Mutual of Omaha Bank Review 2020

Published April 2020 by Mary Wisniewski

AT A GLANCE
3.4
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Bankrate Score

bank-logo
Bank Vault

Low Minimum Deposit

CD

Top CD rates

Mutual of Omaha Bank is worth considering if you are looking for a place to park your short-term savings. However, the regional bank is transitioning into the CIT brand in the coming months. If you get an account with the bank now, expect new branding in 2020.

 

  • Savings
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    3.3
  • MMAs
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    3.8
  • CDs
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    3.2
  • Checking
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    3.5
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.30 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    1.30 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    3.4

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    Bankrate Score

    Mutual of Omaha Bank, which is now owned by CIT Group, offers certificates of deposits, savings, money market and checking accounts.

    What we like

    • Offers an assortment of CDs.

    • Provides digital money management tools.

    • Lets you open interest-bearing checking account online.

    What we don't

    • You can find higher yields elsewhere.

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

    • Monthly fees for the money market account are steeper (but there are ways to sidestep them).

    Savings accounts

    3.3

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    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.30 % APY

    $ 0

    Min. balance for APY

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

    While you can earn higher yields elsewhere, there is no minimum amount to open the account.

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

    What we like

    • Interest compounds daily.

    • No minimum amount required to open the account.

    What we don't

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

    • You can earn higher yields elsewhere.

    Money market accounts

    3.8

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    The Money Market account offers a competitive APY. It offers check-writing privileges and a free order of checks. You will pay a monthly fee unless you keep at least $1,000 in the account,  however.

    What we like

    • Offers competitive yield.

    • The Money Market account offers check-writing privileges.

    • Free checks are provided for the Money Market account.

    What we don't

    • High minimum balance requirement to earn interest.

    • Average balance of $1,000 needed to avoid the $10 monthly maintenance fee.

    CD rates

    3.2

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    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    At Mutual of Omaha Bank, there’s no shortage of CDs to choose from, with terms ranging from one month to five years. Multiple CD promotions are available, too. Earned interest can be added to the principal balance in your CD or moved to another account managed by the bank.

    All of the bank’s CDs are available as IRA CDs, so consider whether they might fit into your retirement strategy.

    What we like

    • Interest is compounded daily.

    • The minimum opening deposit is relatively low.

    What we don't

    • CDs can only be purchased in a branch.

    • Other banks pay higher yields.

    • New customers don’t have access to non-traditional CDs.

    Checking accounts

    3.5

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    Online Advantage Checking is an interest-bearing checking option from Mutual of Omaha Bank. The account can be opened online with a minimum deposit of $100. Keeping at least $100 in the account allows you to avoid a $10 monthly maintenance fee and you will earn interest.

    Other interest bearing options from Mutual of Omaha Bank include: Basic Checking, Investment Checking and Platinum Checking. These accounts are not available in every state.

    What we like

    • Accounts can be opened online.

    • Low balance to avoid monthly fee.

    What we don't

    • Fee charged to use ATMs outside of national network.

    • You need at least $100 to open the account, which is not steep but is more than some banks require.

    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 apps. 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.

    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 January, CIT Group announced it had completed its acquisition of Mutual of Omaha Bank. In the coming months, Mutual of Omaha Bank will transition to the CIT brand. For now, customer accounts remain unchanged.

     

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.