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.
|2.53%||$500||-||MutualOne Bank||30 Month CD|
|2.53%||$500||-||MutualOne Bank||30 Month IRA (Traditional, Roth)|
|2.53%||$500||-||MutualOne Bank||Online 30 Month CD|
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.
|1.71*%||-||$250k||MutualOne Bank||Online Savings|
|OTHER TIERS: 0.25% → $250k+|
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.
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.
Current MutualOne Bank customers can open new accounts directly through the Bank’s Online Banking platform.
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.