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Mutual Bank Review

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Mutual Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 1889, Mutual Bank has $511 million in assets along with deposits totaling $414 million, classifying the institution as a medium-size bank. Mutual Bank, whose headquarters are in Whitman, Massachusetts, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We ranked the bank at a 4.2 stars out of 5, which means Mutual Bank is a great bank that you should seriously consider. Mutual Bank has a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Mutual Bank's ordinary checking account does not have a monthly fee. Banks that offer free checking, in addition to a high interest rate savings account are your best bet for getting the highest income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

Mutual Bank features a savings rate of 0.05%, which is fair in comparison to the national average. Its one-year CD has a rate of 0.40%, while its highest-yielding money market account has a rate of 0.10%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How Mutual Bank's Savings Rates Compare

Mutual Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Mutual Bank charges its customers extremely low fees in comparison to the national average. With no monthly fee, Mutual Bank's checking account is ideal for people who need a hassle-free checking account. For those who regularly visit the ATM, it is perfect because it has no out-of-network ATM fees. Mutual Bank doesn't refund out-of-network ATM fees, which means you'll be required to search for a Mutual Bank ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Mutual Bank is a brick-and-mortar bank, with nine total branches in Massachusetts. With mobile and web apps, Mutual Bank makes mobile banking easy, even on the go. Mutual Bank's online and mobile banking services receive moderate feedback from users. Out of 23 customer reviews across Apple and Android platforms, the Mutual Bank mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8). You can access Mutual Bank's mobile app to manage your bank accounts by monitoring account balances, transferring funds and reaching customer service. Mutual Bank receives an exceptional consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Mutual Bank ranks as a medium-size bank and owns $511 million in assets as well as $414 million in deposits. Mutual Bank's Texas Ratio is 3.56%, signifying that the bank is in superb financial shape and far from failure. Additionally, Mutual Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Mutual Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.15% APY $1500
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 1.00% APY
  • 48 Month: 1.50% APY
$100 for all terms
Money Market Account 0.1% APY $1000

Mutual Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Mutual Bank does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Mutual Bank's CD rates are fair in comparison to the national average.

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Find a Mutual Bank Near Me

Mutual Bank has nine physical locations in the U.S.

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