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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


Mutual Bank first started operating in 1889 with headquarters in Whitman, Massachusetts. Mutual Bank manages $511 million in assets along with deposits totaling $414 million, which makes it a medium-size bank. Mutual Bank 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. On the whole, Mutual Bank is a solid pick to be your bank, with a score of 4.2 stars out of 5 from the SmartAsset team. Mutual Bank offers a complete suite of product offerings, which include 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 looking for a checking account for everyday use, Mutual Bank's ordinary checking account does not have a monthly fee. Institutions that offer no-fee checking and a high interest rate savings account are the best bet for returning the highest income from your deposits while maintaining convenient access to your money.

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 poor compared to the national average. Mutual Bank's one-year CD earns at a rate of 0.40%, while its highest-yielding money market account has an APY of 0.10%. Given its below average savings rate, you should think about choosing another bank 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

On average, Mutual Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Mutual Bank's checking account is perfect for those who need an easy banking experience. For those who frequent the ATM, it is ideal because it charges no out-of-network ATM fees. Mutual Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll have to locate a Mutual Bank ATM or eat the 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. It also offers access to mobile and web apps for easy access and banking on the go. Mutual Bank's online and mobile banking services receive moderate marks from customers. Out of 23 ratings 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). Mutual Bank's mobile app allows you to manage your funds by looking at monthly statements, transferring funds as well as reaching support representatives. Mutual Bank receives a superb consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 is a medium-size bank owning $511 million in assets as well as $414 million in deposits. It has an excellent Texas Ratio of 3.56%, suggesting that the bank is in superb financial well-being and unlikely to fail. 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: 1.05% APY
  • 48 Month: 1.50% APY
$100 for all terms
Money Market Account 0.1% APY $1000

Mutual Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Mutual Bank does not have the best savings rate, which means you should consider taking a look elsewhere 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 compared to other U.S. banks.

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Find a Mutual Bank Near Me

Mutual Bank has nine locations across the U.S.

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