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Financial Rates:
4.0
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Customer Service:
5.0
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Website Experience:
5.0
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Bank Fees:
3.0
Pros:
- Low opening requires amounts
- Variety of accounts offered
- Online accounts available in all states
- Rates not tiered for online accounts
Cons:
- Accounts have a monthly fee
- Some accounts only offered in few states
- Not all accounts offer competitive rates
- Competitive rates require a large sum
What You Need to Know
To open Mutual of Omaha Bank accounts requires low amounts. The online checking account only requires $100 to open. The other checking accounts require from $100 to $1,000 depending on the account. The savings and money market accounts require $100 or $1,000. The online money market requires $1,000 to open.
Mutual of Omaha Bank offers a variety of personal deposit and business accounts. They offer six personal checking accounts. A basic savings account and two money market accounts are offered. CD terms vary from 1-month to 60-months; fixed rates and standard rate CDs offered.
Mutual of Omaha Bank offers an online checking and money market account. The online checking account only requires $100 to open. There is not a monthly fee if your balance is above $100. Balances over $1,500 earn interest. The money market account requires $1,000 to open, waive the fee, and earn interest. These accounts are available in all states.
To earn the most competitive rates for the online accounts does not require a large sum. The online money market account only requires $1,000 to earn the best rate. The online checking requires $1,500. Amounts over $250,000 earn much lower rates.
Mutual of Omaha Bank checking and savings accounts have monthly fees. Those fees range from $3 to $15 depending on the account. Waive the fees by keeping a set balance in the account. Those balances range from $100 to $10,000 depending on the account.
Not all accounts are available in all states. Mutual of Omaha limits the accounts to specific states. The online money market and checking account are available in all states. Most accounts must be opened at a branch location.
Not all Mutual of Omaha Bank accounts offer competitive rates. The online accounts offer rates competitive with other online accounts. The CDs and other accounts offered through branch locations are not as competitive. The rates may change based on the state you open the account in.
To earn the most competitive interest rates requires a large sum. The Mutual of Omaha Bank money market account requires $250,000 to earn the highest rate. The investment checking requires $50,000.
Cool Things
Money IQ
On the Mutual of Omaha Bank website is a section to help increase financial knowledge. The Money IQ section has videos on a variety of financial topics. Some of those topics include debit and credit card alerts, mobile wallet, and fraud. There are videos to help you protect your information on your phone and computer. You can increase your knowledge of retirement or teaching your children to save.
History
Mutual of Omaha started offering insurance and financial services in 1909. The company headquarters are in Omaha, Nebraska. Mutual of Omaha was one of the first to offer disability insurance to nonprofessional workers.
In 1963, Mutual of Omaha started an original series called the Wild Kingdom. This series ran for more than 20 years before it ended in 1988. The series started again in 2002 on Animal Planet.
Mutual of Omaha Bank focus on strength, stability, and service. Their total assets were more than $42 billion in 2017. They have over 5,000 employees. Their branch locations are in nine states. They offer an online money market and checking account in all the states.
Mutual of Omaha Bank offers personal deposit accounts and business accounts. They offer credit cards, lending, and wealth management options. The company also offers life, long-term, health, and supplemental insurance.
Awards and Recognition
- Ranked 367th in Fortune 500’s Top Companies in 2017
- A+ Financial Strength Rating by A.M. Best in 2016
Giving Back
Mutual of Omaha Bank employees spend time volunteering in the communities they serve. For Read Across America employees read to kids in local schools. Employees participated in 9-11 National Day of Service and Remembrance. They partnered with Habitat for Humanity to help a local veteran repair her home.
The Mutual of Omaha Foundation donated $1.1 million. The money went to help local non-profits in the communities. The largest grant went to the local food bank. Other charities included the Boy Scouts of America, Heart Ministry Center, and a women’s center.
Frequently Asked Questions
Yes. Mutual of Omaha Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
Through debit or ATM cards, bill pay, or checks. You can make electronic transfers or visit a local branch.
Yes. With the mobile app, you can transfer money, check account balances, and make a deposit. You can pay bills and find an ATM or branch. The app is free.
No. The branch accounts and online accounts have a monthly fee. Waive the fees by keeping a set balance in the accounts. Those fees vary from $3 to $15 a month, depending on the account.
The online accounts offer the most competitive rates. Most all Mutual of Omaha Bank accounts have a monthly fee. Waive the fees by keeping a set amount in the accounts. There are a variety of accounts offered. Not all accounts are available in all states. To earn the highest rates requires a large account balance.
Accounts are password protected. Mutual of Omaha Bank encrypts information. Their computers and website offer monitored firewalls and virus protection. Plus, you are logged out after a period of inactivity.
The account interest rates vary depending on the state. The interest rates for the online money market and checking account are competitive. To earn interest on the online MMA requires $1,000 in the account. The online checking account requires $1,500 to earn interest.
Yes. Mutual of Omaha Bank offers checking, savings, and money market accounts for businesses. CDs, credit cards, and lending options are offered for businesses.
It is the same. The online MMA and checking account offer more competitive rates. Everything for those accounts is online. The other accounts are similar to your brick and mortar bank accounts.
Yes. Four of the Mutual of Omaha Bank checking accounts earn interest. The online checking earns the most competitive interest rate of the checking accounts. Amounts over $1,500 earn the competitive rate for the online account.
By phone, mail, or by visiting a local branch location. Customer service has specific hours. They are open Monday through Friday from 7 a.m. to 7 p.m. and Saturday from 8 a.m. to 1 p.m. Central time.
Yes. Each of the Mutual of Omaha Bank checking accounts offer free bill pay. The money market and the online money market account also allow for bill pay.
Yes. Deposit cash at local branch locations.
Deposits uploaded through the mobile app are held for two business days.
Yes. Direct deposit is available for Mutual of Omaha Bank accounts. For some accounts, direct deposit waives the monthly account fees.
Bank Contact Information
Mutual of Omaha Bank3333 Farnam Street
Omaha, NE 68131
866-351-5646
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| Savings (Rate as of 4/20/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/20/2024) | |
| APY | 5.00% |
|---|---|
| Rate | 5.00% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC Plus, no monthly fees and unlimited free external transfers | |
| Savings (Rate as of 4/20/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.