Dedicated to Deposits: Deals, Data, and Discussion

4.00% 18-Month / 4.50% 54-Month CD at Mutual Bank - Nationally Available

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Mutual Bank
Mutual Bank has just started a CD promotion with some competitive rates. It includes a 4.00% APY 18-month CD and a 4.50% APY 54-month CD. The minimum deposit is $2,500. It's also available in an IRA.

It has been awhile since Mutual Bank has offered decent CD rates. There were several times last year when Mutual Bank had several very competitive CD specials. My last report was in November 2007 when it was offering over 5% on its long term CDs.

For details about the CD features and how to open and close the CD, please refer to that Mutual Bank November post. CDs can be opened by mail from any state.

In addition to opening the CD by mail, you can also open the CD at one of Mutual Bank's branches. Branches are located in the Chicago metro area; in Staten Island, New York; Edison, New Jersey; and Houston, Texas.

Mutual Bank's rating at Bankrate.com remains the same as last year. It's currently at 2 out of 5 stars (below peer group). It's rated as 3 out of 5 stars at BauerFinancial. The bank is FDIC insured (Certificate # 18659). As always it's a good idea to keep below the FDIC limits. Please see this post to see ways to be FDIC insured for balances over $100K.

Related Pages: New York, Mutual Bank, Illinois, CD rates, New Jersey, IRA rates, Texas

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