Dedicated to Deposits: Deals, Data, and Discussion

5.75% 12-Month CD at Mutual Bank - Nationally Available


Mutual Bank
Update 10/19/07: The 5.75% yield had ended. The new 12-month CD yield is 5.00% APY.

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 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.

  Tags: Mutual Bank, CD rates, IRA rates

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Comment #1 by Duck (anonymous) posted on
Banking Guy I took advantage of one those grand opening cd's at the Aurora branch for 24m at 5.85 painless opened after downloading app. from site mailing off w/check CD was opened and certifacate was mailed back to me Again very easy Thanks Banking Guy

Comment #2 by ShraZZy (anonymous) posted on
Do they have more information about their CD's? What happens at the maturity? Do they send you login information by mail? Do they do a hard pull? Thanks

Comment #3 by Anonymous posted on
Thanks Banking guy. I hope a few of these good rates will last another month when I have my big one maturing.

Anybody ever have much luck getting banks to match competitors rates? I have had mixed results and have on occasion actually got banks to redo cd's to a better rate without an early penalty. I did strike out, however, a couple weeks ago when I tried to renew a cd that wasn't to mature until the middle of the next month. All I asked for was to extend my term at the rate I was getting. It was actually a lower rate than what they were currently offering. They didn't want to do it, but did offer to give it to me for a one month penalty. The penalty would have still cost me a few hundred dollars , so I declined.

The manager just could not understand why I was worried about their rates dropping because they had consistently high rates for the past year. lol... Two days later their rates came out, and of course, the rate had dropped a half percent. Makes me wonder how some people get the jobs they get.

Sorry for the on and on story that nobody probably cares

Comment #4 by Anonymous posted on
Is this bank publicly traded ?
Hard pull ?

Are they heavily envolved with sub prmie / mortage mess ?

Comment #5 by Anonymous posted on
just speaking; I would keep away from longer than 9 months if you are playing the interest rate field

Comment #6 by Anonymous posted on
Why, do you really think we are going to see high 5% interest again in the future? I don't.

Comment #7 by Duck (anonymous) posted on
To ShraZZy No hard was done on me you apply online for banking after you recieve the cd certificate back in mail takes about 2 days to set up they email you that it is done and you can log in. They were very nice and knew what was going on I had a problem that I had no ID or bill with physical address everything that I get goes to PO BOX took a phone call when I was filling out application taken care of(forgot who I talked to dan I think)cd just matures if you want then It can come out mail ach wire(you pay I bet) you have 10days or automatically renews at same term(months)and going rate

Comment #8 by Anonymous posted on
hey banking guy, just a heads up, but etrade's complete savings rate has been dropped to 4.70 apy it looks like

Comment #9 by Mike (anonymous) posted on
What if they change the rate while your check's in transit? Seems like a hassle if you can't open it instantly online.

Comment #10 by Anonymous posted on
Banking guy says "rate will be guaranteed from date of postmark"