MutualOne Bank is headquartered in FRAMINGHAM and is the 47th largest bank in the state of Massachusetts. It is also the 862nd largest bank in the nation. It was established in 1889 and as of March of 2025, it had grown to 101 employees at 3 locations. MutualOne Bank's savings rates are 8X the national average, and it has a B health rating.
FDIC / DIF Insured.
Looking for banks to keep my money insured and have decent, 4.07% for new money 20K min., (not sky high rates) interest returns. MutualOne came to my radar. They stated they were FDIC protected in the first 250K and DIF insured the rest of the deposits. So opening an account, funding, registering ios app etc are all within normal procedure. So far no problem experienced.
At one time, I need to call them to clarify things, virtually it ranged less than a minute, a REAL person speaking English picked up, I appreciate this experience.
Will see how things go when I got more experience eith them.
Keep up. Support smaller but insured banks with good customer service and support.
Thanks Kimberly, John and Karen.
edit: restrictions on pulling funds into newly created account. $25K/transaction and $100K/month. Not impressive but understandable. Pushing breakout this limit. I think going equal or below FDIC limit is a safe bet.
Opening New CD Account
The online application was fairly straight forward and only took a few minutes. There is no $25,000 limit anymore. You cannot add a joint owner until after the CD is opened. Good so far.
I provided my driver's license info as an identity source, and it was accepted. I submitted the application,
I was then prompted to provide another form of ID. I uploaded a passport .pdf. The next day I get a call asking me to provide proof of address on top of the two previous ID submittals. I was told I could do that on my application. I was able to access my application but there was no means to upload anything.
Required another call back to them. They then had to investigate how I should do this. They finally sent me an email link that allowed me to "share" files. I uploaded three forms of address documentation. That's where I am right now.
Absolutely the worst online experience I've encountered in two decades of dealing with online banks. I should have cancelled my application this morning.
Maximum $25 K Into A CD
I wanted to open a CD with $100k but they limit you to $25 k. Weird. No explanation why.
Terrible CD Service
Do not take out a CD from this bank. The online application was easy, and they may have a good short-term rate as a come on, but the renewal rate when my 3-month CD matured was terrible when compared to other banks. When I asked them to cash out my CD at maturity by transferring the funds back to my checking account (the same account from which the CD was funded), they refused and indicated the only way they would transfer my funds was by a paper check. I had them do that, but it took a week to receive the check. During the CD term, the accrued interest was not displayed and could not be accessed in the online banking site. Only the original deposit amount appeared as the balance. After cashing out the CD, they canceled my online banking account so I will be unable to get the 1099-INT tax document electronically in 2026. Their customer service quits at 3pm EST/EDT M-F only. I will never do business with them again.
3 Month CD Special - 5.40% NOT AVAILABLE
3 Month CD Special - 5.40% NOT AVAILABLE
Wrong advertising
Data Mining
Here’s another bank collecting data off a very iffy looking website.
Are you going to be interested in the way they compound and post interest??
Right at the end when you go to fund your CD there’s a notice that your only allowed up to $25,000 which may present a problem for some of you. I can get better compounding and posting anywhere else.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26395 |
| Year Established | 1889 |
| Employees | 101 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.27% |
| Return on Equity - YTD | -1.35% |
| Annual Interest Income | $18.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $1.25B$1.29B |
| Loans | Q1 2025vs Q1 2024 | $1.07B$1.11B |
| Deposits | Q1 2025vs Q1 2024 | $894.2MM$890.1MM |
| Equity Capital | Q1 2025vs Q1 2024 | $253.9MM$242.8MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $26.2MM$17MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $48.1MM$8.5MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |