Reward Checking Rate Hike at Mutual Bank in Massachusetts


2.00*%-$10kMutual BankREWARD Checking
OTHER TIERS: 0.20% $10k+
0.50*%-$50kMutual BankREALSaver
OTHER TIERS: 0.35% $50k+
Rates as of May 22, 2018.

Mutual Bank in Massachusetts did something that is rare these days. It increased the rate of its reward checking account. Another nice change is that the bank is now allowing anyone from New England to apply online. The rate increase makes the reward checking competitive, but I wouldn’t call it a hot deal since it still has a small balance cap. There’s also a companion savings account called REALSaver which helps offset the checking's low cap. Below is a summary of the rates and features of these two accounts. These are based on the bank’s REWARDChecking overview page and the REALSaver overview page:

REWARDChecking rates and ATM fee refunds if monthly requirements are met (as of 4/9/2013):

  • 3.00% APY on balances up to $10,000 (was 2%)
  • 0.20% APY on portion of balance over $10,000
  • 0.05% APY on entire balance if requirements are not met
  • Nationwide ATM refunds of up to $25

REALSaver rates if monthly requirements (as of 4/9/2013):

  • 1.00% APY on balance up to $50,000
  • 0.35% APY on portion of balance over $50,000
  • 0.05% APY on entire balance if requirements are not met

Monthly requirements to qualify for the rates of the above two accounts:

  • 10 debit card purchases
  • 1 direct deposit or automatic payment
  • Receive paperless eStatements

Both accounts are free with no monthly service fees or minimum balance requirements.

Online Application

There’s an online application link at the REWARDChecking overview page. The bank is currently accepting applications from New England residents. When the bank receives the online application, it’s assigned to someone at a branch. Once the account is opened and funded (which can take up to 5 days), the bank sends the application for a debit card. So it’s not a fast process.

Bank Overview

Mutual Bank branches are located throughout Southeastern Massachusetts. Some of the towns with branches include Plymouth, Halifax, Hanson, Middleboro, Whitman, Brockton, Falmouth and Carver.

The bank has an overall health score at of 4 stars (out of 5) with a Texas ratio of 11.47% (above average) based on December 2012 data. Please refer to our financial overview of Mutual Bank for more details. The bank has been a FDIC member since 1936 (FDIC Certificate # 29755).

How This Reward Checking Compares

There are a few all-access credit unions which offer better reward checking deals. These include Great Lakes Credit Union with a 4% APY for up to $10K, Belvoir Federal Credit Union with a 3.25% APY for up to $15K and Lake Michigan Credit Union with a 3% APY for up to $15K. These rates are accurate as of 4/9/2013.

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of To learn more about reward checking, please refer to this reward checking overview.

Related Pages: checking account, savings account, Mutual Bank, Boston

Anonymous   |     |   Comment #1
Well Ken.....what's the story on I-Bonds for May?  What rate should they change do?
KenBDG   |     |   Comment #2
We'll know the May I Bond inflation rate when the BLS releases the CPI on Tuesday April 16th.
Anonymous   |     |   Comment #3
There's a really popular song out called "Quantative Easing." I'm sure many of you have heard it by now. It's #1 on the top 20 of popular hits. As long as this song stays on top by direction from Bernanke, the fixed proponent of the I bond will remain at 0%. Using the excuse of waiting for unemployment to go down when Bernanke knows good and well this won't happen clearly makes his job easier.

Get used to it, mates!
Anonymous   |     |   Comment #4
The IBond rate for the month of May will all depend on how bad the Fed lies about the CPI number for the month of March. 
Washingtonian   |     |   Comment #5
I just received a notarization form from Mutual Bank (MA). They will deal with out of state if notrized.  Does anyoe know if requirements are waived the first month? 
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