This review is for: High Yield Money Market
I'm in the market for a new bank account, and a friend who used to bank with Bank Mutual Direct recommended their Money Market to me because I mentioned that I wasn't concerned with deposit minimums. This is true, but he didn't mention that it was an astronomical 25,000 minimum to avoid fees, when the next closest of the banks I was considering was Discover Bank at 2,500. On top of it, Bank Mutual has a 125 (!!) dollar monthly fee if I were to drop below the 25,000 - I don't plan on it, but you never really know what's going to happen, and 125 dollar fee will wipe out a lot of interest.
Wanting to be thorough in my research and not write them off right away, I called up their customer service number during normal business hours and was sent to voicemail. At that point, my decision was made, I didn't leave a message, and instead dropped Bank Mutual from my list.
Posted by Blackstone -- March 26, 2009
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