Mutual of Omaha Bank is a subsidiary of the century-old Mutual of Omaha insurance company, and, like its parent company, it’s known for its conservative values. This FDIC-insured bank offers a wide range of financial products and accounts, including a credit card, money market savings account, checking account and mortgage program.
Though its values may be a little old-fashioned (and that’s not a bad thing) Mutual of Omaha Bank is very much in the present with its online account management options. You can open and manage most of their account offerings completely online.
Online Advantage Checking
All you need to open an Online Advantage Checking account with Mutual of Omaha Bank is your Social Security number; your driver’s license, state identification, military identification, or passport number; and information on your existing checking or savings account. This is true for most of the bank’s financial products, except loans, and you can open an account online in a matter of minutes.
Although it doesn’t have the lowest minimum opening deposit online, Mutual of Omaha Bank requires only $100 to open an online checking account. The account comes with free online banking and eStatements, free online bill pay and account transfers, a free network of ATMs, and a free first order of checks.
Like many online-focused checking accounts, this one doesn’t have a monthly maintenance fee, but there are some other potentially-hefty fees you should know about, including:
- $20 an hour for account balancing
- $20 an hour for account research
- $1 a page for copies of items
- $10 for deposited items returned
- $5 a month dormant account fee
- $5-$10 excess withdrawal fee
- $3 interim account statement
- $30 stop payment fee
Obviously, many of these fees are easy to avoid, but if you think you’ll run into them, you may want to compare this checking account with other, lower-fee options.
One of the best things about Mutual of Omaha’s checking account is the interest rate. It earns 0.5 percent on deposits, one of the highest interest rates for an online checking account. However, you have to carry a balance of at least $1,500. So if you normally have a low account balance, you won’t see any interest payments.
Overall, this can be an easy to use online account from a well-established bank.
Online Money Market
Money market accounts are great for saving for specific purchases or for emergency savings, and this one from Mutual of Omaha Bank is worth checking out.
Several banks, particularly online options like Everbank, have higher yields on money market accounts, but the Mutual of Omaha Bank MMA is still near the top of the list. It offers an interest rate of 0.85 percent on balances from $5,000 to $500,000, and an interest rate of 0.10 percent for balances above that.
One potential problem with the Mutual of Omaha Bank MMA is that the minimum account balance is $5,000, putting it out of reach for many savers who are just starting out. Still, it can be a decent option when you have $5,000 that you’d like to keep in a money market account.
Fees for this account are very similar to fees for the online advantage checking account. There’s no monthly maintenance fee, but the bank may leverage hefty fees for things like account balancing, deposited items returned, and no account activity.
Just like the checking account, the money market account is easy to open online in just a few minutes with your basic identifying information.
The Mutual of Omaha Bank Platinum MasterCard can be a good deal for those with excellent credit scores. The card offers reward points for every purchase, and these points can be used for cash back, airline tickets, hotel rooms, merchandise, and more. For the first 60 days, you get double the points with your card.
Rates for this Platinum MasterCard can be quite good, as low as 9.99 percent APR, and the card has no balance transfer fees and no annual fee.
If you want the convenience and higher interest rates of an online bank, but also prefer the good name of a long-standing financial institution, Mutual of Omaha Bank may be right for you. Its competitive products stand up to other online options, and its online tools make account management easy.