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MutualBank Review

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MutualBank Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

MutualBank started in 1889 and is headquartered in Muncie, Indiana. MutualBank manages assets of $2 billion along with deposits totaling $1 billion, classifying it as a large bank. MutualBank has above-average access to customer service 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 offerings. On the whole, MutualBank is a good bank that deserves your consideration, with a score of 3.9 out of 5 stars from the SmartAsset experts. MutualBank has a complete choice of product offerings, including 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 interested in stress-free personal checking, MutualBank offers an option without a monthly fee. Using an institution with free checking and a high interest rate savings account is your best option for returning the highest income from your deposits while having easy access to your funds.

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

MutualBank features a savings rate of 0.01%, which is fair compared to the average U.S. bank. Its CD rates are 0.30% and 1.05% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.15%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.

How MutualBank's Savings Rates Compare

MutualBank Savings 0.01 National Average 0.26 Compare Offers
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Fees

4.2
SmartAsset Average: 4.4

MutualBank typically has average fees in comparison to other U.S. banks. MutualBank's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who use cash often, it is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable in comparison to other U.S. banks. Also, MutualBank has an overdraft fee of $35.00, which is on par with the average overdraft fee charged by U.S. banks. MutualBank unfortunately doesn't refund out-of-network ATM fees, which means you will need to find a MutualBank ATM or pay the withdrawal fee.

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
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Service Quality

3.7
SmartAsset Average: 3.7

MutualBank is a brick-and-mortar bank, with 40 total bank locations in Indiana. With mobile and web apps, MutualBank makes mobile banking straightforward, even on the go. It does not offer 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. Additionally, MutualBank customers can access live chat for help, key for getting quick access to customer service. MutualBank gets poor marks from customers for its mobile app. The MutualBank mobile app has an overall rating of 3.1 out of 5 (with 180 ratings on Apple and Android) compared to the national average of 3.8. MutualBank's mobile app allows you to control your accounts by checking monthly statements, transferring funds as well as reaching support representatives. MutualBank gets an outstanding consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.8
SmartAsset Average: 4.8

MutualBank is currently a large bank with $2 billion in assets and deposits totaling $1 billion. Its Texas Ratio is 4.10%, denoting a negligible 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.

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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 Accounts 0.1% APY 0.15% APY $10000 $15000

MutualBank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. MutualBank 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. MutualBank's CD rates are fair as compared against the national average.

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Find a MutualBank Near Me

MutualBank has 40 physical branches across the U.S.

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