Mutual of Omaha Bank

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

All of its checking, savings and CDs have been acquired by CIT Bank.

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Mutual of Omaha Bank has moved to CIT Bank as of January 2021. Here’s what this acquisition means for current and perspective customers.

Which Mutual of Omaha banking products have moved to CIT Bank?

A wide selection of personal and business Mutual of Omaha Bank accounts have moved to CIT Bank:

Personal checking accounts

  • Advantage Checking. Available in all 50 states, this basic online checking account earns interest with a $100 balance. Avoid the $10 monthly fee by maintaining a $100 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.

Personal savings accounts

  • Savings. Earn interest with a $100 daily balance and no monthly maintenance fees.
  • Money Market. Open with a minimum of $1,000 and earn up to 0.2% APY.
  • Certificates of deposit (CD). Terms range from 30 days to five years, with a minimum opening deposit of $1,000.

Business checking accounts

  • CIT Business Checking. Simple business checking with 300 free monthly transactions.
  • CIT 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 accounts

  • 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.

Additional Products

  • 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.

Can I still open a Mutual of Omaha Bank account?

You can still open a Mutual of Omaha Bank account under CIT Bank, but you can’t do it online. You must visit a branch in person, which have all now been rebranded to CIT Bank. Only CIT Bank accounts that weren’t moved over from Mutual of Omaha Bank can be opened online through CIT Bank’s website.

What happens to my account if I’m currently a Mutual of Omaha customer?

All Mutual of Omaha bank accounts have been rebranded to CIT Bank. You can access your account as normal at banking.cit.com.

Compare Mutual of Omaha Bank to the competition

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee Offer
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Axos Bank Rewards Checking
1.25% on balances of $0 to $50,000
$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.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
Bonus
HSBC Premier Checking
0.01% on balances of $5+
$0
Free to use at all ATMs in the US
$0
Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

HSBC Premier Checking offers free global transfers and 24/7 customer support.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
$10
55,000+ free Allpoint ATMs worldwide
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Bonus
BMO Harris Smart Money™ Account
N/A
$25
Unlimited transactions at 40,000+ ATMs nationwide
$3
Get a $300 cash bonus when you open a new account and have a total of at least $4,000 in qualifying deposits within the first 90 days. See terms and conditions
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees.
Citi Priority Checking
Finder Rating: 3.4 / 5: ★★★★★
Bonus
Citi Priority Checking
N/A
$30,000
70,000+ fee-free ATMs in the U.S.
$2.50
Earn up to $2,000 when you open an eligible account and complete required activities.
Secure online banking and access to cash with one of the largest networks of fee-free ATMs in the US.
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Who should I contact if I have questions about the Mutual of Omaha and CIT Bank acquisition?

Visit a local branch or call 866-351-5646 weekdays from 7 a.m. to 7 p.m. CT if you have questions about your accounts or the Mutual of Omaha and CIT Bank acquisition. Customer service isn’t available on weekends.

Bottom Line

Mutual of Omaha Bank offered a comprehensive suite of financial services for individuals and businesses. But now all of these accounts have been acquired by CIT Bank. You can either open an account directly with CIT Bank online or compare high-yield accounts if stronger rates are what you’re after.

Frequently asked questions

What is Mutual of Omaha Bank’s routing number?

Mutual of Omaha Bank’s routing number is 104002894.

How long does an online account application take to be processed and approved?

An online account will take about 15 minutes to process.

How do I make deposits to an online account?

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

Is CIT Group purchasing Mutual of Omaha Bank?

Yes. It’s projected that CIT will purchase Mutual of Omaha Bank by the first quarter of 2020. Check with your local branch to find out what that means for your accounts.

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