MetLife Bank Rating – Money Market Account (3/5)

 MetLife Bank’s money market account came in at about average when compared to other major banks.  There are some great features worth noting such as a free ATM card and the ability to transfer funds to another account.  One only needs to have a minimum opening deposit of $1,500 to open an account as well, which is below the industry average.  There is no maintenance fees associated with the money market account, but one must have at least $1,500 in the account each month to avoid a $15 per month penalty.  The reason MetLife Bank’s money market account came in as average is due to their interest rates offered.  For $1,500 to $5,000 the APY is a paltry 0.15%, and the rate goes up to 0.75% APY if one has at least $10,000 invested in the money market account.  One can easily find a major bank offering at least 1.00% elsewhere, so this is a major disadvantage for MetLife Bank.

Money Market Rating