Mutual Federal Bank is offering a 2.00% APY 3-year CD and IRA CD. Minimum deposit is $500. I last reported on this bank in October when it was offering a top 5-year CD. That rate has fallen quite a bit, and it's now only 2.25% APY. These rate are listed in the bank's CD rate page as of 4/10/2011.
A reader in a previous post mentioned that the early withdrawal penalty is 180 days of interest. This is an average penalty for 5-year CDs.
It appears that a branch visit is required to open an account. It's a small bank with branches at 2212 West Cermak Road, Chicago, IL and at 2695 Forgue Dr., Naperville, IL 60564 (the Naperville branch is operating under Great American Bank).
The bank's overall health score at DepositAccounts.com is 3 stars (out of 5) with a Texas Ratio of 47.47% (below average) based on December 2010 data. Please refer to our financial overview of Mutual Federal Bank for more details. The bank has been a FDIC member since 1935 (FDIC Certificate # 28302).
How It Compares?
This 3-year CD rate is currently higher than what Alliant Credit Union is offering (1.90% APY for a $25K minimum). Alliant has a few branches in the Chicago metro area, and it has a long history of being a rate leader.
As of 4/10/2011, the best nationally available 3-year CD rate from a bank is 2.15% APY at Tennessee Commerce Bank. The best from a credit union is 2.27% APY at Velocity Credit Union.
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: