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Another MetLife $50 Bonus for Money Market Account

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MetLife seems to have been offering these $50 bonuses off and on for the last 2 years. Here's the promo page for the latest one (update: promo is no longer active). MetLife's money market account now has an APY of 4.00%. In addition to not being the rate leader, there are some other issues to consider before jumping on this deal:
  • Requires a deposit of $5K by 3/31/06 and maintain at least $5K for 90 days.
  • Interest rate goes way down on balances below $5K. Currently it's only 1% APY.
  • Balances under $1.5K result in a $15 monthly fee.
  • There doesn't seem to be an account closure fee, however, if the account is closed before interest is credited, accrued interest for that statement period will not be paid.
  • It was mentioned on this FW thread that the MetLife does a hard credit inquiry of Experian during the application process.

MetLife's Money Market Account does have a few benefits such as a free ATM Card and up to $5 monthly reimbursements for fees incurred at non-MetLife Bank ATMs. Also, the first order of standard checks are free.
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