MutualOne Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

MutualOne Bank’s checking account options

Ultimate Free Checking

Ultimate Free Checking is MutualOne Bank’s entry in the no-fee, no-frills checking account category.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM refund: None
  • Overdraft fee: $29; $2 with Overdraft Transfer Service

MutualOne Bank’s Ultimate Free Checking account has no minimum deposit requirements and no monthly maintenance fees. The account comes with free online and mobile banking and never charges ATM fees, even on non-network ATMs, although terminal operators may slap on their own surcharges.

Ultimate Free Checking also comes with a Debit Card Rewards program, which generates a cash credit any time you use the free debit card that comes with the account.

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on MutualOne Bank’s secure website

Free Student Checking

Free Student Checking is a no-fee, starter checking account for children at least age 16.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM refund: None
  • Overdraft fee: $29; $2 with Overdraft Transfer Service

Free Student Checking accounts can be opened in the name of the child by an adult. For kids ages 16 or 17, parents must be joint owners. The account itself has no minimum balance requirements of monthly maintenance fees, and there are no transaction fees either.

Accounts benefit from the same ATM fee structure as the other checking accounts in MutualOne Bank’s lineup, meaning they are always free from the bank’s surcharges. The account participates in the same Debit Card Rewards program as the bank’s other checking accounts, and it includes access to PopMoney, which allows funds transfers via email or text.

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on MutualOne Bank’s secure website

Advantage Interest Checking

The only MutualOne Bank checking account that pays interest, Advantage Interest Checking has a small, minimum required deposit but few additional features.
APYMinimum Balance to Earn APY
0.01%
$10
0.10%
$1,000
0.15%
$5,000
0.15%
$10,000
0.25%
$25,000
0.40%
$50,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8; $0 with minimum balance of $1,000, or $5,000 in a combination of MutualOne Bank deposit and loan accounts
  • ATM fee: $0
  • ATM refund: None
  • Overdraft fee: $29; $2 with Overdraft Transfer Service

Advantage Interest Checking is a trade-off account. In terms of features, it’s pretty similar to the bank’s Ultimate Free Checking account, offering online and mobile banking and never charging an ATM fee. However, it does have a monthly fee. You can avoid this fee by hitting the minimum deposit requirements, and in exchange, you’ll get a checking account that pays interest. The tiered interest-rate structure of the account means that while initial earnings are low, those with large deposits can actually earn a pretty decent rate for a checking account.

How to get MutualOne Bank’s checking accounts

As mentioned above, you can open both the free and the interest-bearing versions of MutualOne Bank’s checking accounts online if you’re a Massachusetts resident. The student checking account must be opened in a branch.

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How MutualOne’s checking accounts compare

MutualOne Bank’s two free checking accounts are good basic accounts that serve the needs of those looking for simple, low-cost checking. The Advantage Interest account pays rates that are about the national average on deposits of $5,000 or more. The best rate, for deposits of at least $50,000, is closer to the best rates for checking accounts available nationally, although still far from the top rates.

MutualOne Bank’s savings account options

Statement Savings

Statement Savings is MutualOne Bank’s primary traditional savings account.
APYMinimum Balance to Earn APY
0.15%
$10
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM refund: None
  • Overdraft fee: N/A

Statement Savings is a straightforward, basic savings account. After a small opening deposit, there are no monthly maintenance fees or ATM fees. A flat interest rate is paid on all balances of $10 or more. MutualOne Bank allows customers to combine their checking and statement savings account activities onto a single, easy-to-read monthly statement. This account is not allowed to be overdrawn.

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on MutualOne Bank’s secure website

Member FDIC

Passbook Savings

Passbook Savings is an old-school savings account, complete with a paper passbook to record transactions.
APYMinimum Balance to Earn APY
0.15%
$10
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

Passbook Savings is more of an old-fashioned savings account in that all transactions must be completed in a branch using a printed passbook. Although you can access the account online, you cannot make any online transactions, such as transfers or withdrawals. There is also no ATM access with this account. As with Statement Savings, this account cannot be overdrawn. Otherwise, the fees, opening balance requirement and interest rate paid are the same as with Statement Savings.

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on MutualOne Bank’s secure website

Member FDIC

Kidz Savings Account

A traditional savings account designed for minors; can opened in either Statement Savings or Passbook Savings form.
  • Minimum opening deposit: $10, deposited by bank
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

Minors must bring in their parents to be joint owners if they want to open a Kidz Savings Account. However, MutualOne Bank will make the first $10 deposit into this account.

The Kidz Savings Account can be opened in one of two flavors, either as Statement Savings or Passbook Savings. In either case, there is no ATM access granted with this account, and it cannot be overdrawn. Otherwise, the account is similar to the bank’s other savings accounts, in terms of fees. The rates aren’t currently advertised on the website, so you’ll need to call the bank to find out their most current ones.

