Mutual Bank just started offering a special 12-month CD with a yield of 5.75% APY. The minimum deposit is $2,500. I was a little surprised when I saw this today. So I called and confirmed with the bank that this is correct. They wouldn't say how long this may last. Below is a summary of this CD from info at the website and from my conversation with the customer service rep.
- 5.75% APY 12-month term
- $2,500 minimum deposit
- compounded and credited monthly
- available as a regular or IRA CD
- early withdrawal penalty of 90 days interest
- can be opened by mail from any state
- rate will be guaranteed from date of postmark
More details about opening an account is available at this Mutual Bank page.
In the previous two months, Mutual Bank had been offering high yield CD specials at its new Houston and Aurora branches. In the past, Mutual Bank has often had competitive national CD specials, but they haven't been this good. Perhaps they're trying to compete with Countrywide.
Mutual Bank's rating at Bankrate.com has fallen this year. It's currently at 2 out of 5 stars (below peer group). I'm not sure of the reason. Last year they had a rating of 3 and 4 stars. The bank is FDIC insured (Certificate # 18659) so you'll be safe if you keep under the FDIC insurance limits.