Competitive 3-Year CD & IRA CD Rate at Mutual Federal Bank in Chicago - Local Only

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APYMINMAXINSTITUTIONPRODUCTDETAILS
1.85%$500-Mutual Federal Bank5 Year Certificate
1.41%$500-Mutual Federal Bank3 Year Certificate
Accounts mentioned in this post. Rates as of July 27, 2016.

Mutual Federal Bank is offering a 2.00% APY 3-year CD and IRA CD. Minimum deposit is $500. I last reported on this bank in October when it was offering a top 5-year CD. That rate has fallen quite a bit, and it's now only 2.25% APY. These rate are listed in the bank's CD rate page as of 4/10/2011.

A reader in a previous post mentioned that the early withdrawal penalty is 180 days of interest. This is an average penalty for 5-year CDs.

It appears that a branch visit is required to open an account. It's a small bank with branches at 2212 West Cermak Road, Chicago, IL and at 2695 Forgue Dr., Naperville, IL 60564 (the Naperville branch is operating under Great American Bank).

The bank's overall health score at DepositAccounts.com is 3 stars (out of 5) with a Texas Ratio of 47.47% (below average) based on December 2010 data. Please refer to our financial overview of Mutual Federal Bank for more details. The bank has been a FDIC member since 1935 (FDIC Certificate # 28302).

How It Compares?

This 3-year CD rate is currently higher than what Alliant Credit Union is offering (1.90% APY for a $25K minimum). Alliant has a few branches in the Chicago metro area, and it has a long history of being a rate leader.

As of 4/10/2011, the best nationally available 3-year CD rate from a bank is 2.15% APY at Tennessee Commerce Bank. The best from a credit union is 2.27% APY at Velocity Credit Union.

Searching for the Best CD and IRA CD Rates

To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com:

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Top 5-Year CD Rate Continues at Mutual Federal Bank in Chicago - Local Only

Mutual Federal Bank continues to offer a competitive 5-year CD rate of 3.10% APY. Minimum deposit is $500. I last reported on this in August. Since that time, many banks have cut their 5-year CD rates so this 3.10% APY is an even better deal. This rate is listed in the bank's CD rate page as of 10/7/2010.

A reader in the last post mentioned that the early withdrawal penalty is 180 days of interest. This is an average penalty for 5-year CDs.

The bank also offers IRA CDs, however, they...



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Top 5-Year CD Rate at Mutual Federal Bank in Chicago - Local Only

Mutual Federal Bank is offering a competitive 5-year CD rate of 3.10% APY. The 30-month CD rate is also fairly competitive at 2.00% APY. Minimum deposit is $500. These rates are listed at the bank's CD rate page as of 8/13/2010.

This bank used to offer top Jumbo 6-month CD rates, but currently the 6-month rate is low.

It appears that a branch visit is required to open an account. It's a small bank with one office located at 2212 West Cermak Road, Chicago, IL.

The bank's ratings for safety and soundness are...





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Top 6-Month Jumbo CD at Mutual Federal Bank in Chicago - Local Only

Update: This 6-month CD rates have fallen.

Mutual Federal Bank continues to offer very competitive 6-month CD rates. Its Jumbo 6-month CD has a 1.75% APY. This requires a $100,000 minimum deposit. Its 6-month CD rate for a $1,000 minimum is also competitive with a 1.50% APY. Other notable non-Jumbo rates include a 1.75% APY for 12 months, 1.65% APY for 9 months and 1.25% APY for 3 months. These rates are listed at the bank's CD rate tables as of 3/30/2010.

It appears that a branch visit is required to open...

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2.00% 6-Month Jumbo CD at Mutual Federal Bank in Chicago - Local Only
Update 1/09/2010: The Jumbo 6-month CD rate has fallen to 1.75% APY.

Mutual Federal Bank is offering very competitive 6-month CD rates. Its Jumbo 6-month CD has a 2.00% APY. This requires a $100,000 minimum deposit. Its 6-month CD rate for a $1,000 minimum is also competitive with a 1.75% APY. Other notable non-Jumbo rates include a 2.00% APY for 12 months, 1.85% APY for 9 months and 1.50% APY for 3 months. These rates are listed at the bank's CD rate tables as of 12/15/09. Since there was an old...

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