerFinancial. Both ratings are based on 6/30/09 financial data. It's rare to see Bankrate with a higher rating than BauerFinancial.

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

  Tags: CD rates, IRA rates, MetLife Bank

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Comments
2 Comments.
Comment #1 by Bank Rates (anonymous) posted on
Bank Rates
2.35% APY is good and decent rate. It is worth to be on the front page.

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Comment #2 by Todd K. (anonymous) posted on
Todd K.
Do not use this bank if you want your money back upon maturity!! I called Metlife two days prior to maturity (as they requested) to let them know that I wanted my maturing CD funds to be sent to my bank account via ACH. When after one week post maturity I still had not received funds, I called again and they said they had not yet processed my request, and that it may take another week for me to get my money! So, they want to have my money two weeks minimum, with no interest! But, hey, they said they were sorry! If you like giving your money to banks and not getting it back at the agreed maturity date or within a reasonable time - go with MetLife!

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