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MutualOne Bank Review

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MutualOne Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1889, MutualOne Bank has assets totaling $806 million along with deposits totaling $602 million, making it a medium-size bank. MutualOne Bank, whose headquarters are in Framingham, Massachusetts, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, MutualOne Bank is a great choice and should warrant serious consideration, with a rating of 4.2 stars out of 5 from the SmartAsset experts. MutualOne Bank provides customers with a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, MutualOne Bank's standard checking account does not have a monthly maintenance fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is the best option for getting the most income on your deposits while having convenient 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

MutualOne Bank features a savings rate of 0.15%, which is fair as compared against the national average. MutualOne Bank's one-year and five-year term lengths CDs earn at a rate of 0.65% and 1.92%, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

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

On average, MutualOne Bank charges its customers extremely low fees in comparison to other U.S. banks. MutualOne Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Also, MutualOne Bank has an overdraft fee of $29.00, which is markedly less than the average overdraft fee charged by U.S. banks. MutualOne Bank unfortunately does not refund out-of-network ATM charges, meaning you'll have to search for a MutualOne Bank ATM or eat the withdrawal fee.

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 an easy mobile-banking experience. MutualOne Bank receives unsatisfactory reviews from customers for its online presence. Out of 5 ratings on iOS and Android platforms, the MutualOne Bank mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). You can use MutualOne Bank's mobile app to manage your accounts by reviewing account balances, sending and receiving money as well as accessing support representatives. MutualOne Bank receives an outstanding consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 with $806 million in assets and deposits totaling $602 million. MutualOne Bank's Texas Ratio is 3.36%, suggesting a low likelihood of failure. 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 Account 0.3% APY $10000

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 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. 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 locations in the U.S.

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