MutualOne Bank Adds New Online Savings Account (1.61% APY)

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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).

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.61*%-$250kMutualOne BankOnline Savings
OTHER TIERS: 0.25% $250k+
Accounts mentioned in this post. Rates as of February 21, 2018.

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.

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

  • 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

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 through its online platform for nearly two years. The Bank’s previous market area was limited to Massachusetts.

Opening an Online Savings 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 DepositAccounts.com, with a Texas Ratio of 3.00% (excellent) as of September 30, 2018 data. In the past year, MutualOne Bank has increased its total non-brokered deposits by $47.42 million, an excellent annual growth rate of 9.28%. 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’ 52nd largest bank, MutualOne Bank has assets in excess of $782 million and more than 22,200 customer accounts.

How the Online Savings Account Compares

When compared to the 205 Savings Accounts tracked by DepositAccounts.com that are available nationwide, MutualOne Bank’s Online Savings APY currently ranks second.

Interest RateAccount NameCredit Union/Bank
1.70% APYMoney Market SavingsableBanking
1.61% APYOnline SavingsMutualOne Bank
1.60% APYDollar Savings AccountDollarSavingsDirect

The above rates are accurate as of 2/6/2018.

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

Comments
rzelman
rzelman   |     |   Comment #1
The online application has glitches. After being verified last night I was timed out on the funding page because the limitations and characterization of the CC transaction were not disclosed. After speaking to a CSR today clarifying the CC funding I went back online and had to start the application process from the beginning. This time my application was denied despite populating it with the exact same info and answering the one additional security question correctly.

I called the bank and was told that they are "working on the problem," but the account could only now be funded by a mailed check. This was unacceptable to me so I asked to speak with an officer who agreed to allow me the fund the account with a free wire transfer. I am waiting to receive their wiring instructions by email.
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