MutualOne Bank Ups 13-Month CD

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Deal Summary: CDs – 7-month (2.02% APY) and 13-month (2.43% APY), $500 minimum deposit. 61-month (3.14% APY), $5k minimum deposit.

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 has a “maximum opening deposit of $1,000,000.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.14%$5k$1mMutualOne Bank61 Month CD
2.43%$500-MutualOne Bank13 Month CD
2.02%$500-MutualOne Bank7 Month CD
Rates as of July 20, 2018.

All three CDs are available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements, including the 61-month $1m balance cap.

MutualOne Bank’s online application states that you will need a,

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

DA reader, Rickz, commented that the “credit card funding maximum is $1,000.” CSR confirmed that limit, stating the “credit card funding is a convenient way to initially fund a checking or savings account,” and is not designed to be used to open a CD with a large deposit.

MutualOne Bank CDs have a ten day grace period. CSR stated that funds from a maturing CD can be distributed through a cashier’s check or by an internal transfers to a MutualOne Bank checking or savings account. ACH transfers are not an option and a wire transfer costs $20.

As stated on MutualOne Bank’s Consumer Disclosure page, the Early Withdrawal Penalty reads as follows:

A term of 12 months or less, but more than 3 months –
If you withdraw any principal before the maturity date, a penalty
equal to 90 days interest will be imposed and charged to your account

A term of more than 12 months but less than 61 months –
If you withdraw any principal before the maturity date, a penalty
equal to 180 days interest will be imposed and charged to your account.

A term of 61 months –
If you withdraw any principal before the maturity date, a penalty
equal to 540 days interest will be imposed and charged to your account.

19-Month CD

About a month ago, MutualOne Bank raised the rate on its 19-month CD to 2.58% APY; that rate is still in effect. The minimum deposit is $500, with no stated balance cap. In the past year, the 19-month CD has experienced five rate increases, adding a total of 112 bps.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.58%$500-MutualOne Bank19 Month CD
Rates as of July 20, 2018.

SIF Deposit Insurance

MutualOne Bank offers additional protection for large balances through its 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.

Availability

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 for more than two years. The market area was previously limited to Massachusetts.

Opening an account with MutualOne Bank can be done online, or at any of three Massachusetts branches located in Framingham (2) and Natick.

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 DepositAccounts.com, with a Texas Ratio of 3.95% (excellent), based on March 31, 2018 data. In the past year, MutualOne Bank has increased its total non-brokered deposits by $54.27 million, an excellent annual growth rate of 10.1%. 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 Massachusetts’ 48th largest bank, MutualOne Bank has assets in excess of $825 million and more than 22,600 customer accounts.

How the CDs Compare

When compared to the 207 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, MutualOne Bank’s 13-month CD APY currently ranks third.

Interest RateCD Length of TermCredit Union/Bank
2.50% APY1-Year CDableBanking
2.45% APY14-Month CD SpecialSynchrony Bank
2.43% APY13-Month CDMutualOne Bank

When compared to the 190 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, MutualOne Bank’s 7-month CD APY currently ranks fourth.

Interest RateCD Length of TermCredit Union/Bank
2.15% APY6-Month My Term CDMySavingsDirect
2.12% APY9-Month CDUSALLIANCE Financial
2.05% APY6-Month CDLimelight Bank
2.02% APY7-Month CDMutualOne Bank

When compared to the 184 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, MutualOne Bank’s 61-month CD APY currently ranks fifth.

Interest RateCD Length of TermCredit Union/Bank
3.30% APY61-Month Share CertificateCommunityWide Federal Credit Union
3.25% APY60-Month CertificateConnexus Credit Union
3.20% APY6-Month CDCitizens State Bank
3.14% APY61-Month CDMutualOne Bank

The above rates are accurate as of 6/28/2018.

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

Related Pages: Boston CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
MutualOne Bank Boosts 19-Month CD Rate
Deal Summary: 19-Month CD, 2.58% APY, $500 minimum deposit

Availability: Nationwide

MutualOne Bank has added 46 bps to its 19-month CD (2.58% APY). The minimum deposit is $500, with no stated balance cap. In the past year, the 19-month CD has experienced five rate increases, adding a total of 112 bps.

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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MutualOne Bank Boosts 30-Month Online CD Rate
Deal Summary: 30-Month CD, 2.53% APY, $500 minimum deposit

Availability: Nationwide

In the two plus years since it began tendering nationally available products, MutualOne Bank has offered several competitive CDs. The latest is the 30-month CD, which currently earns 2.53% APY, following yesterday’s 92 bps rate increase. The minimum deposit is $500, with no stated balance cap.

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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MutualOne Bank Ups 24-Month CD Rate
Deal Summary: 24-Month CD, 2.32% APY, $500 minimum deposit

Availability: Nationwide

Three weeks ago, I wrote about the rate increase on MutualOne Bank’s 19-month CD (2.12% APY). Not content to rest on its laurels, MutualOne Bank has boosted the rate on its 24-month CD to an impressive 2.32% APY. The minimum deposit is $500, with no stated balance cap.

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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MutualOne Bank Has Nationally Available 19-month CD
Deal Summary: 19-Month CD, 2.12% APY, $500 minimum deposit

Availability: Nationwide

The New Year has brought a spate of new competitive CD rates, including MutualOne Bank’s 19-month CD (2.12% APY). In the past nine months, the 19-month CD has experienced four rate increases, adding a total of 137 bps. The minimum deposit is $500, with no stated balance cap.

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

MutualOne Bank’s online application states...

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