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Mutual of Omaha Bank products: Savings, Checking, and CDs

Offers a variety of checking, savings and CDs, but you could get better interest rates elsewhere.

Ryan Brinks

Updated Apr 1, 2020

Mutual of Omaha Bank offers interest-bearing checking and savings accounts for online and in-person management. But potential interest is minimal and most banking products are only available in nine states.

What banking products does Mutual of Omaha Bank offer?

With a wide selection of free online banking, Mutual of Omaha Bank offers personal and business accounts:

- Online Advantage Checking. Available in all 50 states, this basic online checking account earns interest with a $1,500 balance. Avoid the $10 monthly fee by maintaining a $100 balance.
- Advantage Checking. Earn 0.05% interest and avoid the $10 monthly fee with a $100 minimum balance.
- Basic Checking. No minimum balance and fees, but you won’t earn interest.
- Classic Checking. Free banking with a $300 minimum required to open and to waive the $7 monthly fee.
- Investment Checking. For balances more than $50,000, interest rates are 0.1%. Maintain a $10,000 daily balance to avoid the $15 monthly fee.
- Platinum Checking. Earn 0.05% on $100 or more and avoid the $10 monthly fee.
- Mutual Savings. Earn interest with a $100 daily balance and no monthly maintenance fees.
- Money Market. Open with a minimum of $1,000 and earn 1.69% APY.
- Certificates of deposit (CD). Terms range from 30 days to five years, with a minimum opening deposit of $1,000.
- Mutual Business Checking. Simple business checking with 300 free monthly transactions.
- Mutual Business Analysis Checking. Earn interest with a minimum $1,000 opening balance. Offers risk management features, but no interest on accounts.
- Commercial Analysis Checking. Features cash management and risk mitigation features, but no interest.
- Commercial Analysis with Interest Checking. All the features of a Commercial Analysis Checking account, plus interest paid on a $1,000 daily balance.
- Interest on Lawyer Trust Account (IOLTA). Attorneys can use this account to support nonprofits, education and support services.
- Business Savings. Earn interest and avoid the $3 monthly fee with a $500 daily balance.
- Business Money Market. Open with a minimum deposit of $1,000 and earn interest on tiered balances.
- Public Funds Money Market. Earn interest on balances of $1,000 or more and open with a minimum deposit of $10,000.
- Business CDs. Terms available from 30 days to 60 months with a minimum opening deposit of $1,000.
- Personal Loans. Personal, auto and RV loans, lines of credit (LOC), and home equity loans.
- Retirement accounts. Accounts include traditional, Roth and Coverdell Education IRAs.
- Health Savings Accounts (HSA). For qualified medical expenses with high-deductible health insurance plans, Mutual offers tax-deductible, IRS-compliant accounts.
- Credit cards. Mutual offers business credit cards and as of January 2020, it plans to launch a personal credit card.
- Mortgage loans. VA, FHA, Conventional and USDA loans for purchase and refinancing options.
- Business lending. For small businesses, commercial, real estate and commercial loan officers.
- Merchant services. Credit payment solutions for in-person and online payments.
- Community association banking services. Mutual offers property pay and lockbox services, HOA loans, cash management and online document management services.
- Private wealth investing. Brokerage, advisory and insurance services, as well as trust and estate management services are also available.

Why should I open an account at Mutual of Omaha Bank?

Offering a comprehensive selection of services and a full menu of account types, Mutual of Omaha Bank is well positioned for online banking. Perks include:

Minimal fees. Avoid monthly fees on most checking, savings, money market and CD accounts with a minimum balance.
Interest for checking. Mutual of Omaha offers interest on most checking accounts.
Extensive ATM Network. For making deposits and withdrawals from checking and savings accounts.

What should I look out for?

While Mutual of Omaha offers a comprehensive selection of products, it has its disadvantages.

Limited branches. Branches are only available in nine states — Arizona, California, Colorado, Florida, Hawaii, Kansas, Nebraska, Nevada and Texas.
Must open an account in person. If you live outside of the nine states it serves, you’re limited to the Advantage Checking account, Money Market account and CDs.
Low interest rates. Yields for business and personal interest-bearing checking are nominal compared to other banks, and savings accounts require high minimums to earn interest.

