Who is Mutual of Omaha Bank?
This Mutual of Omaha Bank review notes that it was first founded in 1909. They offer banking accounts which include savings, checking accounts and money market. Other banking needs they offer include mortgages and credit cards as well as different investing and insurance opportunities. Their banking accounts also vary depending on if you are looking for your own personal bank or something for your business.
Our Mutual of Omaha bank review found a good amount of pros to banking with them. As with all banks, before you open an account you should be well informed of the good and the bad. Benefits of accounts offered through Mutual of Omaha include:
- Their online accounts include access to over 20,000 ATMs
- Free online bill pay
- Mutual of Omaha offers 6 different checking accounts so you can find the one that meets your needs.
- The minimum opening balance for the checking account varies from $100 for the basic account and $1,000 for the highest account.
- Not all of their checking accounts require you to sign up for direct deposit.
- Mutual of Omaha does offer overdraft protection.
- Their CD accounts vary in term length from 30 days to 5 years. The CDs will automatically renew at the end of the term.
- Mutual of Omaha offers different CD accounts which include step-up CDs and fixed rate ladder CDs.
- The online accounts offered through Mutual of Omaha are offered in all states.
There are some drawbacks to banking with Mutual of Omaha. These include:
- Mutual of Omaha Bank requires a credit check for anyone hoping to open an account.
- Savings, CDs and money market accounts are not available to all 50 states. They are currently offered to the following states only; AZ, CA, CO, FL, MO, NE, NV, TX.
- Minimum opening balance of a savings account is $100. The other accounts have a higher opening balance ranging from $1,000 to $5,000.
- There is a minimum amount required to earn interest on most of the checking accounts as well as the savings and money market accounts.
- The minimum amount required to open any of their CD accounts is $1,000.
- Mutual of Omaha does have a monthly maintenance fee attached to their checking, saving and money market accounts, but the fee can be waived by meeting a collected balance.
- Not all of the accounts can be opened online. For most of the accounts, you will have to visit a branch to open.
The different tiered savings accounts can make it challenging to receive the best interest rates. The other concern is the fact that the savings accounts are not offered to members in any state and there are strict standards to open an account.
Is Mutual Bank of Omaha a Good Choice?
In conclusion of our Mutual of Omaha Bank review; If you meet the standards set and live in a state where Mutual of Omaha operates, the interest rates are competitive and the variety of different accounts might be just what you are looking for. As far as basic savings and checking accounts, there are other online banks with comparable interest rates and lower minimum balances required.
Mutual of Omaha Bank
3333 Farnam Street
Omaha, NE 68131
Customer Service Number