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on MutualOne Bank’s secure website

Online Savings

This account is a completely online savings account that is open to customers from any state.
APYMinimum Balance to Earn APY
0.70%
$0
0.70%
$10
0.70%
$100
0.25%
$1,000,000.01
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

The Online Savings account must be completely opened and maintained online. All transactions must be completed online (ACH, bill pay or mobile), and online banking and e-statements must be activated within 30 days of account opening. The bonus advertised rate, which is high, is only for deposits of up to $1,000,000. Amounts above that limit will earn the lower rate. For example, if you deposit $1,100,000, the first $1,000,000 will earn the higher rate, while the additional $100,000 will earn the lower rate. As this is a completely online account, there is no ATM access granted. This account also cannot be overdrawn.

How to get MutualOne Bank’s savings accounts

As mentioned above, you can open MutualOne Bank’s savings accounts online, with the exception of the Kidz Savings Account. The Online Savings account must be opened online.

SEE DETAILS Secured

on MutualOne Bank’s secure website

Member FDIC

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How MutualOne Bank’s savings account compares

MutualOne Bank’s star product is its Online Savings account. Not only is it one of the few accounts available to customers from every state, it pays an exceedingly high interest rate. On tiers of up to $1,000,000, the rate blows away the national average, and it’s good enough to be considered among the leading savings account rates you can get in the entire nation.

The bank’s more traditional savings accounts, on the other hand, can’t even muster an APY in line with the national average. The Passbook Savings account seems a bit archaic in today’s world of modern, online banking.

MutualOne Bank’s CD account options

Regular CDs

MutualOne Bank offers a diverse range of CDs, with lots of maturities that are not commonly available at other banks.
TermAPYMinimum Balance to Earn APY
28 day0.50%
$5,000
3 month0.40%
$500
6 month0.45%
$500
7 month0.80%
$500
12 month0.65%
$500
13 month0.90%
$500
18 month0.75%
$500
19 month1.01%
$500
24 month1.26%
$500
30 month0.85%
$500
36 month0.90%
$500
48 month0.90%
$500
60 month0.90%
$500
61 month0.90%
$5,000
  • Minimum opening deposit: $500/$5,000, depending on term
  • Minimum balance to earn APY: $500/$5,000, depending on term
  • Early withdrawal penalty: 14 days’ interest, for term of 28 days; 30 days’ interest for term of 3 months; 90 days’ interest for terms of more than 3 months up to and including 12 months; 180 days’ interest for terms or more than 12 months but less than 61 months; 540 days’ interest for term of 61 months

MutualOne Bank’s CDs range in maturity from 28 days to 61 months. Certain maturities receive significant APY boosts, although these are subject to change. Currently, the best rates are available on the 7 month, 13 month, 19 month, 30 month and 61 month maturities. The 61 month maturity stands out as a highlighted account at the bank. Deposits for the 61 month maturity are limited to $1,000,000. Rates are not tiered, and there are no bonus rates for larger deposits, unlike with some other banks. CDs at the bank automatically renew. You’re allowed a 10-day grace period after maturity to withdraw your funds without triggering the early withdrawal penalty.

SEE DETAILS Secured

on MutualOne Bank’s secure website

Member FDIC

Advantage CD

This special CD allows deposits and withdrawals at any time.
TermAPYMinimum Balance to Earn APY
9 months0.50%
$5,000
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $5,000
  • Early withdrawal penalty: None

MutualOne Bank’s 9 month Advantage CD has a high minimum opening deposit, but you can add to or withdraw funds from the CD at any time. This is an unusual feature for a CD, as most come with steep early withdrawal penalties. Even MutualOne Bank charges an early withdrawal penalty on all other CDs except the Advantage CD. This CD only comes in one maturity.

How to get MutualOne Bank’s CDs

As mentioned above, certificate accounts are open to all customers, including nonresidents of Massachusetts. All MutualOne Bank CDs can be opened online.

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on MutualOne Bank’s secure website

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How MutualOne Bank’s CD rates compare

Overall, MutualOne Bank’s CDs are a mixed bag, with some falling below national averages and others paying more. Picking and choosing your maturity date can make a big difference as to how good a rate you receive on a relative basis. The absolute standout in the MutualOne Bank CD line is the 61 month CD, which is every bit as competitive as the best available national CD rates.

MutualOne Bank’s money market account options

Money Market Plus

Money Market Plus is MutualOne Bank’s standard, lower-tier money market account.
APYMinimum Balance to Earn APY
0.10%
$10
0.15%
$2,500
0.30%
$10,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM refund: None
  • Overdraft fee: $29; $2 with Overdraft Transfer Service

Money Market Plus is a traditional money market account, with limited check-writing capabilities and ATM access available. Certain transactions in excess of six per month are billed at $10 each. Interest rates are tiered, with deposits of at least $10,000 earning the highest interest rate. As with most of the bank’s other accounts, there is no monthly fee for the Money Market Plus account, and there are no ATM fees as well.

