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 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.

Comments
NY Doug
NY Doug (anonymous)   |     |   Comment #1
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!
Anonymous
Anonymous   |     |   Comment #2
Your link to the bank at the top of the post points to a bank in Arkansas with the same name...
Anonymous
Anonymous   |     |   Comment #3
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?
KenBDG
KenBDG   |     |   Comment #4
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.
Anonymous
Anonymous   |     |   Comment #5
So is  this Money Market account FDIC insured? 
Anonymous
Anonymous   |     |   Comment #6
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.
Anonymous
Anonymous   |     |   Comment #7
Forgot to mention that the afore-mentioned promotional rates at the Investors Savings Bank will be gauranteed until Aug. 31.
Anonymous
Anonymous   |     |   Comment #8
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 ?
Anonymous
Anonymous   |     |   Comment #9
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?
Anonymous
Anonymous   |     |   Comment #10
Promotion is no longer available.  I contacted the bank and were told by the Rep that the promotion is over 2 weeks ago.
anonymous77
anonymous77 (anonymous)   |     |   Comment #11
This deal is no more.
Anonymous
Anonymous   |     |   Comment #12
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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