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New OMNI Bank Review

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New OMNI Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1980, New OMNI Bank has assets totaling $435 million and deposits totaling $329 million, ranking it as a medium-size bank. New OMNI Bank, whose headquarters are in Alhambra, California, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, New OMNI Bank is a bank with better alternatives, with a score of 3.7 stars out of 5 from our team. New OMNI Bank has the complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. Using a bank with no-fee checking, in addition to a high savings APY is your best bet for accruing the most income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.7
SmartAsset Average: 3.5

New OMNI Bank features a savings rate of 0.30%, which is poor compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.95% and 1.15%, respectively, while its highest-yielding money market account has an APY of 0.45%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How New OMNI Bank's Savings Rates Compare

New OMNI Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on New OMNI Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

New OMNI Bank is a brick-and-mortar bank, with three total bank locations in California. With a mobile app, New OMNI Bank provides convenient mobile banking, even from home or work. New OMNI Bank gets an exceptional consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

New OMNI Bank is a medium-size bank with assets totaling $435 million and deposits totaling $329 million. New OMNI Bank has an excellent Texas Ratio of 0.00%, denoting that the bank is in outstanding financial health and unlikely to fail. Additionally, New OMNI Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare New OMNI Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $300
Checking Account 0.3% APY $2500
Certificates of Deposit
  • 12 Month: 0.95% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.15% APY
$10000 for all terms
Money Market Account 0.45% APY $2500

New OMNI Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. New OMNI Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. New OMNI Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a New OMNI Bank Near Me

New OMNI Bank has three locations in the U.S.

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