Metropolitan National Bank CD Rates and Review(s)

February 22, 2011 No Comments »

If you’re looking to take advantage of a solid CD rate (“solid” being a relative term) you may want to check out Metropolitan National Bank’s 1 year CD rates.

Currently, they offer the highest yielding certificate of deposit for 12 month terms from online banks. You can open a personal CD account online or if you happen to live in New York City you can open a deposit account by stopping by one of their local branches.

Here’s the deal:

Metropolitan National Bank is offering anyone a 1 year CD with an APY of 1.35% and a minimum deposit requirement of just $1,000.

The interest rates are non-compounding (“simple interest”) and assume you will keep your deposit within the account until it matures. If you need the money before the term is up, an early withdrawal penalty will be imposed. Also, keep in mind that if you would like to collect your deposit with it’s accrued interest at the date of maturity you’ll probably want to let them know well in advance otherwise they will automatically roll it into another 1 year CD and you’ll get dinged for the early withdrawal.

Who is Metropolitan National Bank?

Metropolitan National Bank is a fairly small bank based out of New York City. They are just the 70th largest bank headquartered in New York by asset size ($580 million as of 2012) and not even in the top 1000 largest US based banks. They were founded in 1999 and have since grown to control roughly $450 million in consumer deposits and have just over 170 full time people employees.

Metropolitan National Bank CD Rates:

(rates accurate as of 2/2011)

- 3 month CD yielding 0.25% APY with a minimum deposit of $1,000 required.

- 6 month CD yielding 1.15% APY with a minimum deposit of $1,000 required.

- 12 month CD yielding 1.35% APY with a minimum deposit of $1,000 required.

- 18 month CD yielding 1.45% APY with a minimum deposit of $1,000 required.

- 2 year CD yielding 1.60% APY with a minimum deposit of $1,000 required.

- 3 year CD yielding 1.90% APY with a minimum deposit of $1,000 required.

- 4 year CD yielding 2.05% APY with a minimum deposit of $1,000 required.

- 5 year CD yielding 2.35% APY with a minimum deposit of $1,000 required.

If you have opened one of Metropolitan National Bank’s CDs before please share your experience by leaving a comment below!

Contact Info:

99 Park Avenue, 4th Floor
New York, NY 10016
212-659-0600

metropolitanbankny.com

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