Richmond, Indiana – First Bank Richmond announced today that they will donate $10,000 to Richmond Neighborhood...
The Statement Savings Account is a great way to save and earn interest for that special vacation, new car, home improvement, or any unexpected expenses.
We recommend using your savings account as overdraft protection of your checking account.
Certificate of Deposit (CD)
A CD may be right for you if you're looking for a short-term investment with a guaranteed rate of return. With terms ranging from 3 months to 5 years, we are sure to have something to fit your needs.
Minor Savings Account
Teach your children how to save for special items on their wish list. This savings account is also a great way for mom and dad to save for their children's college, new car, or anything else they might need in the future.
Individual Retirement Accounts (IRAs)
Mutual Federal offers Traditional, Roth, and IRA savings - each with different tax saving advantages.
Health Savings Account (HSA)
Do you want to save for future medical expenses but have a High Deductible Health Plan? A Health Savings Account is right for you. This account makes the most of your money as it pays interest, and distributions are tax-free as long as you use them for qualified medical expenses.
Christmas Club Account
Open a Christmas Club for only $10 and take the stress out of holiday shopping by saving all year long. With no service fees and simple interest, you'll be able to make the most of your budget and help avoid those January credit card bills.
When opening an account, you will be asked to provide the New Accounts Representative with two forms of ID. We require a photo ID with your current address. Should the address on your ID not match your current address, two pieces of mail with your current address will be requested. Bills and a copy of your lease are both acceptable.
You will also need to provide basic information such as your birth date, Social Security number, phone number, and other personal information.
All accounts with Mutual Federal require an initial deposit to open. You may transfer money from an internal account, or fund your new account with a cash or check.
If you're opening a joint account, identification details for all owners will be required.
All applicants will be verified through ChexSystems, a nationwide specialty consumer reporting agency under the federal Fair Credit Reporting Act (FCRA).
Periodically, Mutual Federal will offer special rates and terms on Certificates of Deposit (CDs). To see current rates, terms and specials, click here.
HSAs are an increasingly popular choice for people looking to manage the rising cost of individual health care. If you are unsure as to whether or not you qualify, we suggest checking with your insurance carrier. Carriers will label their plans as HSA eligible.
For more information about HSA eligibility and requirements, check with your tax preparer, employer, or click here for the IRS publication on HSAs.
Mutual Federal will not accept new deposit accounts outside of our local market area unless the customer has a previous transactional account. The market area is defined as any of the counties we have a branch in or a contiguous county to a branch location.