Dedicated to Deposits: Deals, Data, and Discussion

5.10% Money Market Account, 5.80% 36-Month CD at Mutual Bank

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Mutual Bank made a substantial rate increase to its Premium Unique Money Market Account. The new rate is 5.10% APY for balances above $5K and below $1 million. Previously, the rate for balances between $5K and $75K was 4.25%. For those with very large balances over $1M, the rate is now 5.70% APY (up from 5.38%). There's a $5K minimum balance. Fees may apply if balance falls below minimum.

In addition to the money market account rate increase, Mutual Bank also increased the rates of its mid-term certificates. The highest rate is a 5.80% APY 36-month CD. The others include a 5.75% APY 30-month CD, a 5.70% APY 24-month CD and a 5.65% APY 12 or 18-month CD. The minimum for the 12-month CD is $2.5K. All others have a $5K minimum. I had reported on Mutual Bank's last CD rate update in mid June.

The bank is located in the Chicago area, however, you can open accounts by mail from any state. Refer to Mutual Bank's account opening page.

Mutual Bank is rated 4 out of 5 stars at Bankrate.com (sound). This is up from 3 stars in my last June post.


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