One of the most weel known insurance companies, MetLife, has announced they are selling off their deposit business to GE Capital (General Electric’s banking arm) this year. The transaction is supposed to take place in Q2 2012, however, if you’ve already opened a deposit with MetLife Bank your deposit and interest rate will live on even after MetLife goes. Their popular money market account and online savings account – featuring interest rates within the top 5 of all online banks – will also be included in the transaction. And because those particular products feature variable rates, they may fluctuate to some degree with new ownership.
MetLife has been at the top of our CD rate list for 12 month CD’s for quite some time now and is still offering their popular 1 year CD yielding 1.05% APY on deposits of at least $25,000. After their 1 year CD though, their rates drop off substantially and will be held at their current low levels until the transaction with GE Capital has been completed (and perhaps longer). MetLife’s CDs with terms greater than 1 year (18 months to 60 months) are providing APYs of just 0.75% across the board.
MetLife has offered particularly strong rates when compared to their peers but have always required higher minimum deposits to earn the above average rate. Below is a list of MetLife Bank’s CD rates and deposit requirements.
- Online savings account yielding 0.85% APY with a minimum balance requirement of $25k. National average sits at 0.67% APY for $25,000 money market accounts.
- 6 month CD yielding between 0.35% APY and 0.70% APY depending on deposit size.
- 12 month CD yielding beween 0.85% APY and 1.05% APY depending on deposit size.
- 18 month to 5 year deposit yielding 0.75% APY regardless of deposit size.
Visit MetLifeBank.com for further information.