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MutualOne Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
MutualOne Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1889, MutualOne Bank has assets totaling $806 million and deposits totaling $602 million, classifying it as a medium-size bank. MutualOne Bank, whose headquarters are in Framingham, Massachusetts, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 out of 5 stars, MutualOne Bank should be solidly in contention for your choice of bank. MutualOne Bank offers the full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. MutualOne Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's standard checking does not carry a monthly maintenance fee. Using an institution with no-fee checking and a high savings APY is your best option for accruing the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.15%, MutualOne Bank ranks poorly in comparison to the national average. MutualOne Bank's one-year CD earns at a rate of 0.65% and the five-year CD has a rate of 1.92%, while its highest-yielding money market account earns at a rate of 0.30%. Given its poor savings rate, you should think about looking elsewhere to open savings accounts.

How MutualOne Bank's Savings Rates Compare

MutualOne Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

MutualOne Bank typically has extremely low fees compared to the national average. MutualOne Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Also, at $29.00, it has a considerably lower overdraft fee compared to the national average. MutualOne Bank doesn't refund out-of-network ATM fees, which means you will have to find a MutualOne Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $29.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

MutualOne Bank is a brick-and-mortar bank, with three total bank locations in Massachusetts. It also offers access to mobile and web apps for simple access and banking on the go. MutualOne Bank's online and mobile banking services get poor marks from customers. The MutualOne Bank mobile app scored a 3.4 out of 5 (with 5 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize MutualOne Bank's mobile app to control your bank accounts by reviewing current statements, transferring funds and reaching support representatives. MutualOne Bank gets a superb consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

MutualOne Bank ranks as a medium-size bank owning assets totaling $806 million and $602 million in deposits. MutualOne Bank's Texas Ratio is 3.36%, indicating that the bank is in terrific financial shape and improbable to fail. Additionally, MutualOne Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.36%
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 MutualOne Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $10
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.65% APY
  • 24 Month: 2.22% APY
  • 36 Month: 2.12% APY
  • 48 Month: 2.17% APY
  • 60 Month: 1.92% APY
$500 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

MutualOne Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. MutualOne Bank 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. MutualOne Bank's CD rates are fair in comparison to other U.S. banks.

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Find a MutualOne Bank Near Me

MutualOne Bank has three physical branches across the U.S.

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