MutualOne Bank Offers 61-Month CD (2.53% APY) Nationwide


Deal Summary: 61-Month CD, 2.53% APY, $500 minimum deposit

Availability: Nationwide.

At the end of last week, Massachusetts-based MutualOne Bank added a 61-month CD (2.53% APY). The minimum opening deposit is $500, with no stated balance cap.

The 61-month CD is also offered as an IRA (Traditional, Roth), earning the same APY with the same funding requirements.

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

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.

SIF Deposit Insurance

For those with large savings, MutualOne Bank offers more protection 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.


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 one year. Previously, MutualOne Bank was strictly a bank for Massachusetts residents.

Opening a CD (and other accounts) can be done online, or at any of three Massachusetts branches located in Framingham (2) and Natick.

Note: MutualOne Bank’s online application does not yet include the 61-month CD. When I pointed out this omission to CSR, she gave me a workaround: before submitting the online application, call the Bank explaining that you want to open the 61-month CD. Fill out the application, choosing the longest term CD listed. Following submission, call the Bank again to confirm. Think of it as a phone application, with almost all of your information submitted ahead of time.

Bank Overview

MutualOne Bank has an overall health grade of "A" at, with a Texas Ratio of 6.62% (excellent) as of December 31, 2016 data. In the past year, MutualOne Bank increased its total non-brokered deposits by $44.74 million, an excellent annual growth rate of 9.43%. 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, Massachusetts’ 51st largest bank, with assets in excess of $720 million.

How the CD Compares

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

The above rates are accurate as of 4/18/2017.

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

deplorable 1
deplorable 1   |     |   Comment #1
This is tempting me but I'm trying to hold out for a 3% 5 year CD. My gut says to wait a little longer.
deplorable 2
deplorable 2   |     |   Comment #2
Roger that! I'm holding for that magic 3%... maybe even for a (gasp) shorter than 5 year term!
hank   |     |   Comment #3
looks like you guys will be waiting a long time. Ten year treasury yields are now dropping fast because it doesn't look like tax reform or infrastructure funding is coming anytime soon.
Att   |     |   Comment #4
We've seen 3% not to long ago on at some credit unions. Just have to wait and see. They trend is slowly up.
Bozo   |     |   Comment #5
The Consumer Disclosure linked by Ken in the article above specifically notes the disclosure does not apply to IRAs, and that there is a separate disclosure for them. As I've noted in other threads (and over in the Forum today), this really gets my goat. It's really not that complicated to roll everything into one disclosure, make that disclosure available online, and allow comparison shoppers to make an informed decision.
Sylvia   |     |   Comment #6
Bozo, you could try contact page on web site to request IRA disclosure, That's what I usually do when any disclosure is not readily available online, and I'm not pressed for time. In this case, IRA disclosure is probably separate because bank is organized by product categories and not around the customer.
Shar   |     |   Comment #7
I was almost tempted until I saw the brutal EWP.
Edward   |     |   Comment #8
When you had 3% CDs, a bunch you were whining to wait for 5%. Now that rates are dropping after the Trump hysteria is waning, you are all gasping to wait for 3%. Funny people.
deplorable 1
deplorable 1   |     |   Comment #9
Seriously Ed after 8 years of Obama's 0% interest rates and talk of negative rates with Hillary you are complaining about a rising interest rate environment with Trump? Please take the political blinders off we are in a real recovery now which is why rates are rising and will continue to rise. We are just trying to catch the best deal at the right time to take advantage of it.
hank   |     |   Comment #10
we briefly had a rising rate environment. I'm not sure we have one right now. Over the last 8 years , there has briefly been periods where rates seemed like they were rising but were not. The Trump administration was supposed to bring increased fiscal stimulus with tax reform and infrastructure spending, but it is increasingly clear , that those things are not coming anytime soon
LuvCD   |     |   Comment #11
Ibonds for this 6 month cycle and the next one..where can one get near 2% for at least one year for idle cash
rdub   |     |   Comment #14
guess you forgot the important part about $10k limit? That put's us out of anything you are referring to!
deplorable 1
deplorable 1   |     |   Comment #15
I have the 17 month 2% NFCU CD which has a $50,000 cap without having to rely on the government's bogus inflation numbers to determine the yield. I stopped buying government bonds when they discontinued the EE series.
Bogey   |     |   Comment #16
hank, President Trump has been in office for less than four months. Did you really expect things to happen overnight? Changing government policies is not like flipping a light switch.

While Trump may be president, he is only one man and without enough backing from others, the major changes we are all looking for will never occur. And with the Democrat Party leadership putting the party ahead of the country, vowing to oppose and fight anything the Trump administration may propose, it's going to be very difficult.
conman DJT
conman DJT   |     |   Comment #17
Bogey, the stock market is raising under trump just like obama, and nothing happening on main street.
chief deplorable
chief deplorable   |     |   Comment #13
What happened to the 900 billion stimulus plan of 2009. I though that was to pay for shovel ready projects But the bridges and roads are still broken. Is it time for Janet Yellen to raise the federal funds rate again with producer price index down 0.1%. Yes it is lowering the ten year yield.
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Availability: While MutualOne Bank now accepts out-of-state depositors, these Promo CDs are only available to Massachusetts residents.

Earlier this week, Massachusetts based MutualOne Bank introduced three Promotional CDs: 7-month CD (1.00% APY), 13-month CD (1.51% APY) and 19-month CD (1.66% APY). All three CDs are limited-time offers, expiring on January 23, 2016. The minimum deposit to open any of these Promotional CDs is $500, and there is no maximum balance cap.

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



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MutualOne Bank Introduces Two Competitive Promotional CDs
Availability: Massachusetts residents

Last week, MutualOne Bank (MA) introduced two Promotional CDs: 7-month CD (1.00% APY) and 19-month CD (1.51% APY). The minimum deposit to open either of these Promotional CDs is $500, and there is no maximum balance cap.

According to the fine print on the Deposit Rates table, the 7-month CD rolls over to a 12-month CD at maturity, and the 19-month CD rolls over to a 24-month CD at maturity.

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

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The credit union also has a special for its Apex Checking Account. Deposits of over $10K earn 3.50% APY which is guaranteed through July 1, 2006. The minimum opening deposit is $2.5K, and a $2.5K balance is required to avoid monthly fees.

Deposit products are available to Massachusetts residents only.

The bank has 3 branches in the Greater MetroWest areas of Massachusetts.

The highest 9-month certificate of deposit currently listed at is 5.00% APY at Nexity...

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