Update 12/16/2010: The 18-month CD rate has fallen to 1.35% APY.
Every now and then MetLife Bank comes out with a competitive CD rate. Last month it was the 1-year CD rate. Now it's the 18-month CD rate which has a 1.65% APY for balances of at least $25K (1.40% APY for a $15K minimum deposit). These rates are listed in MetLife Bank's CD page as of 12/14/2010.
A 1.65% yield for an 18-month term is nothing to get excited about, but I'm afraid it is competitive these days. You can do a little better at Alliant Credit Union which is offering a 1.75% APY for a $25K minimum deposit as of 12/14/2010. For other internet banks, CNB Bank Direct is also offering a 1.65% APY 18-month CD with a $25K minimum deposit.
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.
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 DepositAccounts.com of 4 out of 5 with a Texas Ratio of 8.17% (excellent) based on September 2010 data. It's a sizable bank with $16.58 billion in assets and $9.36 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).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.