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on MutualOne Bank’s secure website

Member FDIC

Mo Money Market

MutualOne’s Mo Money Market account is designed for customers that can make larger deposits.
APYMinimum Balance to Earn APY
0.10%
$10
0.30%
$10,000
0.30%
$50,000
0.30%
$100,000
0.55%
$200,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM refund: None
  • Overdraft fee: $29; $2 with Overdraft Transfer Service

There are many similarities between the Money Market Plus account and the Mo Money Market account. Both accounts have the same minimum opening deposit requirement, and both have no monthly maintenance fee. For both accounts, you can elect to receive online statements and ATM access. Even the fee structure is the same for both accounts, including the $10 charge for certain transactions in excess of six per statement period.

However, rates for larger deposits ramp up significantly with the Mo Money Market account versus the Money Market Plus account.

How to get MutualOne Bank’s money market account

As mentioned above, both of MutualOne Bank’s money market accounts can be opened online.

SEE DETAILS Secured

on MutualOne Bank’s secure website

Member FDIC

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How MutualOne Bank’s money market accounts compare

For customers that can make larger deposits, the Mo Money Market account is the way to go. Rates rapidly jump from the “average” level offered by the Money Market Plus account to the “exceptional” level in the Mo Money Market account. At the top tiers, rates on the Mo Money Market account are competitive with the best available money market rates nationwide. Coupled with no monthly maintenance fees and no ATM fees, and the Mo Money Market account is a compelling option.

MutualOne Bank’s IRA account options

IRA CDs

MutualOne Bank’s IRA CDs offer the same maturity dates and APYs as the bank’s non-IRA product.
TermAPYMinimum Balance to Earn APY
28 day0.50%
$5,000
3 month0.40%
$500
6 month0.45%
$500
7 month0.80%
$500
12 month0.65%
$500
13 month0.90%
$500
18 month0.75%
$500
19 month1.01%
$500
24 month0.80%
$500
30 month0.85%
$500
36 month0.90%
$500
48 month0.90%
$500
60 month0.90%
$500
61 month0.90%
$5,000
  • Minimum opening deposit: $500/$5,000, depending on term
  • Minimum balance to earn APY: $500/$5,000, depending on term
  • Early withdrawal penalty: 14 days’ interest, for term of 28 days; 30 days’ interest for term of 3 months; 90 days’ interest for terms of more than 3 months up to and including 12 months; 180 days’ interest for terms or more than 12 months but less than 61 months; 540 days’ interest for term of 61 months

MutualOne Bank’s IRA CDs range in maturity from 28 days to 61 months. The best rates are available on the 7 month, 13 month, 19 month, 30-month, and 61 month maturities, although these are subject to change at any time. The best rate is on the 61 month maturity, although deposits for the 61 month maturity are limited to $1,000,000. Rates are the same for any deposit amount. MutualOne Bank’s IRA CDs automatically renew. You have a 10-day grace period in which to withdraw your funds after maturity to avoid the early withdrawal penalty.

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on MutualOne Bank’s secure website

Member FDIC

IRA Advantage CD

This special CD allows deposits and withdrawals at any time.
TermAPYMinimum Balance to Earn APY
9 months0.50%
$5,000
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $5,000
  • Early withdrawal penalty: None

The MutualOne IRA Advantage CD is a carbon copy of the bank’s non-IRA version. The IRA Advantage CD has a higher opening deposit than regular IRA CDs, but you’re allowed to add or withdraw funds from the CD at any time. This unusual feature provides a great deal of flexibility for this product, making it more like a savings or money market account than a CD. There is only one, 9 month maturity available for this product.

How to get MutualOne Bank’s IRA accounts

As mentioned above, certificate accounts are open to all customers, including nonresidents of Massachusetts. All MutualOne CDs can be opened online.

SEE DETAILS Secured

on MutualOne Bank’s secure website

Member FDIC

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How MutualOne Bank’s IRA accounts compare

MutualOne Bank’s IRA CDs offer rates that are both above and below national averages, depending on the maturity. The 61 month rate, which is the best IRA CD rate the bank offers, isn’t quite the best rate in the land but is certainly competitive with the best available national IRA CD rates.

Overall review of MutualOne Bank’s products

It would make sense that MutualOne Bank’s primary appeal would be for residents of Massachusetts. After all, most of the accounts in the MutualOne Bank product line are unavailable to most of the country.

However, the bank’s standout product, its Online Savings account, is open to residents of all 50 states, meaning this bank has appeal far beyond its regional focus. The other products that are nationally available are the bank’s CDs, and are also a highlight, as many of the maturities, particularly the 61 month CD, pay outstanding rates.

Even within state, however, the bank has its merits. The product line at MutualOne Bank is fairly broad, and nearly all accounts have no monthly maintenance fee, or at least a means to avoid it. Although some of the bank’s offerings are not inspiring from a yield perspective, the bank’s Mo Money Market account rewards large deposits with a very high APY. Overall, customers can find numerous products to meet their needs at MutualOne Bank, and some of the offerings are very attractive.

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