MutualOne Bank Adds Three Limited-Time Promo CDs

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.36%$500-MutualOne Bank19 Month Promo CD
1.10%$500-MutualOne Bank13 Month Promo CD
0.75%$500-MutualOne Bank7 Month Promo CD
Accounts mentioned in this post. Rates as of December 7, 2016.

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 - If you withdraw any principal before the maturity date, a penalty equal to 180 days interest will be imposed and charged to your account.

Availability

Headquartered in Framingham (20 miles outside Boston), MutualOne Bank now offers its services and product line to all US citizens and resident aliens through its new online application. Previously, MutualOne Bank was strictly a bank for Massachusetts residents.

As stated earlier, these Promotional CDs are only available to Massachusetts residents through January 23, 2016.

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

Bank Overview

MutualOne Bank (FDIC Certificate # 26395) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.90% (excellent) as of September 30, 2015 data. In the past year, MutualOne Bank increased its total deposits by $19.17 Million, an excellent annual growth rate of 4.17%. Please refer to our financial overview of MutualOne Bank 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’ 554h largest bank with assets in excess of $612 Million.

How the CDs Compare

When compared to the 323 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Massachusetts residents, MutualOne Bank’s 7-month Promotional CD currently ranks fifth.

When compared to the 339 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Massachusetts residents, MutualOne Bank’s 13-month Promotional CD currently ranks first.

When compared to the 272 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Massachusetts residents, MutualOne Bank’s 19-month Promotional CD currently ranks first.

The above rates are accurate as of 1/15/2016.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

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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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MutualOne Bank Celebrates 125 Years With Limited Time 7-Month CD Special

In celebration of its 125th anniversary, MutualOne Bank (MA) is offering a 1.25% APY rate on its 7-month CD Anniversary Special. This 7-month CD is available for a limited time only: September 8, 2014 through September 13, 2014. It requires a low $500 minimum opening deposit and there is no maximum balance cap. According to MutualOne Bank’s Consumer Disclosure page, the Early Withdrawal Penalty on this 7-month CD Anniversary Special is a substantial 90 days interest.

Availability

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5.00% 9-Month CD at a Massachusetts Bank
Framingham Co-operative Bank is offering a 5% APY 9-month certificate of deposit special. The minimum is $500.

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 Bankrate.com is 5.00% APY at Nexity...







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