Mutual of Omaha Bank Review 2019

Mutual of Omaha Bank Logo

3.2/5

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

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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.

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.

 Pros

  • Offers an assortment of CDs.
  • Provides digital money management tools.
  • 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 Services

Savings Rating

2.7/5

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

  • 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.

Savings accounts available from other banks

MMAs Rating

3.3/5

The Money Market account offers an APY that’s a little more than eight times the national average. It offers check-writing privileges and a free order of checks. The Money Market account can be opened nationwide, but you’re only able to open the Premier Money Market account in a branch.

 Pros

  • The Money Market account offers check-writing privileges.
  • Free checks are provided for the Money Market account.
  • The Money Market account earns a little more than eight times the national average.
  • The Money Market can be opened nationwide.

 Cons

  • You only earn interest — and avoid a monthly $10 fee — on balances $1,000 or higher.
  • At least $250,000 needed in the Premier Money Market account to get the top APY.
  • Both accounts have a $1,000 minimum opening deposit requirement.
  • Average balance of $1,000 needed in to avoid the $10 monthly maintenance fee on both accounts.

MMAs available from other banks

CDs Rating

4.0/5

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.

 Pros

  • Interest is compounded daily.
  • The minimum opening deposit is relatively low.

 Cons

  • CDs can only be purchased in a branch.
  • Other banks pay higher yields.
  • New customers don’t have access to non-traditional CDs.

CDs available from other banks

2.25% APY
$500 MIN DEPOSIT
1.90% APY
$0 MIN DEPOSIT
2.45% APY
$2,000 MIN DEPOSIT
Checking Rating

2.8/5

Online Advantage Checking is an interest-bearing checking option from Mutual of Omaha Bank. The account can be opened online with at least a $100 minimum deposit. Keeping at least $100 in the account allows you to avoid a $10 monthly maintenance fee. Balances of $1,500 or more earn interest that is equal to the standard savings account. Other interest bearing options from Mutual of Omaha Bank include Advantage Checking, Investment Checking and Platinum Checking. These accounts are not available in every state.

 Pros

  • Accounts can be opened online.
  • Free first order of preselected checks.
  • Low balance to avoid monthly fee.

 Cons

  • Only balances of $1,500 or more earn interest.
  • Fee charged to use ATMs outside of national network.

Checking accounts available from other banks

Bank Experience Rating

2.6/5

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.

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