Dedicated to Deposits: Deals, Data, and Discussion

2.00% Money Market Account Promotion with Rate Guaranteed to 12/31/10 at Metropolitan National Bank in NYC - Local Only

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Metropolitan National Bank

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.

  Tags: Metropolitan National Bank, money market accounts, New York

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Comments
12 comments.
Comment #1 by NY Doug (anonymous) posted on
NY Doug
Just visited the Broadway & 37th Street branch, where I picked up a brochure (after asking if there were one). They're not openly publicizing this promotion, since it is to generate new business — and is not available to their existing bank customers [or so I was told. The fine print on the brochure simply states it has to be funded with "new money"].

I was also told they did not know when the promotion would end; I expressed hope to get my account funded by next Wednesday, which didn't meet with any discouragement. {Only a suggestion to call ahead, to verify the promo was still active.}

The GOOD NEWS is that this is a "bump-up" type offer; per the brochure: "If this rate rises yours does too, automatically, guaranteed." ALSO, the 2% APY promotion applies to both a new Money Market account and a new Statement Savings account.

Quoting the brochure some more:

"$2,500 minimum, $500,000 maximum" /  "Available for business and personal accounts"

Huury on down!

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Comment #2 by Anonymous posted on
Anonymous
Your link to the bank at the top of the post points to a bank in Arkansas with the same name...

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Comment #3 by Anonymous posted on
Anonymous
On the bank website it says it does "not participate in the FDIC Transaction Account Guarantee Program" but guarantees" noninterest  bearing accounts for up to $250,000."  Does anyone know what this means, e.g., is you put money in the money market account is it still FDIC insured?

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Comment #4 by KenBDG posted on
KenBDG
Regarding the FDIC Transaction Account Guarantee Program, I have an explanation about this program in this post. Deposits are still insured up to at least $250K.

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Comment #5 by Anonymous posted on
Anonymous
So is  this Money Market account FDIC insured? 

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Comment #6 by Anonymous posted on
Anonymous
The Clifton branch of Investors Savings Bank in New Jersey will start a money market account promotion on Apr. 15. The APY is 1.75% and increases to 2% with a new chcking account opened. New money only. Even though it officially starts on Apr. 15, the bank will honor the same rates for anyone interested before then.

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Comment #7 by Anonymous posted on
Anonymous
Forgot to mention that the afore-mentioned promotional rates at the Investors Savings Bank will be gauranteed until Aug. 31.

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Comment #8 by Anonymous posted on
Anonymous
Do you guys notice that when you do online banking the account name is listed as "checking account" instead of Money Market Account.

 

Is it normal or something wrong ?

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Comment #9 by Anonymous posted on
Anonymous
Yep, my Money Market Account does say Checking Account.  At first, I thought about calling them, but I see that I'm getting my 2.0%, so I left it alone.  Should I still call about it?

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Comment #10 by Anonymous posted on
Anonymous
Promotion is no longer available.  I contacted the bank and were told by the Rep that the promotion is over 2 weeks ago.

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Comment #11 by anonymous77 (anonymous) posted on
anonymous77
This deal is no more.

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Comment #12 by Anonymous posted on
Anonymous
metropolitan national bank in nyc stopped taking added deposits in sept 2010. 2% rate is still guaranteed till dec. 31 2010. anyone else have this problem with adding money?

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