Dedicated to Deposits: Deals, Data, and Discussion

5.65% 12-Month / 5.65% 60-Month CD at Mutual Bank in Houston (Nationally Available)

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Mutual Bank
Update 9/20/07: This CD special is no longer available.

Mutual Bank's new Houston branch continues to offer a grand opening special certificate yield of 5.65% APY for terms of 12, 24, 36, 48 and 60 months. The minimum deposit is $5,000, and there is no maximum deposit.

I had first reported on this special last month. A reader just mentioned in an email that the special is still going on, and they're still allowing people from any state to open these CDs. You have to make sure to mail the application to the new Houston branch. This is not advertised at Mutual Bank's website.

These special rates are expected to last through September, but they could change at any time. So please check with Mutual Bank before sending in the application. The application is available on their website here. A reader in my previous post commented that he was instructed to send the aplication, W-9 form, 2 forms of ID, and a Letter of Direction to the Houston branch. Once the CD is established, you should be able to get online access.

Mutual Bank has been FDIC insured since 1962 (FDIC Certificate # 18659). Their safe-and-sound star rating at Bankrate.com has fallen again since my February report. It's now 2 out of 5 stars (below peer group) based on 3/31/07 financial data. Last year it had been 4 stars. In February it had fallen to 3 stars.

Thanks to the reader who emailed me about this special and the readers who gave additional details in the comments.

  Tags: Mutual Bank, CD rates, Texas

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