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