MutualOne Bank Hikes 19-Month CD To 3.04% APY

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Deal Summary: 19-month CD, 3.04% APY, $500 minimum deposit. Online Savings, 2.12% APY on balances up to $1 million.

Availability: Nationwide

MutualOne Bank has upped the rate on its 19-month CD to 3.04% APY. The minimum opening deposit is $500, with no stated balance cap. The 19-month CD has had six rate increases in the last year, adding a total of 158 bps.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.04%$500-MutualOne BankOnline 19 Month CD
Rates as of November 13, 2018.

The 19-month CD is also offered as an IRA (Traditional and 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:

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

MutualOne Bank also increased the rate on its Online Savings account to 2.12% APY on all balances up to $1 million. According to the fine print on the Deposit Rates page, “Balances in excess of $1,000,000 will earn a lower interest rate” (currently 0.25% APY). The fine print also states that eStatements and online banking must be established within 30 days of account opening.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.12*%-$1mMutualOne BankOnline Savings
OTHER TIERS: 0.25% $1m+
Rates as of November 13, 2018.

The Online Savings account was added to the product line eight months ago, with an initial APY of 1.61% on all balances up to $250k. In early September, the APY was raised to 2.02% on all balances up to $1 million. In the past seven months, there have been four rate increases for the Online Savings account, adding a total of 52 bps.

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.

In a February blog post, I discussed MutualOne’s online account management capabilities. CSR confirmed the following are still in effect.

  • 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

A large balance in a MutualOne Bank Online Savings is protected through the Bank’s 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 more than two years. The Bank’s previous market area was limited to Massachusetts.

Opening a CD and/or an Online Savings account with 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 3.20% (excellent) based on June 30, 2018 data. In the past year, MutualOne Bank has increased its total non-brokered deposits by $35.36 million, an excellent annual growth rate of 6.36%. 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 $827 million and more than 22,800 customer accounts.

How the CD Compares

When compared to 166 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, MutualOne Bank’s 19-month CD APY currently ranks first.

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

How the Online Savings Compares

When compared to 256 Savings Accounts tracked by DepositAccounts.com that are available nationwide, MutualOne Bank’s Online Statement Savings APY currently ranks fourth, regardless of minimum deposit requirement.

To look for the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.

The above rates are accurate as of 10/5/2018.

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

Comments
RZ
RZ   |     |   Comment #1
I expect Salem Five's 2.05% eOne rate will be soon rise to meet or beat the competitors.
S-S
S-S   |     |   Comment #2
MutualOne is the worst! don't deal with them.
They don't disclosure rules when you open account, for remote customers, they collect your signature then apply to any documents. Learn my lesson, don't have account with them.
alan1
alan1   |     |   Comment #3
What "rules" do they fail to disclose? Numerous disclosures and related material can be found at
https://www.mutualone.com/client-services/links-tools/disclosures-fees/

Also, why are they "the worst"? I'm considering opening an account at MutualOne. Your knowledge and experiences with them could be helpful. Thanks.
???
???   |     |   Comment #4
alan1 #3
i had acct for CD in Feb 2017
had very good experience. you receive matured CD by Check.
have separate encrypted mail ID and Passwrd.
have an account pw and Id .
signature card cant remember by mail or encrypt mail.
$10 fee for incoming wire
S-S
S-S   |     |   Comment #5
to answer your question alan1:
the issues to me was that they didn't disclose properly about mid/long term cd's penalty term. Not just because their mid/long term penalty is ridiculous high, but also they don't tell customers upfront. most of the bank has 6month interest penalty for mid-long term cd, mutulone bank has 18 month penalty! Nobody mentioned or explain or go over those terms with you even briefly. in their website, the promotion cd is displayed the exactly same way as regular cd so i thought they are under the same term when i opened account. I expected their website could do something better like highlight or * on those extra conditions or penalty terms so to help customers, besides their website is unclear, this bank employee also won't tell you upfront when you open account, the people taking calls has no clue on those terms.
I'm very disappointed with this bank, to me this bank's promotion looks totally like a trap.
Londonberry
Londonberry   |     |   Comment #6
I've seen the concerns about not fully disclosing penalties for early withdrawal. Frankly, for the 19 month term, this does not concern me. However, I have another data point that does. I asked them if they do a credit check (ok with me) and they said yes. I asked which CRA they used (I have a freeze on all three and needed to know which they use so I could open the correct one. They said they could not divulge that info as it was a "security issue." No, I am not taking the freeze off all three just to hit the correct one. I've never heard of a FI refusing to say which credit bureau(s) they pull from. Pass on this.
MutualOne Bank Hikes Online Savings APY
Deal Summary: Online Savings, 2.02% APY on balances up to $1 million.

Availability: Nationwide

In early February, MutualOne Bank introduced a new nationally available Online Savings account, with an initial 1.61% APY on all balances up to $250k. As of yesterday, the APY was raised to 2.02% on all balances up to $1 million. According to the fine print on the Online Rates page, “Balances in excess of $1,000,000 will earn a lower interest rate” (currently 0.25% APY).

In the past six months, there...

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MutualOne Bank Ups 13-Month CD
Deal Summary: CDs – 7-month (2.02% APY) and 13-month (2.43% APY), $500 minimum deposit. 61-month (3.14% APY), $5k minimum deposit.

Availability: Nationwide

MutualOne Bank substantially increased the rates of three of its CDs today: 7-month (2.02% APY, 76 bps increase), 13-month (2.43% APY, 41 bps increase), and 61-month (3.14% APY, 36 bps increase). While the 7- and 13-month CDs require a $500 minimum deposit, a $5k minimum deposit is needed to open a 61-month CD. According to MutualOne Bank's Deposit Rates page, the 61-month...

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MutualOne Bank Boosts 19-Month CD Rate
Deal Summary: 19-Month CD, 2.58% APY, $500 minimum deposit

Availability: Nationwide

MutualOne Bank has added 46 bps to its 19-month CD (2.58% APY). The minimum deposit is $500, with no stated balance cap. In the past year, the 19-month CD has experienced five rate increases, adding a total of 112 bps.

The 19-month CD is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.

When I first wrote about the 19-month CD in June 2015, it could...

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MutualOne Bank Boosts 30-Month Online CD Rate
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.

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.

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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...
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