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Mutual Bank 3.5% 16 Month CD

January 28th, 2009

Mutual Bank is offering a promotional 3.5% APY 16 month CD. The minimum deposit for this rate is $2,500. DollarSavingsDirect used to have a 3.5% 16 month certificate of deposit, but recently cut the rate to 3.25% as well as cutting their savings rate to 3.5%. If you have a CD expiring with DollarSavingsDirect, you might want to switch over to a Mutual Bank CD to keep the same rate.

CDs at Mutual Bank are compounded and credited on a monthly basis, are available nationally, don’t require a hard credit pull, and have a 90 days’ interest early withdrawal penalty.

Mutual Bank’s branches are located in Illinois, Texas, New York and New Jersey. Mutual Bank has a low soundness rating at bankrate with 1 star, so as always I recommend you stay below the FDIC insured limit.

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