5 Star Bank VS Mutual of Omaha

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
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Pros:

  • Variety of different accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • No monthly fees or minimum balances

Cons:

  • Money market account has tiered rates
  • Must meet requirements to earn interest
  • Daily debit card limits
  • Higher balances earn lower rates
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
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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 a few states
  • Not all accounts offer competitive rates
  • Most competitive rates require a large sum
5 Star Bank Review

5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.

5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.

There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.

Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.

To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.

5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.

5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.

Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.

Read the full 5 Star Bank review.

Mutual of Omaha Review

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 limit 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.

Read the full Mutual of Omaha review.

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