Weekly Rate Spotlight - The City National Bank of Metropolis Offering 1.26% APY Money Market Account

Weekly Rate Spotlight - The City National Bank of Metropolis Offering 1.26% APY Money Market Account

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.

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.

Visit the City National Bank of Metropolis

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.

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Reviews

  • jim elliott

    December 15, 2013

    Metropolis Illinois is across the Ohio river from Kentucky.

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