Mutual Bank (MA) Ups Leader Money Market To 2.43% APY


Deal Summary: Leader Money Market Account, 2.43% APY up to $250k, $1k minimum opening deposit, new money.

Availability: Massachusetts

Last week, Mutual Bank raised the rate on its Leader Money Market Account to 2.43% APY on all balances up to $250k; balances over $250k earn 0.20% APY. Opening this variable rate account requires a minimum $1k deposit of new money, which is defined as “funds not previously on deposit with Mutual Bank.” There is a limit of one Leader Money Market Account per household.

Mutual Bank unveiled the Leader Money Market Account in April 2017. Since that time the rate has increased in lockstep with the Federal Funds Rate.

According to the Leader Money Market Account promotion page,

On balances up to $250,000, the rate may vary monthly and will be equal to the Fed Funds Rate as published in the Federal Reserve Bank Daily Data Release on the 15th day of the previous month.

The Leader Money Market Account offers check writing and a debit card can be requested. As stated in the Terms and Conditions disclosure, a

$10.00 Regulation D Violation fee applies to applicable transactions greater than six per statement cycle.

While the minimum balance to earn the stated APY is $0.01, if the balance should fall below $1k on any day during the statement cycle, a $10 fee will be charged for that statement cycle.

Thanks to DA reader, Carpline, for his continued Forum posts about the Leader Money Market Account.

SIF Deposit Insurance

To protect large balances, Mutual Bank has “enhanced depositors’ FDIC insurance with Share Insurance Fund (SIF) for unlimited coverage.” Established in 1934 by the Massachusetts State Legislature, 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.


Headquartered in Whitman in Massachusetts’ South Shore region, Mutual Bank offers a portion of its product line to all Massachusetts residents with a valid Social Security number through its online application.

Opening a Leader Money Market Account can be done online or at any of ten full-service Massachusetts branches located in Brockton (2), Carver, Falmouth, Halifax, Hanson, Middleboro, Plymouth, and Whitman (2).

Bank Overview

Mutual Bank has an overall health grade of "A" at, with a Texas Ratio of 3.18% (excellent), based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $26.69 million, an excellent annual growth rate of 6.82%. Please refer to our financial overview of Mutual Bank (FDIC Certificate # 29755) for more details.

Established in 1889 as the Mutual Federal Savings Bank of Plymouth County, the Mutual Bank re-brand did not occur until 2013. Mutual Bank is currently Massachusetts’ 75th largest bank, but that will be changing soon: the upcoming merger with North Easton Savings Bank will boost the Bank’s standing to somewhere in the top 30. The two banks bring a combined 285 years of continuous operation to the merger.

As DA readers know, I collect what I like to call “collateral trivia.” Here’s my latest find: in addition to being home to Mutual Bank’s headquarters, the town of Whitman is where the chocolate chip cookie was invented. In the late 1930s, Ruth Graves Wakefield developed the recipe at the Toll House Inn located on Bedford Street.

How the Leader Money Market Compares

When compared to the Money Market Accounts tracked by that are available in Massachusetts and do not require a large minimum deposit, Mutual Bank's Leader Money Market APY currently ranks first.

The above rates are accurate as of 1/23/2019.

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

Related Pages: Boston money market accounts, Providence money market accounts, money market accounts

Test3   |     |   Comment #1
To protect large balances, Mutual Bank has “enhanced depositors’ FDIC insurance with Share Insurance Fund (SIF) for unlimited coverage.”

It doesn't matter as much since the high rates are only available up to the FDIC limit of $250k anyways.
DCGuy   |     |   Comment #2
The bank is hoping that the "set and forget" type of customer with over $250K money will not have to worry that the amount earning 0.2% will be uninsured.
Reward Checking Rate Hike at Mutual Bank in Massachusetts

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...

Continue Reading
Mutual Bank's Promotions: 3.80% Money Market Account with 3-Mo Guarantee, 4.30% 16-Mo CD
Update 7/11/09: The money market account rate has fallen, and there is no longer a 3-month promo rate. The latest rate cut reduced the APY from 1.97% to 1.43%. Refer to the bank's website for the latest rates.

Mutual Bank has a promotion for its Premium Unique Money Market Account. It's offering a yield of 3.80% APY for balances of at least $5,000 for the first 90 days. The ongoing yield is currently 2.75% APY for balances over $5K.

A 3.80% 3-month promo isn't the best money market promo available. I...

Continue Reading
5.47% 24-Month / 36-Month CDs at Mutual Bank
Mutual Bank has again some very competitive rates on its certificates of deposits. The highest rate is a 5.47% APY CD with terms of 24 months and 36 months. The minimum deposit is $5,000. The 1-year CD is also competitive at 5.35% APY with a $2.5K minimum.

Seems like every few months Mutual Bank comes out with competitive CD rates on a few terms from 12 to 60 months. Last July Mutual Bank came out with CDs as high as 5.80%. The short-term CD rates have never been competitive.

Mutual Bank...

Continue Reading
5.10% Money Market Account, 5.80% 36-Month CD at Mutual Bank
Mutual Bank made a substantial rate increase to its Premium Unique Money Market Account. The new rate is 5.10% APY for balances above $5K and below $1 million. Previously, the rate for balances between $5K and $75K was 4.25%. For those with very large balances over $1M, the rate is now 5.70% APY (up from 5.38%). There's a $5K minimum balance. Fees may apply if balance falls below minimum.

In addition to the money market account rate increase, Mutual Bank also increased the rates of its mid-term certificates. The highest rate...

Continue Reading
New CD Specials at Mutual Bank: 5.35% 12-Month
Mutual Bank has once again started offering some nice CD rates. There are two terms with very high yields: 5.35% APY 12-month CD and a 5.40% APY 18-month CD. Both have a minimum deposit requirement of $5K.

Every so often, Mutual Bank comes out with a few CD terms with competitive rates. In February, their 1-year certificate of deposit had a then-competive APY of 5.05%. Late last year, they had two competitive long term CDs: 5.50% 5-year and 5.00% 30-month.

In addition to CDs, Mutual Bank has a very high yield money...

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 [email protected] 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.