With an Online Savings Account from MutualOne Bank, you can earn a great rate, without ever stepping foot into the Bank!
A few important details
Because we wouldn’t be a bank if we didn’t worry about the details:
- As the name implies, you must open, and fund (meaning add money to), your account online. We promise it is quick, secure and painless.
- To ensure you receive information in a timely fashion, and that you can access your accounts at your convenience, we require you sign up for Online Banking and eStatements within 30 days of opening your account.
- Signing up for Online Banking will also ensure you can deposit to, or withdraw from, your account easily, which is important because all transactions must be done electronically. You can also use our Free Mobile Banking app to deposit checks into your account.
- For additional convenience, you are invited to open a checking account, through which you can make additional transactions both online, at an ATM or in-person.
- The advertised rate is for balances of up to $1,000,000. Any amount over this amount will earn a lower rate. (So, for example, if you deposit $1,001,000 the first $1,000,000 will earn 2.12% and the remaining $1,000 will earn .25%.
Don’t forget – At MutualOne Bank, every deposit is insured in full.
Each depositor is insured by the Federal Deposit Insurance Corporation (FDIC) to at least $250,000. All deposits over and above this amount are covered by the Share Insurance Fund (SIF), established by the legislature in 1934 to protect deposits in Massachusetts-chartered co-operative banks. There are no maximum account limitations or amount limitations.
Ready? Let’s go!
*Annual Percentage Yield (APY) effective October 5, 2018 and subject to change without notice. Account can only be opened online with a minimum deposit of $10. There is no minimum daily balance requirement to earn APY. All transactions for this account are required to be conducted electronically, i.e. online, ACH, bill pay and mobile. Remaining balances in excess of $1,000,000 will earn a lower interest rate. eStatements and Online Banking are required within 30 days of account opening.