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Mutual of Omaha Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Mutual of Omaha Bank Savings
0.10% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

Started in 1985, Mutual of Omaha Bank has assets totaling $8 billion along with $6 billion in deposits, which makes it a large bank. Mutual of Omaha Bank, whose headquarters are in Omaha, Nebraska, does not have the same customer service perks that others do. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Our testers rated Mutual of Omaha Bank a 4 stars out of 5, Mutual of Omaha Bank should be near the middle of the pack in your search for a bank. 

Mutual of Omaha Bank offers a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate, which means other popular banks have higher rates. If you're looking for a checking account for everyday use, Mutual of Omaha Bank's most basic checking account does not have a monthly fee. Why use checking and savings accounts with the same bank? Fast transferring of funds between the two accounts translates to better interest rates in your savings account with the ability to spend from your checking.

Service Quality

Mutual of Omaha Bank is a brick-and-mortar bank, with 30 total bank locations in Arizona, California, Colorado, Florida, Hawaii, Kansas, Nebraska, Nevada and Texas. It also offers access to mobile and web apps for simple access and banking on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. CT; Saturday, 8:00 a.m. to 1:00 p.m. CT. 

Mutual of Omaha Bank gets moderately decent ratings from users for its online presence: out of 42 ratings across Apple and Android platforms, the Mutual of Omaha Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). You can access Mutual of Omaha Bank's mobile app to manage your finances by reviewing account balances, sending and receiving money as well as reaching customer service. Mutual of Omaha Bank receives an exceptional consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 1.00% APY
  • 36 Month: 2.60% APY
  • 48 Month: 1.65% APY
  • 60 Month: 2.00% APY
$1000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.30% APY $1,000 Compare Offers
Checking Accounts 0.05% APY $2,500 Compare Offers

Mutual of Omaha Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Mutual of Omaha Bank's CD rates are competitive compared to the average U.S. bank. 

Rates

With a savings rate of 0.10%, Mutual of Omaha Bank ranks below the mean compared to the national average. Mutual of Omaha Bank's one-year and five-year term lengths CD's earn at a rate of 0.60% and 2.00%, respectively, while its highest-yielding money market account has an APY of 0.30%. Mutual of Omaha Bank has a fair savings rate compared to the average savings account. Think about higher earning savings accounts with other banks.

Compare Mutual of Omaha Bank to Other Competitive Offers

Fees

On average, Mutual of Omaha Bank charges customers low fees in comparison to the average U.S. bank. With no monthly fee, Mutual of Omaha Bank's checking account is perfect for those who need a hassle-free checking account. For those who will need cash in a pinch, it is less than great because it has ATM fee of $3.00, which is less than the best product in comparison to other U.S. banks. Also, Mutual of Omaha Bank has an overdraft fee of $30, which is considerably less than that of other U.S. banks, making it perfect for those who take out money in large amounts. Mutual of Omaha Bank  does not reimbursee ATM fees meaning you will be required to locate a Mutual of Omaha Bank ATM or eat the cost of withdrawal.

Financial Health

Mutual of Omaha Bank ranks as a large bank with $8 billion in assets and $6 billion in deposits. Mutual of Omaha Bank's Texas Ratio is 11.27%, indicating a tiny chance of failure. Additionally, Mutual of Omaha Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Mutual of Omaha Bank Near Me

Mutual of Omaha Bank has 30 branches in the U.S.

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