A great CD rate from MetLife

How could Snoopy, the loveable beagle from Peanuts, ever lead you astray? (Note: I said Snoopy, not Snooki.) Snoopy, in his guise as spokesdog for MetLife, is offering a sweet deal for a fixed-rate CD at 1.90 percent. As CD rates go, that’s hard to beat in today’s market. The catch? You must deposit at least $25,000 for 36 months.

Maybe you have the cash but don’t want to obligate yourself to three years, thinking that surely, surely, rates will be higher soon. (Wait, didn’t we say about the same thing about CD rates three years ago?) You can still get a pretty good deal of 1.30 APY for 12 months. Feel strongly both ways? A 24-month CD weighs in at 1.55 percent.

Other advantages include:

• Interest rate is guaranteed for the term of the CD.
• Depositors are insured by the FDIC for up to $250,000 each.
• You can choose a traditional certificate of deposit or an individual retirement account (IRA).
• Interest is compounded daily.
• Free identity theft resolution services (Identity Theft 911).

And the disadvantages:

• Minimum deposit of $25,000.
• Withdrawal penalties. If you need to withdraw money from your CD before it matures, you’ll be assessed a penalty based on the amount of the principal you withdraw prematurely that is equal to several months of interest.
• Can’t apply online.

MetLife Bank, which is also a MetLife company, began serving customers in 2001 and quickly gained momentum. At the end of 2009, MetLife Bank had more than $10 billion in customer deposits and was ranked as one of the top 100 commercial banks in the United States.

For more info on MetLife CD rates, go to www.metlifebank.com.