Metropolitan National Bank is offering a special money market promotion with a 2.00% APY guaranteed to last to 12/31/2010. Minimum balance required to earn this APY is $2,500. This special is not listed on the bank's website. A reader emailed me news of this, and I just called for additional details. According to the CSR, it's only available at their branches. Minimum balance to avoid a $9 monthly fee is $500. The CSR did not know how much longer this promotion would last. She said it began on 3/22/2010.
Branches are located in New York City.
The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1999 (FDIC Certificate # 34699).
Thanks to the reader who emailed me news of this special.