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MutualOne Bank


Overview / Commentary
www.mutualone.com
508-820-4000
828 Concord Street
Framingham, MA 01701

MutualOne Bank is headquartered in Framingham and is the 50th largest bank in the state of Massachusetts. It is also the 931st largest bank in the nation. It was established in 1889 and as of December of 2020, it had grown to 90 employees at 3 locations. MutualOne Bank has an A health rating.

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Reviews (3)

A Real Community Bank

Posted by: |

Mutual One Bank has gone through some revisions. Until a couple years ago it was a two branch bank in my town. I loved it because you get to know people, and if you don't have your ID, it's no big deal. They have fairly decent CD rates. If you deposit a local check, it's available the next day. If they have a problem, they call you and give you a chance to make things right before hitting you with a hefty fee for something that's not even your fault. It recently merged with two local banks from a neighboring town, and changed names, but the service is still the same. They give you free money orders if you withdraw from your account, even if you don't, if they know you have an account they will give it to you for free, whereas larger banks charge up to $5. Customer Service is friendly, and accommodating. They're online service is very good, and they recently changed platforms so you no longer need to have a funky user name or password. In addition to free candy at the teller windows, which changes with the season, they also have a coffee station, and a popcorn machine. This is a very good, fun local bank.

11

Problematic Online Deposit System.

Posted by: |

Verification of deposit application is inefficient.
Poor, late, inconsistent and misleading communications.
Example of response from bank was '0ur system is currently not set up to correct problem with ACH funding'!
Procedures are lacking in maturity fo conduct a fair and efficient Online business.
Not confidence inspiring experience.

21

HUGE SECURITY RISK--Do Not Sign-Up Online!

Posted by: |

This bank has the least-secure online application I've ever seen. They ask for personal info, ssn, mother's maiden name, drivers license # and then challenges to where you lived just for a checking/savings account!

To top it off, they then ask you to MAIL them a signature card, but wait...guess what info is printed on the page you're printing (with no warning)? Your full, un-redacted ssn, mother's maiden name, drivers license number & full address. If their application is this insecure, I can't even imagine how outdated their online system must be. STAY AWAY!!!

55


Health
A

Data as of Q4 2020

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #26395
Year Established1889
Employees90
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.53%
Return on Equity - YTD8.33%
Annual Interest Income$43.7MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$994.9MM$942.6MM
LoansQ4 2020vs Q4 2019$788.2MM$783.7MM
DepositsQ4 2020vs Q4 2019$764.5MM$749.2MM
Equity CapitalQ4 2020vs Q4 2019$188.1MM$171.0MM
Loan Loss AllowanceQ4 2020vs Q4 2019$13.3MM$13.0MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$5.1MM$5.0MM
Real Estate OwnedQ4 2020vs Q4 2019$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not MutualOne Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

MutualOne Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%*-$1mOnline Savings
OTHER TIERS: 0.25% → $1m+
0.15%$10-Statement Savings
0.15%†$10-Passbook Savings (MA Residents Only)
0.15%$10-Youth Statement Savings

MutualOne Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$200k*-Mo Money Market
OTHER TIERS: 0.10% → $10 - $10k | 0.20% → $10k - $200k
0.25%†$10-Nonprofit Money Market (MA Residents Only)
0.20%*$10k*-Money Market Plus
OTHER TIERS: 0.10% → $10 - $2.5k | 0.15% → $2.5k - $10k

MutualOne Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%*$50k*-Advantage Checking
OTHER TIERS: 0.01% → $10 - $1k | 0.10% → $1k - $5k | 0.15% → $5k - $50k

MutualOne Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.55%$500-36 Month CD
0.55%$500-48 Month CD
0.55%†$500-60 Month CD (MA Residents Only)
0.55%$5k$1m61 Month CD
0.50%$500-24 Month CD
0.50%$500-30 Month CD
0.45%$5k-28 Day CD
0.45%$500-12 Month CD
0.45%$500-18 Month CD
0.40%$5k-9 Month Advantage CD
0.40%$500-6 Month CD

MutualOne Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.55%$500-36 Month IRA
0.55%$500-48 Month IRA
0.55%†$500-60 Month IRA (MA Residents Only)
0.55%$5k$1m61 Month IRA
0.50%$500-24 Month IRA
0.50%$500-30 Month IRA
0.45%$5k-28 Day IRA
0.45%$500-12 Month IRA
0.45%$500-18 Month IRA
0.40%$500-6 Month IRA
0.40%$5k-9 Month Advantage
Locations


MutualOne Bank Locations
Natick Federal Savings Bank Branch49 Main StreetNatick, MA 01760
Mutualone Bank828 Concord StreetFramingham, MA 01701
Lincoln Street BranchOne Lincoln StreetFramingham, MA 01701

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