MutualOne Bank Boosts 30-Month Online CD Rate

POSTED ON BY

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.53%$500-MutualOne Bank30 Month CD
2.53%$500-MutualOne Bank30 Month IRA (Traditional, Roth)
2.53%$500-MutualOne BankOnline 30 Month CD
Rates as of April 23, 2018.

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.

UPDATE 3/23/2018: While the 30-month CD is also offered as an IRA (Traditional and Roth), earning the same APY with the same funding requirements, it is only available to Massachusetts residents. Thanks to DA reader, bwk1954, for pointing that out.

The first page of 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 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.

Online Savings Account

MutualOne Bank unveiled its new Online Savings account in early February, with an initial 1.61% APY on all balances up to $250k. As of yesterday, that rate was raised to 1.71% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.71*%-$250kMutualOne BankOnline Savings
OTHER TIERS: 0.25% $250k+
Rates as of April 23, 2018.

In a blog post last month, I wrote about some of MutualOne’s online account management capabilities. According to CSR,

  • 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 the Share Insurance Fund (SIF). 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.

MutualOne Bank’s Personal Services Savings & Retirement page states,

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. Prior to the introduction of its online application, the Bank’s market area was 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 3.36% (excellent) based on December 31, 2017 data. In the past year, MutualOne Bank has increased its total non-brokered deposits by $40.14 million, an excellent annual growth rate of 7.73%. 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 the 50th largest bank in Massachusetts, MutualOne Bank has assets in excess of $806 million and nearly 22,200 customer accounts.

How the CD Compares

When compared to the 3-year CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, MutualOne Bank’s 30-month CD APY currently ranks fifth, but when compared to 30-month CDs, it currently ranks first.

The above rates are accurate as of 3/22/2018.

Looking for the best CD rates, either nationwide or in your state? Please refer to our CD Rates Table page.

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

Comments
bwk1954
bwk1954   |     |   Comment #1
I spoke with a MutualOne rep this morning about getting one of their IRA CDs. She said IRA acounts are limited to residents of Massachusetts of which I am not. However, regular CDs and savings accounts can be opened by residents of any state.
DCGuy
DCGuy   |     |   Comment #2
That's interesting. IRA information is required to be sent to the IRS and not state finance offices. Limiting it to certain residences does not seem to make sense.
DCGuy
DCGuy   |     |   Comment #3
"Prior to the introduction of its online application, the Bank’s market area was limited to Massachusetts."

The IRA department may not be connected to the online division of this bank.
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...
Continue Reading
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...

Continue Reading
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...

Continue Reading
MutualOne Bank Again Offers Nationwide 61-Month CD

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...

Continue Reading
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)...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.