Mutual Federal Bank (IL) Raises 1-Year CD Rate

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UPDATE: The 1-Year CD rate has increased to 1.71% APY.

Deal Summary: 1-Year Certificate, 1.62% APY, $500 minimum deposit, $249k maximum deposit.

Availability: Greater metropolitan Chicago

The last time I had occasion to write about Mutual Federal Bank (Mutual Fed) was more than six years ago. While Mutual Fed is a small bank with only $78.2 million in assets, it is currently offering a highly competitive 1-year Certificate (1.62% APY). The minimum opening deposit is $500, with a balance cap of $249k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.71%$500$249kMutual Federal Bank1 Year Certificate
1.71%$500$249kMutual Federal Bank1 Year IRA
Accounts mentioned in this post. Rates as of October 23, 2017.

The 1-year CD is also available as an IRA (Traditional), earning the same APY and with the same funding requirements.

Added to the product line in late 2009, the 1-year Certificate’s APY ranged between 1.01% and 0.70% APY for about six years. In the past two months, there have been two rate increases, adding a total of 61 bps.

According to CSR, the Early Withdrawal Penalty for the 1-year Certificate is 3 months interest on the amount being withdrawn.

Availability

Headquartered in Chicago’s Lower West Side, Mutual Federal Bank’s market area is greater metropolitan Chicago, aka Chicagoland.

Opening a Certificate must be done at the single Illinois branch located on West Cermak Road in Chicago.

Although there is an “Open an Account” button on the Bank’s website, a “Coming Soon” message pops up when the button is clicked.

Bank Overview

Mutual Federal Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 15.20% (above average), based on March 31, 2017 data. The Bank has an excellent capitalization level (18.39%), the result of holding $78.2 million in assets with $14.38 million in equity. Please refer to our financial overview of Mutual Federal Bank (FDIC Certificate # 28302) for more details.

Mutual Federal Bank was founded in 1905 as the Mutual Federal Savings and Loan Association of Chicago. According to an April 2006 press release, the Bank’s holding company, Mutual Federal Bancorp, Inc. (the Company),

sold 1,091,062 shares, 30% of its outstanding common stock, at $10.00 per share in a subscription offering, which ended on March 16, 2006, to depositors of the Bank as of June 30, 2004.

The Company also issued 2,545,813 shares, or 70% of its outstanding common stock, to Mutual Federal Bancorp, MHC. At closing, the Bank became a wholly-owned subsidiary of the Company.

How the Certificate Compares

When compared to the 348 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the market area, Mutual Federal Bank’s 1-Year Certificate APY currently ranks first.

The above rates are accurate as of 8/18/2017.

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

Related Pages: Chicago CD rates, 1-year CD rates

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

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...



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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...



Continue Reading
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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