bank rates

When MetLife Goes, Will CD Rates Stay?

The insurance giant has sold off its banking practice.Although MetLife Bank is about to give up the ghost, its current CD rates will live on for those who buy in now.

The depository business of the insurance giant’s online bank has been sold to GE Capital, General Electric’s finance arm. The deal is expected to close in the second quarter of 2012.

In other words, soon.

The sale includes money market accounts and certificates of deposit.

For MetLife Bank certificates of deposit purchased before that happens, the term and rate will stay the same until the CD matures, according to the MetLife Bank website (www.metlifebank.com).

MetLife Bank has led terms on our CD Rates Leaderboard every now and again, and we’re hopeful the new owner will continue that trend – even in the absence of Snoopy and the rest of Peanuts gang.

In fact, we’re currently tracking three of MetLife Bank’s CD rates:

3-month CD rate is 0.45% APY versus an average rate of 0.16% APY. (Leaderboard leader is 0.65% APY.)

6-month CD rate is 0.65% APY versus an average rate of 0.22% APY. (Leaderboard leader is 0.85% APY.)

12-month CD rate is 1.05% APY versus an average rate of 0.34% APY. (Leaderboard leader is 1.15% APY.)

Those rates require a $25,000 minimum deposit.

All of MetLife Bank’s rates for terms greater than 12 months are stuck at 0.75% APY.

That keeps the 24- and 36-month terms above average, but not the 60-month term. And none are near being Leaderboard-worthy.

There are better deals out there, and you’ll find them if you compare MetLife Bank’s returns with the best CD rates from scores of other banks in our extensive database.

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Comments (2)
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  1. Kathy at Bankaholic said:
    on April 16th at 07:35 am

    These rates are still available.

  2. Kathy at Bankaholic said:
    on April 16th at 07:36 am

    MetLife’s rates are still available.