Mutual Bank has just started a CD promotion with some competitive rates. It includes a 4.00% APY 18-month CD and a 4.50% APY 54-month CD. The minimum deposit is $2,500. It’s also available in an IRA.

It has been awhile since Mutual Bank has offered decent CD rates. There were several times last year when Mutual Bank had several very competitive CD specials.

CDs can be opened by mail from any state. In addition to opening the CD by mail, you can also open the CD at one of Mutual Bank’s branches. Branches are located in the Chicago metro area; in Staten Island, New York; Edison, New Jersey; and Houston, Texas.

Mutual Bank’s rating is currently at 2 out of 5 stars (below peer group). The bank is FDIC insured Please see this post to see ways to be FDIC insured for balances over $100K.