MetLife Bank Rates & Review

MetLife Bank Review

MetLife Bank, N.A. is a direct (Internet) bank and a part of the MetLife group of financial companies.

First established in 1999 as Grand Bank, N.A., and now headquartered in Bridgewater, NJ, MetLife Bank has assets of more than $10 billion as of Nov. 2009. The bank has been named one of the top 100 commercial banks in the U.S. by American Banker magazine and has an earned a 3.5-star "good" rating from Bauer Financial.

The parent company MetLife has been in business for over 140 years. Customers give MetLife Bank high marks for their high interest rates and customer service.

Financial products

MetLife Bank offers an online high interest rate savings account. Customers can open a money market account with the ability to write three checks per month, or open an IRA or a certificate of deposit (CD). There is no checking account option. Online banking can be used to transfer funds from one account to another within MetLife Bank or to an account at another financial institution.

Financial services

Since MetLife is a direct bank with no brick-and-mortar locations, all accounts with MetLife Bank are handled through online banking, a telephone banking system and ATMs. MetLife Bank offers "Life Advice" information on financial planning, budgeting, savings and investing.

Home financing

Home loans and reverse mortgage loans are provided through the bank's home financing division, MetLife Home Loans.

Deposit insurance

MetLife Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.

Compare savings account rates from MetLife Bank and more than 400 other banks and credit unions at SavingsAccounts.com.