Compare Mutual of Omaha Bank to the competition

Name	Minimum deposit to open	ATMs	Out-of-network ATM fee
HSBC Premier Checking	$1	Free to use at all ATMs in the US	$0	Get a 3% cash bonus, up to $600 (max. $100 per month) during first six months after account opening. Must open HSBC Premier checking account through offer page by September 30, 2020, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.	Go to site More Info	Compare	loading Fetching your data...
BBVA Online Checking	$25	No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs	$3	A full-service account with convenient, surcharge-free access to two massive ATM networks, plus up to a $250 signup bonus when you meet deposit requirements	Go to site More Info	Compare	loading Fetching your data...
Axos Bank Essential Checking	$0	ATM fees reimbursed at any ATM nationwide		No fees. Unlimited domestic ATM fee reimbursements.	Go to site More Info	Compare	loading Fetching your data...
Axos Bank Rewards Checking	$50	ATM fees reimbursed at any ATM nationwide	$0	Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.	Go to site More Info	Compare	loading Fetching your data...
Aspiration Spend & Save Account	$10	55,000 free in-network ATMs	$0	Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.	Go to site More Info	Compare	loading Fetching your data...
N26	$0	Fee-free ATM withdrawals at Allpoint ATMs	$0	A digital bank account with no hidden fees, no minimum account balance and no maintenance charges.	Go to site More Info	Compare	loading Fetching your data...
Chime Spending account	$0	38,000 fee-free ATMs nationwide	$2.50	Get rid of fees with this mobile-first bank offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.	Go to site More Info	Compare	loading Fetching your data...
Chase Total Checking	$0	Access to 16,000 ATMs and nearly 4,900 branches nationwide	$2.50	Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.	Go to site More Info	Compare	loading Fetching your data...
HSBC Advance Checking	$0	Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York		Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.	Go to site More Info	Compare	loading Fetching your data...
NorthOne Business Banking	$50	More than 300,000 ATMs across America.	$0	A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.	Go to site More Info	Compare	loading Fetching your data...
BBVA Free Checking	$25	1,000 fee-free ATMs across the country	$3	Pay a $0 monthly service charge and get free access to BBVA ATMs.	Go to site More Info	Compare	loading Fetching your data...
SoFi Money	$0		$0	SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.	Go to site More Info	Compare	loading Fetching your data...
Nationwide Advantage checking	$50	Access to over 80,000 ATMs nationwide		This account offers Nationwide highest interest rate – up to 0.90 APY. Plus, no overdraft or non-sufficient funds fees.	Go to site More Info	Compare	loading Fetching your data...

Compare up to 4 providers

Mutual of Omaha Bank customer service

Customer Service provides direct numbers to contact the appropriate department and are available weekdays from 7 a.m. to 7 p.m. CST. The website doesn’t offer a chat option and emails are general inquiry only.

Individuals: 866-351-5646s
Businesses: 866-688-7957s
Community Associations: 866-800-4656s
Business Credit Card Services: 866-552-8855s
Personal Lost or Stolen Debit Card: 866-558-3424s

Mortgage Services: 877-471-7896s
Email: Bank.CustomerService@mutualofomahabank.coms
Mail: Mutual of Omaha Bank, 1299 Farnam Street – Suite 1400, Omaha, NE 68102s

Bottom Line

Mutual of Omaha Bank offers a comprehensive suite of financial services for individuals and businesses. But most products are only available in nine states and its interest rates are lower compared to other banks. If high-yield accounts are what you’re after, shop around for stronger rates.

Frequently asked questions

If you aren’t located near a branch location, deposit options include:
Account-to-account transfers

Mail a check to Mutual of Omaha Bank, PO Box 3671, Omaha, NE 68103-0671
Direct deposit through your employer

Mobile app deposits

Thank you for your feedback!

Ryan Brinks

As the news editor at Finder, Ryan Brinks melds decades of experience in business news and online content into creating comprehensive and helpful comparisons of the companies you trust your money with. He loves to innovate and put money to work while keeping a careful eye on managing risk. Beyond work, Ryan's also passionate about his family and serving his community.

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Mutual of Omaha Bank products: Savings, Checking, and CDs

Offers a variety of checking, savings and CDs, but you could get better interest rates elsewhere.

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