30-Month 5% CD at a Chicago Bank
Nov 19, 2005 - 2:56 PM by Ken Tumin
Mutual Bank is offering 5.00% APY for a 30-month CD. Also, it has a 5-year CD with a rate of 5.50% APY. The other CDs with terms of 1-year or longer are okay but not near the top. Its 6-month and 9-month CDs have low rates below 4%. The certificates of deposit have a $5K minimum deposit requirement.
Mutual Bank also has very competitive money market rates. It's offering 4.55% APY on its Premium Unique Money Market account. There is one little requirement: a deposit over $1M. This is probably not for the typical saver. However, the rates for lower deposits aren't bad. Deposits of between $5K and $75K earn 4.00% APY. Deposits between $75K and $150K earn 4.15% APY.
The Perfect Free Checking account is available with no minimum balance requirements and no monthly service charges. Plus, the first 50 printed checks are free.
The only problem with this bank is that it's only in the Chicago area. From the website it's not apparent if an account can be opened by people in other states.
Mutual Bank also has very competitive money market rates. It's offering 4.55% APY on its Premium Unique Money Market account. There is one little requirement: a deposit over $1M. This is probably not for the typical saver. However, the rates for lower deposits aren't bad. Deposits of between $5K and $75K earn 4.00% APY. Deposits between $75K and $150K earn 4.15% APY.
The Perfect Free Checking account is available with no minimum balance requirements and no monthly service charges. Plus, the first 50 printed checks are free.
The only problem with this bank is that it's only in the Chicago area. From the website it's not apparent if an account can be opened by people in other states.
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Thats A Krock (anonymous) - #1, Saturday, December 17, 2005 - 12:07 PM
Although I live in TX, I was able to purchase a 5 yr CD paying 5.5% APY from Mutual Bank. Remember to include a copy of your drivers license, which is standard with all banks since 911.
Banking Guy (anonymous) - #2, Saturday, December 17, 2005 - 4:09 PM
Thanks for the info. Glad to see it's open for those outside of Illinois.
Banking Guy (anonymous) - #3, Friday, January 13, 2006 - 8:28 AM
As of January 13, 2006, these rates are no longer listed at Mutual Bank. The current rates for the 30-month and 60-month CDs are 4.75% and 4.95% APY.
Banking Guy (anonymous) - #4, Tuesday, April 25, 2006 - 12:36 PM
Mutual Bank has come out with some new and competitive certificate of deposit specials as of April 25, 2006. Refer to this post for more info.
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