Metropolitan National Bank, located in New York City with three Manhattan branches, is offering $200 free cash for new customers who open up a checking account and establish a minimum $500 direct deposit linked to the account. The bonus is considered interest and will be reported at the end of the year on a 1099 tax form. Account features includes free direct deposit, free online banking, and free online bill payments as well as no ATM fees for worldwide ATM access. The Metropolitan Bank checking account can be opened in person at a branch or online at 
This week marks the launch of Smartypig an online savings account program which uses West Bank for maintaining deposits and the Smartypig.com social network site to allow friends and family to contribute to either public or private savings goals of accountholders. The annual percentage yield on the Smartypig savings account is currently 4.30% with no fees except a $4.95 processing fee for contributing to someone else's savings goal. There is a minimum $25 deposit to start and a maximum $10,000 deposit limit for any 24-hour period. After a savings goal is reached funds can be withdrawn by check ($25 fee), via gift cards from participating retailers, or through a Smartypig Mastercard Debit card. West Bank, the issuing bank for the savings accounts, is FDIC-insured so the same banking and FDIC rules and regulations apply for the Smartypig account as would any other bank savings account. The 4.30 APY is very high on the list of best savings rates posted at money-rates.com. although depositors can certainly expect the yield to drop if the Federal Reserve continues to lower rates as expected. As far as security the Smartypig website makes this comment,"SmartyPig.com is tested and certified daily to pass the HACKER SAFE® Security Scan. HACKER SAFE® is the world’s leading provider of website security services and probes SmartyPig.com daily for known vulnerabilities. SmartyPig.com utilizes the most trusted and secure option for SSL, VeriSign® True 128-bit Extended Validation SSL. This provides the strongest encryption available. SmartyPig also undergoes regular financial and security audits."The Savings Investor will post more detailed reporting of this savings program after a few months of operation.
5.00% is looking like a fantastic investment return in this environment of falling interest rates and shaky stock markets. Locking in the 5% return for 4 years might even allow for the funds to be reinvested in an economy that is stronger with more attractive investment options. We don't know how many more 5.00% rate deals we are going to see in 2008 (if any), but National City Bank has extended their 4-year CD 5.00% rate special another few weeks.
National City Bank is a large multi-state bank (branches located in Indiana, Illinois, Kentucky, Michigan, Missouri, Ohio, Pennsylvania and Wisconsin) which has been offering deposit products consistently among the highest yielding in the nation . National City Bank is running a promotion until at least March 22, 2008 in which they are offering three different deposit rate specials as listed below:
Certificate of Deposit Special
Choose your term: 5.00% 48-month CD or 4.00% 24-month CD
Minimum Deposit: $10,000
To qualify for this offer, you must have an existing National City personal checking or savings account (except CDs and IRAs), or open a new personal checking account (except Free Checking) or a Money Market Savings account with $1,500
For more information or to apply call (800) 622-4036 or visit nationalcity.com.
Money Market Savings Sp