Mutual Bank grants a 3.80% APT for its Premium Unique Money Market Account with minimum balances of $5000. The rate is guaranteed for the first 3 months. The APY of the account drops to 2.75% for amounts over $5000.

The rate offered by the bank is not the best in the market but is still very competitive and is an offer to consider.

The money market account can be opened via mail or by visiting one of their branches. With regard to mail applications, the bank will base the rate on the postmark date on the envelope. The bank has branches in Chicago, Staten Island in New York, Houston in Texas, and Edison in New Jersey.

A service charge of $25 may apply in case the minimum balance of $5K is not met on a monthly basis. The first 40 checks are free for this account. It also comes with an ATM card. Consumers are able to access the online banking facilities but are not able to do ACH transfers.

The interest is credited on a monthly basis.

Financial soundness is not well viewed by bankrate.com which only issued 2 stars, and BauerFinancial giving 1 star.