MutualOne Bank Hikes Online Savings To 2.02% APY


Deal Summary: Online Savings, 2.02% APY on balances up to $1 million.

Availability: Nationwide

In early February, MutualOne Bank introduced a new nationally available Online Savings account, with an initial 1.61% APY on all balances up to $250k. As of yesterday, the APY was raised to 2.02% on all balances up to $1 million. According to the fine print on the Online Rates page, “Balances in excess of $1,000,000 will earn a lower interest rate” (currently 0.25% APY).

2.02*%-$1mMutualOne BankOnline Savings
OTHER TIERS: 0.25% $1m+
Rates as of September 21, 2018.

In the past six months, there have been three rate increases for the Online Savings account, adding a total of 41 bps.

According to MutualOne Bank’s Consumer Disclosure page,

There is no minimum daily balance requirement.

Preauthorized transfers from your Online Savings Account are limited to 6 each month, whether to other accounts you maintain with us or to third parties. ($10 fee per transaction over the limit of 6.)

All transactions for this account are required to be conducted electronically, i.e. online, ACH, bill pay, ATM, and mobile.

Online Banking and eStatements are required within the first 30 days of account opening.

In a February blog post, I discussed MutualOne’s online account management capabilities. According to CSR, the following restrictions are still in effect.

  • Can you link an external account? Yes. Once your account is established, you can link external accounts through the Bank’s online banking platform. There is no limit to the number of external accounts you can link.
  • Are there fees for in/out transfers? No, they are fee-free.
  • What are the dollar limits on transfers? $25k per transaction, per day, and a $100k aggregate total per 30 days.
  • Any restrictions for ACH transfers that are initiated from another bank? None.

SIF Deposit Insurance

A large balance in a MutualOne Bank Online Savings is protected through the Bank’s Share Insurance Fund (SIF) membership. The SIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at Massachusetts-chartered co-operative banks.

As stated on MutualOne Bank’s Personal Services Savings & Retirement page,

Each depositor is insured by the Federal Deposit Insurance Corporation (FDIC) to at least $250,000. All deposits over and above this amount are covered by the Share Insurance Fund (SIF), established by the legislature in 1934 to protect deposits in Massachusetts-chartered co-operative banks. There are no maximum account limitations or amount limitations.


Headquartered in Framingham (20 miles outside Boston), MutualOne Bank has been offering its services and product line to all U.S. citizens and resident aliens through its online platform for more than two years. The Bank’s previous market area was limited to Massachusetts.

Opening an Online Statement account at MutualOne Bank must be done online.

MutualOne Bank’s online application states that,

Credit or debit card or U.S. checking or savings account to fund your new account(s).

Current MutualOne Bank customers can open new accounts directly through the Bank’s Online Banking platform.

Bank Overview

MutualOne Bank has an overall health grade of "A+" at, with a Texas Ratio of 3.20% (excellent) based on June 30, 2018 data. In the past year, MutualOne Bank has increased its total non-brokered deposits by $35.36 million, an excellent annual growth rate of 6.36%. Please refer to our financial overview of MutualOne Bank (FDIC Certificate # 26395) for more details.

MutualOne Bank was originally founded in 1889 as the South Framingham Co-operative Bank. As the Bank expanded its market area, it was renamed the Framingham Co-operative Bank in 1913. In 2012, a merger with the long established Natick Federal Savings Bank (1886) resulted in today’s MutualOne Bank. Currently the 50th largest bank in Massachusetts, MutualOne Bank has assets in excess of $827 million and more than 22,800 customer accounts.

How the Online Savings Compares

When compared to the 205 Savings Accounts tracked by that are available nationwide, MutualOne Bank’s Online Statement Savings APY currently ranks fourth, regardless of minimum deposit requirement.

Interest RateAccount NameCredit Union/Bank
2.25% APYAscent Money Market SavingsCustomers Bank
2.10% APYHigh Yield Online SavingsVio Bank
2.05% APYeOne SavingsSalem Five Direct
2.02% APYOnline Savings (no min)MutualOne Bank

The above rates are accurate as of 9/5/2018.

To look for the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.

Related Pages: Boston savings accounts, savings accounts, nationwide deals

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Availability: Nationwide

MutualOne Bank substantially increased the rates of three of its CDs today: 7-month (2.02% APY, 76 bps increase), 13-month (2.43% APY, 41 bps increase), and 61-month (3.14% APY, 36 bps increase). While the 7- and 13-month CDs require a $500 minimum deposit, a $5k minimum deposit is needed to open a 61-month CD. According to MutualOne Bank's Deposit Rates page, the 61-month...

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Availability: Nationwide

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The 19-month CD is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.

When I first wrote about the 19-month CD in June 2015, it could...

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Availability: Nationwide

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For most of the past 2½ years, the 30-month CD saw little change in its APY, with rates remaining between 1.51% and 1.61% during that time.

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MutualOne Bank Adds New Online Savings Account
Deal Summary: Online Savings account, 1.61% APY on balances up to $250k.

Availability: Nationwide

MutualOne Bank has added a new product – the Online Savings account, which earns 1.61% APY on all balances up to $250k. According to the fine print on the Online Rates page, “Balances in excess of $250,000.00 will earn a lower interest rate” (currently 0.25% APY).

According to MutualOne Bank’s Consumer Disclosure page,

I also spoke to CSR concerning MutualOne’s online account management capabilities. Here's what I learned:

  • Can you link an...
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Deal Summary: 24-Month CD, 2.32% APY, $500 minimum deposit

Availability: Nationwide

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Yesterday’s 142 bps increase was the 24-month CD’s first rate change in almost three years.

Both CDs are also offered as IRAs (Traditional and Roth), earning...

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