MetLife Bank Money Market Account $50 Bonus

Offer expires 12.15.06

MetLife Bank is offering a $50 bonus for new accounts opened with a minimum of $5000. The account offers a 4.50% APY for balances above $5000; balances below $5000 earn 1.00% APY.

To receive the $50 bonus, you must deposit at least $5,000 of new funds in your MetLife Bank Money Market Account by 12/15/06 and maintain a minimum balance of $5,000 for 90 days. The bonus will be credited to your account 90 days after your account is funded and will be reported to the IRS as interest. There are NO monthly fees for MetLife Bank Money Market Savings accounts as long as you maintain the minimum monthly balance of $1,500. If your balance falls below $1,500, you will be charged a $15 monthly fee.

One bonus per customer. Bonuses are for new customers only and are not available for IRA accounts.

The MetLife Bank Money Market Account is subject to withdrawal limitations. Fees may reduce earnings.

In my opinion, for an account with a minimum balance of $5000, 4.50% APY is pretty low. With a minimum balance of just $100, you can open a VirtualBank account (Check the sidebar for current APY). The MetLife account comes with an ATM card and checks, however, features missing from many of the online banks, including the VirtualBank account.