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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 $435 million in assets as well as $329 million in deposits, making it a medium-size bank. New OMNI Bank, whose headquarters are in Alhambra, California, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, New OMNI Bank is an average bank that leaves room for improvement, with a score of 3.7 stars out of 5 from the SmartAsset experts. New OMNI Bank has the full package of banking products, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. New OMNI Bank has a fair savings rate; you can find higher rates with other banks. Using an institution with no-fee checking, in addition to a high interest rate savings account is your best option for getting the highest income on your deposits while having convenient access to your funds.

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 has a savings rate of 0.30%, which is fair as compared against the national average. New OMNI Bank's CD rates are 0.95% and 1.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.45%. Given its below average savings rate, you should think about looking elsewhere to open 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. It also offers access to a web app, for a straightforward online-banking experience. New OMNI Bank gets an exceptional consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 ranks as a medium-size bank with $435 million in assets and $329 million in deposits. New OMNI Bank's Texas Ratio is 0.00%, suggesting that New OMNI Bank is in terrific financial condition 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 think about looking 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 other U.S. banks.

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Find a New OMNI Bank Near Me

New OMNI Bank has three physical branches in the U.S.

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