Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

MutualBank Review

Your Details Done
by Updated
MutualBank Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1889, MutualBank has $2 billion in assets as well as $1 billion in deposits, making the institution a large bank. MutualBank, whose headquarters are in Muncie, Indiana, has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at an average 3.9 stars out of 5, MutualBank proves it is a respectable bank that should be given a look. MutualBank provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. 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, the bank's standard checking account does not carry a monthly maintenance fee. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best bet for getting the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.01%, MutualBank ranks poorly compared to other U.S. banks. Its one-year CD earns at a rate of 0.30% and the five-year CD earns at a rate of 1.05%, while its highest-yielding money market account has a rate of 0.15%. Given MutualBank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How MutualBank's Savings Rates Compare

MutualBank Savings 0.01 National Average 0.26 Compare Offers
Back to Overview

Fees

4.2
SmartAsset Average: 4.4

On average, MutualBank charges customers average fees in comparison to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who visit the ATM often, MutualBank is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable in comparison to other U.S. banks. Additionally, at $35.00, it has a lower overdraft fee compared to the national average overdraft fee. MutualBank does not reimburse out-of-network ATM charges, which means you'll need to find a MutualBank ATM or eat the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
Back to Overview

Service Quality

3.7
SmartAsset Average: 3.7

MutualBank is a brick-and-mortar bank, with 40 total bank locations in Indiana. It also offers access to mobile and web apps for easy access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. CT; Saturday, and 9:00 a.m. to 12:00 p.m. CT. MutualBank also offers a live chat feature, key for getting quick access to customer service. MutualBank gets poor reviews from users for its mobile app. The MutualBank mobile app rates a 3.1 out of 5 (out of 180 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize MutualBank's mobile app to manage your accounts by looking at account balances, sending and receiving funds as well as accessing customer service. MutualBank gets an excellent consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
Back to Overview

Financial Health

4.8
SmartAsset Average: 4.8

MutualBank ranks as a large bank with $2 billion in assets as well as $1 billion in deposits. MutualBank has an excellent Texas Ratio of 4.10%, denoting a minute likelihood of failure. Additionally, MutualBank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.1%
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.

Back to Overview

Compare MutualBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.01% APY $1
Checking Account 0.01% APY $2500
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.65% APY
  • 48 Month: 0.85% APY
  • 60 Month: 1.05% APY
$1 for all terms
Money Market Account 0.1% APY $2500

MutualBank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. MutualBank does not have the best savings rate, which means you should think about looking 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. MutualBank's CD rates are fair in comparison to other U.S. banks.

Back to Overview

Find a MutualBank Near Me

MutualBank has 40 physical locations across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure