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National City CD Promotion Extended Again


Update 5/3/08: The special CDs have been extended to 5/10/08.
Update 4/26/08: The special CDs have been extended to 5/03/08.
Update 4/12/08: The special CDs have been extended to 4/26/08.

National City Bank has again extended its 5% special CD. The latest expiration date is April 12, 2008. The promotional page at nationalcity.com/SaveNow hasn't yet been updated. A reader mentioned this in the comments, and I called National City yesterday and received confirmation. According to the CSR, this new promotion will begin on Monday so hopefully the promo page will be updated then. The 5% APY 48-month CD promotion will remain the same. The minimum deposit is $10,000, and it requires that you have or open a checking or savings account. A new free checking doesn't qualify, and the minimum checking deposit is $1,500. Without the checking, the yield is 4.75% APY.

According to the CSR, they'll also extending the 24-month CD special. In addition, they're raising the 24-month yield to 4.25% APY. Like the 48-month special this has a $10,000 minimum and requires a checking or savings account. Without the checking or savings, the yield is 4.00% APY.

Finally, National City is adding a 12-month promotional CD with a yield of 3.50% APY with no checking requirement.

Since this CSR seemed more knowledgeable, I asked again if these were available to people in any state. A previous CSR said anyone could open an account by phone or online in any state. However, this time the CSR said a new customer would have to live in a state where they have branches. This includes FL, IN, IL, KY, MI, MO, OH, PA and WI.

For more details about this promotion and CDs, please refer to my last week's post and this National City CD review post.

National City in the News

The latest news on National City reports that "National City has attracted interest from two serious bidders, but a deal is unlikely until buyers become more comfortable with the bank’s residential real estate portfolio." So I guess if their subprime mortgage problems turn out to be worse than expected, a deal may not go through. As I recommend with any bank, make sure to stay below the FDIC limits. National City Bank is FDIC insured (Certificate # 6557).

Thanks to the reader who mentioned this promotion extension in the finding-the-best-deals post.

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Anonymous   |     |   Comment #1
National City is trying to boost its deposits to make it look better to potential buyers. I guess if the bank is actually sold the acquiring bank wil honor the terms of existing National City CD's.

The new 2-year 4.25% APY is actually a pretty good deal. Somehow locking in for 4 years at 5% bothers me. I'm hoping inflation forces the Fed to raise rates significantly within that timeframe. I figure the mortgage mess/credit crunch will take at least 2 years to resolve.
PNS2CLT (anonymous)   |     |   Comment #2
The promo's now listed online:


Looks like you can take a .20 APY hit for balances $2500-$9999.

John (anonymous)   |     |   Comment #3
Regarding where their 5% CD promotion is available, I got different information today from the bank's web site vs. what Banking Guy reported his CSR from the bank indicating.

When I went to the promo page for their CD and money market specials, the web page prompted me for my residence zip code. To test the results, I entered zips for both CA and TX, and both then went to a web page that listed the same CD and Money Market offers. (Neither of those states were among those listed by the CSR).

So it seems the offer may be broader than what the CSR is indicating.