MetLife Bank Savings –

MetLife Bank offers a High Yield Savings Account on balances over $5K. You only need $50 to open your account, but a lot of good that will do you with only 15% APY rate. One reason for a savings account would be to have access to your money in case of a major emergency.  MetLife Bank understands this concept and offers their more competitive rates for balances over $5K. For balances up to $10K you will get .25%, from $10K to $25K you get .65% and for $25K and above you will earn their best interest rate of 0.75%.

Monthly Fees

MetLife Bank also understands that sometimes we need an incentive for saving. The minimum balance you need to keep in this account is only $50. However, if you average daily balance dips below this amount, well, there goes your hard earned interest. They will slap a $5.00 monthly fee on your account. This is better than their money market account where you will need to keep $1500 in the account in order to avoid paying the $15 monthly fee. (note: APY rates mirror each other to right down to the different tiers)

High Yield Savings or Money Market?

The other big difference between this high yield savings account and their money market account is no check writing privileges. You will still have easy access via the optional ATM card, phone or online. Using your ATM card may cost you. From MetLife Bank’s website, it is unclear which machines will and which will not charge you, and they will only reimburse some for their money market account.  The online option to access your account is nice as you can deposit or withdraw from anywhere you have internet capability with no service fees.

You can apply on line for an account, or download the application and send it in by mail with your initial deposit. MetLife Bank High Yield Savings accounts are FDIC insured.

Summary of MetLife Bank High Yield Savings Account

When looking to deposit your money into a savings account, be sure you know your ultimate goal. MetLife bank does not have the highest interest rates, but they are comparable to the national average. Low/non-existent fees are a definite plus. The website is easily navigable and finding answers is within a click or two. To compare the best interest rates, please visit our website at www.banktruth.org.