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You don’t see 19-month certificates of deposit every day.

A CD maturing in one year and seven months is a rare breed. But signing up for a CD with an odd term can pay off. Sometimes it’s an indication of a special account with a high interest rate.

Take MutualOne Bank’s 19-month CD for example. Investors can earn 2.12 percent APY. Today’s best nationally available 18-month CD only pays 2.02 percent APY.

Not a high roller? No problem. If you can deposit at least $500, you’ll qualify for the 19-month CD deal.

Compare this offer with other top CD rates. Do the math and calculate how much interest you could earn over time.

Why you’ll want this CD

If you haven’t already heard it, interest rates are on the rise. That makes investing in CDs a bit risky.

Fortunately, tying up your funds for 19 months isn’t as bad as keeping money locked up for four or five years. In no time, you’ll have access to savings you can use to pay off debt or put toward a mortgage down payment.

Besides a low minimum deposit, you’ll also have the privilege of having your funds fully insured under both the Federal Deposit Insurance Corp. and the Share Insurance Fund, a private fund that insures deposits above the FDIC’s $250,000 limit for each depositor at a single bank. That’s good news if you have a lot of money to invest or an existing account with MutualOne Bank.

How to buy MutualOne Bank CDs

To take advantage of MutualOne Bank’s 19-month CD special, you’ll have to open an account online or in a branch. Applicants must:

  • Be at least 18 years old.
  • Be a U.S. citizen or resident alien.
  • Have a Social Security number.
  • Have a valid form of ID such as a passport or driver’s license.

Filling out an online application should take about 10 minutes. When you’re ready to make a deposit into your CD, you can do so using a credit or debit card. You also have the option of transferring money into the account electronically from an external checking or savings account or writing a check.

Before you buy a CD, you should always check the early withdrawal penalty. With the 19-month CD, withdrawing part of your principal will cause a penalty of 180 days’ interest to be charged to your account. Interest — which is compounded monthly and credited on the last business day of each month — can be withdrawn without penalty (although doing so will reduce your earnings).

About MutualOne Bank

MutualOne Bank serves customers across the country. It’s based in Framingham, Massachusetts and was originally known as Framingham Co-operative Bank when it was founded in 1889.

In Bankrate’s latest review of its financial health, the bank earned five out of five stars.