Bank Mutual is offering a $150 bonus when you open a new "Checking by You"or "The Works" account. Both the "Checking by You" and "The Works" accounts can be opened with a $100 minimum initial deposit. This bonus is only available to new customers, and the funds used to open either of these accounts cannot be on deposit at Bank Mutual. Additionally, the account must be opened by August 30, 2014, and there is a limit of one bonus per household.
To qualify for the $150 bonus, the following requirements must be met:
- Monthly direct deposits: either payroll, retirement account, or government benefit
- Three online bill pay transactions
- 15 CheckCard transactions within 60 days.
The bonus will be credited on the 120th day of the account being opened. According to Bank Mutual's website,
$150 will be considered earned after the account has been open for 6 months, otherwise there will be a $150 charge if the account is closed after receipt of the $150 bonus. $150 will be reported as interest on IRS form 1099-INT.
Accounts at Bank Mutual are available to residents of Wisconsin and Minnesota. An in-person visit to any of Bank Mutual's 76 branches is required to open either the "Checking by You" or "The Works" account. The promotion must be mentioned at time of opening to qualifying for the $150 bonus. (Note: there is only one Minnesota branch, located in Woodbury.)
For a complete list of Bank Mutual locations, Please refer to DepositAccounts.com's branch compilation.
Bank Mutual has an overall health rating of A rating on DA and a Texas Ratio of 6.12% (excellent). Bank Mutual has an excellent capitalization level of 12.68% with $2.32 Billion in assets, $294.02 Million of which is equity.
Through the 122 years since its founding, Bank Mutual has gone through several name changes, charter changes, and acquisitions. Today, Bank Mutual is the largest bank based in Milwaukee and serves over 100,000 households.
Please refer to our financial overview of Bank Mutual for more details.
Both the "Checking by You" and "The Works" accounts earn a de minimis 0.01% APY, and there are fees associated with both of these accounts that could potentially reduce the value of the $150 bonus.
"Checking by You"
The "Checking by You" account could easily have monthly fees of between $2-$10, depending on the available extra account add-ons. A few of these account add-ons are:
- $2 monthly fee maintenance fee (can be waived through direct deposit)
- $1 for each check in excess of five per month OR
- $3 unlimited check writing
The above list does not include all potential fees or account add-ons. For complete details, please refer to "Checking by You" description.
"The Works" has a $5.95 monthly fee which cannot be waived. The $5.95 provides for unlimited check writing, free checks for life and variety of other services. In essence, the $150 bonus pays for approximately 25 months of monthly fees. For complete details, please refer to "The Works" description.
The above rates are accurate as of 8/18/2014.