Bank in New York offering 2% on Savings Account through 2010

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I have come across a bank in New York offering a 2% savings rate, guaranteed through the end of the year. This offer beats any short term CDs.

A New York City-based bank is offering a money market account with a 2.00% APY guaranteed to last to 12/31/2010.  It is only available through the branches (not on the internet).  The bank is a small bank called Metropolitan National Bank which seems to only have offices at 46th and 5th, Park and 39th, Broadway and 36th and some remote place in Brooklyn.

This offer isn't well publicized.  It is not mentioned on the bank's website or in the branches.  I overheard someone asking about it when I was in 46th Street branch and the first representative denied that it existed although the second came up with some information.  I then got the information and opened an account.

According to the information that I received, the minimum balance required to earn this APY is $2,500.

The bank has poor service even for New York, and seems to be rated on 2 stars on bankrate and 3 stars on Bauer.  But, it is FDIC insured, and I'll put up with the bank's shortcomings to earn 2% through the end of the year (staying below FDIC limits, of course).

Herman Kline
Herman Kline: Herman is a recent graduate of Wesleyan College with a strong interest in finance and firm belief that General Electric is a scam on the public perpetuated by Jack Welch and Jeff Immelt that will ultimately fail to do hidden off-balance sheet liabilities. Herman's favorite place is on the side of a mountain or rock climbing wall.

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Comments

  • Jenny Frye

    April 19, 2010

    I went t0 the bank on Friday and they had just lowered the rate to 1.50%. The staff was terribly unfriendly to me as a woman which may be because they were all orthodox-I went by the branch a block from the diamond quarter. I'll put my money in one of the other banks on this site instead.

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