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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Competitive Mid-Term CD Rates at MetLife Bank - Available Nationwide

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MetLife Bank

Every now and then MetLife Bank comes out with a few competitive CD rates. These are not usually hot deals, but for those looking for a good rate at a major internet bank, these can be appealing. They are currently offering a special 1.30% APY 1-year CD. Minimum deposit is $25,000. This is listed at MetLife Bank's promotions page at www.metlife.com/snoopy12 as of 4/26/2011. This is 5 basis points above the standard 12-month CD rate listed in their rates page. Some of the longer term CD and IRA CD rates are also competitive. These include a 1.35% APY 18-month CD, a 1.55% APY 2-year CD and a 1.90% APY 3-year CD. Minimum deposit is $25,000. These are listed in MetLife Bank's standard rates page as of 4/26/2011.

A 1.30% yield for a 1-year term is nothing to get excited about, but it does match what Alliant Credit Union offers. The best 1-year CD rates are currently at Melrose Credit Union (1.41% APY) and Doral Bank Direct (1.40% APY).

I did a detailed review of MetLife CDs in 2009. Readers have reported that the CDs can be easily opened, but several readers have not had good experiences with CD closures. Here is an excerpt from one reader's comment:

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.

One little perk for MetLife Bank customers is free Identity Theft resolution services through Identity Theft 911. Details are described at MetLife Bank's Identity Theft page. This may be a reason to open MetLife's savings account. You only need a $50 balance in the savings account to avoid monthly fees.

MetLife Bank is one of the largest internet banks. It has $16 billion in assets and $10 billion in deposits. You can see how it compares to the largest 7 internet banks. MetLife Bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 8.07% (above average) based on December 2010 data. Please refer to our financial overview of MetLife Bank for more details. The bank has been a FDIC member since 1999 (FDIC Certificate # 35055).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

  Tags: MetLife Bank, CD rates, IRA rates

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