The best money market rates are falling but Mutual Bank offers very competitive interest rates at 1.37% APY for all tiers of their Premium Money Market Account.

This money in the bank deal requires a $5000 initial deposit and monthly balance. It will be wise to stay above this line to avoid a monthly service fee of $25.

The account also comes with check writing privileges and comes with the first set of 40 checks for free. An ATM card is also issued for an easy access of your account.

Earnings for this premium money market are credited on a monthly basis. One downside of this account though is the unavailability of an ACH facility.

Interested parties can open a money market account by downloading an application form from their website and mailing it to the bank together with the other documentation they require.

It is not clear if the bank does a hard credit pull when you apply. A credit check is a requirement when you ask for a debit card to be issued. It will be best to contact the bank just to be sure that you will not get a ding on your credit score. You can reach one of their personal bankers through 877-637-3111.

Mutual Bank also has a Standard Money Market account which has a 1.17% APY and can be opened with only $500.

The ratings of the bank are not really that well when bankrate.com reviewed its performance using their June 2008 data. Bankrate gave 2 stars. Be a wise depositor and stay within the limits of the FDIC.