MutualOne Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.0 Star Icon


  • Low required opening amounts
  • Checking account earns interest
  • Business accounts offered
  • Competitive interest rates


  • To earn highest rates requires a large sum
  • Some accounts have fees
  • Cannot open all accounts online
  • Low interest rates on MMA

What You Need to Know

MutualOne accounts have a low required amount to open the accounts. There are 15 different CDs to choose from. Three CDs require $5,000 to open, but the rest only need $500 to open. Checking accounts only need $100 to open. The MMA requires $500. All MutualOne saving accounts only require $10 to open.

The MutualOne Advantage checking account earns interest. The account only requires $100 to open the account. Any amount over $10 will earn interest. The rates are tiered so to earn the highest rates, you must keep $50,000 in the account. Amounts under that still earn competitive interest rates, just not the highest amount.

MutualOne offers competitive, tiered interest rates on their accounts. The more money you have in the accounts, the higher the interest rates you earn on your money. The MutualOne online savings account earns competitive interest rates and is entirely online. Any amount earns the highest rate.

Business accounts are available through MutualOne Bank. A checking account, savings account, money market account, and CDs are available. There are two different checking accounts. One tailored to commercial businesses. To find out more about business accounts, or apply to open one, you must contact a personal banker.

To earn the highest interest rates available, you must keep a certain amount in the accounts. The advantage checking account required $50,000 be in the account to earn the highest rates. To earn the highest MMA rates, $200,000 must be in the account. The online saving account only requires $100 to earn the highest rates. Lower amounts in these accounts earn interest, just not the highest rate.

Some MutualOne accounts have a monthly maintenance fee. There are ways to waive the fees. Keeping a set amount in the account, or between deposit and loan accounts, will waive the fees. The monthly fee amounts are not listed on the website.

Not all MutualOne Bank accounts are available to open online. The online savings account and CDs can be opened online. Checking, money market, and some savings accounts require a personal banker. Business accounts need a personal banker to open.

To earn the highest interest rates on MMAs, you must have $10,00 in one account and $200,000 in the other MMA. The interest rates for balances under those amounts are low. They are competitive with your typical brick and mortar banks. The more money you invest, the higher the rates. However, the rates for lower amounts are not competitive with other online accounts.

Cool Things

Checking for Charity

MutualOne Bank donates money to local charities for new checking accounts opened. For each new personal or business checking account, MutualOne Bank donates $10 to a charity. Checking for Charity started in 2008. They have helped charities from a dog humane society to libraries. Cancer societies and historical societies have also been recipients of the money.


MutualOne Bank started in 1889 as Framingham Co-operative Bank in Massachusetts. In 2012, this bank merged with Natick Federal Savings Bank. With the merger, the name changed to MutualOne Bank.

MutualOne Bank is a state-chartered mutual bank. This means it is owned by members who subscribe in the local areas. There is no capital stock. Because of this, MutualOne gives back to the local people, their customers. MutualOne Bank gives back to the community in many ways.

Awards and Recognition

  • Awarded the "Pearl Street Moves Award" by United Way in 2017

Giving Back

MutualOne Bank awarded a $5,000 grant to the Read to a Child program. This program supports the weekly Lunchtime Reading Program. It brings together over 140 high-risk children from first to fourth grades. Over 190 adults come to volunteer as reading mentors to the children.

MutualOne Charitable Foundation donated $10,000 to support mental health. The money provided a mental health clinic for seniors. The clinic helped those struggling with anxiety, depression, and other issues. They helped more than 2,500 senior citizens.

MutualOne Bank awarded Programs for People $20,000. The money was from the Robert P. Lamprey Community Grant. This program helps find employment to low-income adults with serious mental health challenges. A different charity receives this grant each year.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. MutualOne Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Through ATM or debit cards, checks, and electronic transfers. You can access your money by visiting a local branch location.

Does this bank offer mobile banking?

Yes. With mobile banking, you can see account activity and pay bills. You can transfer funds and view statements. You can deposit checks through the app.

Is this a good bank?

The interest rates are competitive. Some rates require large balances be in the account. Most accounts do not have a monthly fee. The amounts required to open the accounts are low.

Is this bank free?

Most MutualOne Bank accounts are free. Some accounts do have a fee. The monthly fee amount is not listed on the website.

Is this bank secure online?

MutualOne offers security measures that follow federal law. That includes safeguards on the computer and secure files. Their buildings are secure.

Does this bank offer competitive interest rates?

The interest rates are competitive. To earn the most competitive interest rates, you must have a certain amount in the account. The amounts necessary to keep in the accounts vary depending on accounts.

Can I use this bank for my business accounts?

Yes. MutualOne offers business checking, savings, and money market accounts for businesses. CDs are also available.

How is the online bank different from the online banking my bank offers?

It is the same. Some MutualOne Bank accounts earn higher interest rates. To get the highest rates, you must keep a large balance in the account.

Do their checking accounts pay interest?

Yes, one checking account earns interest. The interest rates for the checking account are tiered. To earn the highest interest rate, you must have $50,000 in the account. Amounts above $1,000 earn interest rates higher than your typical brick and mortar banks.

How do I reach customer service?

By phone, email, mail, or by visiting a local branch.

Does this bank offer bill pay?

Yes. MutualOne checking accounts offer free bill pay.

Can I deposit cash?

At a local branch location.

How long do transfers take?

Specific times were not listed on the website.

Can I sign up for direct deposit to this account?

Yes. Direct deposit can be set up for checking or savings accounts with MutualOne Bank.

Bank Contact Information

Find a local branch

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