MutualOne Bank Again Offers Nationwide 61-Month CD

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UPDATE: 8/30/2017 - Rate has dropped to 2.27% APY.

Deal Summary: 61-Month CD, 2.53% APY, $5k minimum, $1 million maximum opening deposit.

Availability: Nationwide

In April, I wrote about MutualOne Bank’s new 61-month CD, which was initially offered at 2.53% APY. Unfortunately, that competitive CD was available for only about a month before it was removed from the Bank’s website.

MutualOne Bank is again offering the 61-month CD, earning the same 2.53% APY. The minimum deposit is $5k, with the opening deposit capped at $1 million, which is different from the original $500 min/no max opening deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.27%$5k$1mMutualOne Bank61 Month CD
2.27%$5k$1mMutualOne Bank61 Month IRA (Traditional, Roth)
Accounts mentioned in this post. Rates as of October 16, 2017.

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

MutualOne Bank’s online application states that,

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

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.

For those who wish to take advantage of the $1 million deposit cap, 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.

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 one year. MutualOne Bank’s previous market area restricted 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.

Bank Overview

MutualOne Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.41% (excellent) as of March 31, 2017 data. In the past year, MutualOne Bank increased its total non-brokered deposits by $35.34 million, an excellent annual growth rate of 7.04%. 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’ 50th largest bank, MutualOne Bank has assets in excess of $753 million and nearly 22,000 customer accounts.

How the CD Compares

When compared to the 180 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, MutualOne Bank’s 61-month CD APY currently ranks second.

*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.

The above rates are accurate as of 8/9/2017.

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

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

Comments
deplorable 1
deplorable 1   |     |   Comment #1
This is a very good deal right now and I may just open a small CD. I still don't want to lock up too much at less than 3%. Still this could work as a hedge for a small portion of my portfolio.
Bozo
Bozo   |     |   Comment #2
Deplorable 1, "very good deal" is a relative term. Going out five years for a smidge over 2.5%? I'm still holding out hope for a local (or at least reasonably local) 2% 2-year CD.
MutualOne Bank Offers 61-Month CD 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:

SIF Deposit Insurance

For those with large savings, MutualOne Bank offers more protection through its Share Insurance Fund (SIF)...

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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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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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