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Mutual of Omaha Bank Review 2020

Updated November 15, 2022
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At a glance

3.2
Rating: 3.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4 stars out of 5

Checking

Rating: 2.8 stars out of 5

Savings

Rating: 2.7 stars out of 5

MMA

Rating: 3.3 stars out of 5

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Overview

Mutual of Omaha Bank is worth considering if you are looking for a place to park your short-term savings goals. However, CIT Bank is expected to acquire the regional bank. If you get an account with the bank now, expect a new parent company in 2020.

Highlights

  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
4.75
%
APY
Rating: 3.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.75
%
APY
Rating: 3.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
2.50
%
APY
Rating: 3.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Mutual of Omaha Bank is a regional bank that offers certificates of deposits, savings and checking accounts.

Pros

  • Checkmark

    Offers an assortment of CDs.

  • Checkmark

    Provides digital money management tools.

  • Checkmark

    Lets you open interest-bearing checking account online.

Cons

  • You can find higher yields elsewhere.

  • There are restrictions for where you can open CDs and savings accounts.

  • Smaller ATM network than other institutions.

Mutual of Omaha Bank bank products

2.7
Rating: 2.7 stars out of 5
Bankrate Score

Mutual of Omaha Bank savings overview

The Mutual Savings is only available in Arizona, California, Colorado, Florida, Kansas, Nebraska, Nevada or Texas.

The Mutual Savings account earns the national average APY for balances at $100 or more and under $25,000. Balances of $25,000 or more earn a few basis points more than the national average APY.

Interest is compounded daily, but no interest is earned on balances under $100.

Pros

  • Checkmark

    Interest compounds daily.

Cons

  • You don’t earn any interest on balances under $100.

  • You need at least $25,000 to earn the top APY on the Mutual Savings account.

  • The Mutual Savings account is only slightly higher than the national average.

Bank experience

Mutual Bank of Omaha isn’t pushing the frontier of banking, but it provides the essentials.

While the bank's app has only a handful of reviews in the app stores, the ratings are lower than other bank options. Yet, you’ll still have access to basic features, like making check deposits with your camera or finding nearby ATMs.

The bank also supports digital budgeting tools that are designed to help you manage your money. You can also link non-Mutual Bank of Omaha accounts to see your overall financial picture in one place.

The bank operates 20 ATMs in addition to making hundreds of no-fee ATMs across the country available to customers.

About Mutual of Omaha Bank

Mutual of Omaha is best known for its insurance and financial services, but it offers bank products through Mutual of Omaha Bank. Mutual of Omaha Bank offers a range of CDs, savings and checking accounts. The full-service bank is based in Omaha, Nebraska.

In August, the bank announced it will be acquired by CIT Group. Subject to regulatory approval, the transaction is expected to close in the first quarter of 2020.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.