Another important thing to note from the Fatwallet thread is that Met Life Bank has kept its money market rate competitive. For example, in April of last year, MetLife was offering 2.15% on its money market. During that time, ING Direct's rates were 2.00% and Virtual Bank's rates were 2.15%.
One thing that's not clear is if MetLife's money market account provides easy ACH linking with another bank's checking account to allow easy online transfering of money. MetLife's website seems to imply this on one of their FAQs. I've sent them an email asking for more details on their ACH linking.
So here are my unofficial details on this deal:
- Requires a $5K deposit by 12/31/05
- A minimum of $5K balance required for 90 days
- The money market account requires $1.5K balance to avoid $15 monthly fees
- The 3.30% APY only takes effect for balances over $5K (1.00% APY otherwise)
The official bonus details are available at MetLife's webpage. Official information about the money market account is available at this MetLife's webpage.
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