Mutual Bank has a promotion for its Premium Unique Money Market Account. It's offering a yield of 3.80% APY for balances of at least $5,000 for the first 90 days. The ongoing yield is currently 2.75% APY for balances over $5K.
A 3.80% 3-month promo isn't the best money market promo available. I currently have three 4% 3-month promos listed in my weekly rate summary. This Mutual Bank promo is another choice, and it may be your only choice if you have already done those other promos.
Money Market Account Review
The account can be opened by mail from any state or at one of their branches. The instructions for opening an account describe all their application requirements. They do require a lot of documentation. According to the banking rep, they'll guarantee the 3.80% APY for 3 months based on the postmark date of your application's envelope. So if the promo changes a day after you mail in the application, you should be okay.
Some of the features of the Premium Unique Money Market account are listed at Mutual Bank's Savings Page. Some of the important featuers include:
- minimum monthly balance of $5,000
- $25/month service charge for balances under $5,000
- limited check writing (first 40 checks free)
- interest credited monthly
- ATM card
- Online banking, but no ACH transfer capability
New 4.30% 16-Month Special Certificate of Deposit
Mutual Bank also has some competitive CD and IRA specials. A new one is a 4.30% APY 16-month CD. The others include a 5.10% APY 60-month CD, a 4.30% APY 24-month CD and a 4.10% APY 12-month CD. The minimum deposit is $2,500, and they are all available as a regular CD or an IRA CD. For more details about Mutual Bank's CDs, please refer to this post from last year.
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 financial ratings for soundness have gone down in the last couple of years. It currently only has a 1 star rating (lowest) at Bankrate.com and a 2 star rating (problematic) at BauerFinancial. Both ratings are based on 6/30/08 data.