Dedicated to Deposits: Deals, Data, and Discussion

5.47% 24-Month / 36-Month CDs at Mutual Bank


Mutual Bank
Mutual Bank has again some very competitive rates on its certificates of deposits. The highest rate is a 5.47% APY CD with terms of 24 months and 36 months. The minimum deposit is $5,000. The 1-year CD is also competitive at 5.35% APY with a $2.5K minimum.

Seems like every few months Mutual Bank comes out with competitive CD rates on a few terms from 12 to 60 months. Last July Mutual Bank came out with CDs as high as 5.80%. The short-term CD rates have never been competitive.

Mutual Bank also has a competitive money market account with a yield of 5.10% APY with a $5,000 minimum balance requirement. The yield has remained at 5.10% since last summer. This Premium Unique Money Market account has limited check writing (first 40 checks free) and an ATM card. The main downside is a $25/month fee for balances under $5,000.

It appears Mutual Bank is starting to expand. Branches had only been in the Chicago area. From their banking centers page, branches are planned for Houston, New York and New Jersey. For those who don't mind banking by mail, you can open accounts from any state via their account opening page.

Mutual Bank has been FDIC insured since 1962. It has a 3 out of 5 safe-and-sound star rating (performing)at which is down from 4 stars in July.

  Tags: Mutual Bank, Illinois, CD rates

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Comment #1 by Anonymous posted on
I opened a 60Mo CD with them over a year ago without a problem. I have the monthly interest deposited by ACH into my checking account here at my local bank in PA. They are always right on time.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Did you open the CD by mail?

Comment #3 by Anonymous posted on
Yes, while talking with customer service at Mutual Bank, I ask for and received a faxed CD application form within minutes. Filled out the form and mailed it in along with a personal check for a very large sum. No problems.