Mutual Bank is offering a variety of Certificate of Deposits lately that is compounded and credited monthly. This 12 month 5.00% APY has a minimum deposit of $2,500 and your interest of 5.00% will compound monthly and it’s available as an IRA CD. If case if you aren’t familiar with IRA Certificate of Deposits, they are used mainly by people in retirement wanting to add a fixed rate to their CD and have a better calculated return on investment. An IRA Certificate of Deposit is FDIC insured up to promised limits and it can quality you for many banking benefits such as a variety of premium check accounts.

Mutual Bank is also offering extended CDs for 24 and 36 month period but with reasonably higher APY and a higher minimum deposit. The special promotion for mutual bank’s 24 month CD is 5.20% and 36 month for 5.30% with minimum balance of $5,000. I wouldn’t recommend the 24 and 36 month CDs because for those CD terms, APY rates can get competitive and I’m sure you will there is a better deal if you shop around. The only Certificate of Deposit that is reasonable for the Mutual Bank special promotion CDs is the 12 month 5.00% APY.

However, the only downside to this CD is that you must apply in person or by mail. If you choose to apply by mail, you must fill out a Consumer Application form. Detailed instructions is listed on the Mutual Bank website.