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).
Mutual Bank has an overall health grade of "A" at DepositAccounts.com, 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 DepositAccounts.com 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.