The City National Bank of Metropolis is offering a very competitive money market account that pays 1.26% APY. That's the fourth highest money market rate in the country according to the BestCashCow database and higher than the very best online savings or money market account rates - 1.15% APY. There is a minimum balance of $2,500 required to receive that rate and at that deposit level and above, there is no monthly fee on the account. The money market also comes with check writing, making it a hybrid money market/checking account. The account can only be opened in a branch.
The City National Bank of Metropolis is, natually enough, headquartered in Metropolis, IL, at the bottom of the state near the Tennessee border. The bank operates two branches in Metropolis, one at 2070 East 5th Street and the other at 423 Ferry Street.
From a safety and stability standpoint, the bank's numbers look good. Its Texas Ratio is 7.92% versus the national average of 19.96%. A lower Texas Ratio generally means that the bank is more stable and has assets in reserve to absorb any bad loans. Texas Ratios above 100% are warning signs of bank distress. The bank also looks to be well run, with a Return on Equity of 13.26% versus the national average of 6.78%. Bank assets have almost doubled since 2006, growing from $190 million to $343 million in 2011.
If you don't live near Metropolis, IL don't despair. In our database, I found 33 banks offering 1% APY or higher on a money market account. The average money market yield according to our database of millions of rates is 0.22%. With five minutes of research you can find a much better rate in your neighborhood or online.
Remember, don't settle for average rates on your money.
Previous Weekly Rate Spotlights
- March 6, 2012 - North Country FCU Offering 2.80% APY 60-Month CD - Northern Vermont
- February 27, 2012- El Paso Area Teachers FCU Offering 2.98% APY Five Year CD
- February 21, 2012 - Cardinal Bank Offering 2.01% APY First Choice Checking
- February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
- February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate
- January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
- January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
- January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
- January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
- January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available
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