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Barclays VS Mutual of Omaha

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
2.10%APY
Savings/MMA
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Pros:

  • High-interest rates
  • Savings assistant helps visualize goals
  • No minimums, fees, or required amounts
  • Options on how to receive interest

Cons:

  • Limited types of accounts offered
  • Transfers take 2-3 business days
  • No mobile app
  • Customer service is not open 24/7
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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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 few states
  • Not all accounts offer competitive rates
  • Competitive rates require a large sum
Barclays Review

Barclays offers extremely high-interest rates. Their rates are higher than other banks and even other online banks. Their high yield savings account and CDs earn great interest rates. Even their short-term CDs earn higher interest rates than most other banks.

Barclays offers a Savings Assistant tool. First, input your goal. Next, decide how much you want to save and how much you have saved already. Finally, decide how much you can contribute to the account each month. With one click, the Savings Assistant tells you how long it will take you to reach your goal.

There is not a set amount to open a savings or CD account with Barclays. Their accounts do not have monthly maintenance fees. There is also not a set amount you are required to keep in the different accounts.

You have the choice of how to receive the money earned on interest. You can choose to have the money kept in the CD or transferred into your Barclays savings account. You can choose to have the money transferred to a verified external account. To set up different interest options log in to your account.

Barclays only offers one high yield savings account and CDs. They do not offer a checking account. Barclays used to offer accounts for minors but stopped in June of 2017. Even though they only offer one savings account, you can open up to 25 different accounts if needed.

Your money is not available immediately. Transfers into your Barclays account take five business days. Electronic transfers from your Barclays account to your external account take 2-3 business days. Money transferred between Barclays accounts are immediate.

There isn’t an app for the Online Savings account and the CD accounts. You can access your accounts and do whatever you need to do online, but not through an app.

Customer service is not available all the time. You can reach customer service through the mail or by the phone. They are open seven days a week from 8 a.m. to 8 p.m. ET.

Read the full Barclays 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 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.

Read the full Mutual of Omaha review.

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