Get $50 for opening an account with $5000 with MetLife Bank

The details of the offer are pretty much layed out on this website (the initial address looks shady, but the application link is to https://www.metlifebanksecure.com, a legit website). However, if you apply by phone and use the code “CPD19″ and say you saw it in an ad in USA today, the minimum is only $5,000 instead of $10,000. You must keep the money there for 90 days to get the bonus.

You may have noticed, I participate in a lot of these bank offers. The main goal is to increase the earnings of my current large cash deposits. For instance, $50 on $5000 in 90 days is about 4% APR by itself. Add in the current 2.18% APR (2.2% APY) and you are earning 6.18% APR on a $5,000 deposit for those 90 days, not too shabby for an FDIC-insured account. For many people this just isn’t worth the trouble, but it’s almost a hobby for me. In addition, if you have the ability to borrow money at a lower interest rate, there is a real arbitrage opportunity.

Find more in Deals & Offers | 12/21/04, 12:48pm | Trackback