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Competitive 1-Year CD and IRA CD Rate at MetLife Bank


Every now and then MetLife Bank comes out with a competitive CD rate. Now it's a 1-year CD with a 1.45% APY with a $25K minimum deposit (1.35% APY for smaller balances). This is also available in an IRA. The 18-month CD is also fairly competitive with a 1.55% APY. The rates for the other terms are not nearly as competitive. These rates are listed in MetLife Bank's CD page as of 11/09/2010.

A 1.45% yield for a 12-month term is nothing to get excited about, but I'm afraid it is competitive these days. It's near the top for 12-month CD rates. You still can get around 1.50% APY at Alliant Credit Union, Melrose Credit Union and at CNB Bank Direct as of 11/09/2010.

I did a detailed review of MetLife CDs last year. 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.

MetLife Bank recently raised its money market account rates. Even with the rate hikes, the rates are only moderately competitive. The rate of the top tier is now 1.25% APY. This requires a $25K balance. Balances from $10K to $25K earn 1.00% APY. The same yields apply to the High Yield Savings Account. The savings account only requires $50 minimum balance to avoid a $15 monthly fee whereas the money market account requires $1,500.

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 has an overall health score at of 3 out of 5 with a Texas Ratio of 9.66% (excellent) based on 6/30/10 data. It's a sizable bank with $14.55 billion in assets and $9.79 billion in deposits. Please refer to our financial overview of MetLife Bank for more details. The bank has been a FDIC member since 1999 (FDIC Certificate # 35055).

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Jim davis
Jim davis   |     |   Comment #1
 These rates are a disgrace. Bernake is a clown.
Anonymous   |     |   Comment #2
Since when is 1.45% competitive?  Everbody is offering nearly the same rates now, so the word competitive needs to change to conforming. They raised the MM rate probably because a lot of people took money out of the accounts when their rates became less "competitive" with other banks.
Anonymous   |     |   Comment #3
FWIW, this bank does send a Xmas and birthday cards to account holders as a kind of greeting to their customers.

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