Mutual of Omaha Bank’s Advantage Checking review August 2019 | finder.com

Mutual of Omaha Bank Advanced Checking review

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Mutual of Omaha Bank Advanced Checking
  • Earn interest
  • Simple application
  • Avoidable monthly fee

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Earn interest on your checking account, but only if you maintain a daily balance of at least $1,500.

This online checking account has an avoidable monthly fee, the potential to earn interest and can be opened within minutes. But with a $1,500 minimum balance to earn interest, poor customer service and high service charges, there might be better options out there.

APY0.15% on balances of $1,500 to $24,999
0.05% on balances of $250,000+
Monthly fee$10 per month
To waive the feeOR maintain a daily balance of at least $100.
Minimum deposit to open$100
ATMs22,000 free ATMs nationwide
ATM transaction fee$0
Out-of-network ATM fee$3
Overdraft fee$5
Nonsufficient funds fee$5
Cash
Check
Transfer
  • Cash by teller
  • Check by teller
  • Bank transfer
  • Cash by ATM
  • Check by ATM
  • Wire transfer
  • Mobile/remote check deposit
  • Direct deposit

What are the benefits of a checking account with Mutual of Omaha Bank?

Use this account to manage your money and get access to other benefits:

  • Earn interest. Earn 0.15% interest on balances above $1,500 and 0.05% on balances over $250,000.
  • Simple application. Get started in minutes with a simple online application.
  • Avoidable monthly fee. Avoid the $10 monthly fee when you maintain a daily balance of at least $100.

Mutual of Omaha Bank’s ATM network and fees

This account comes with a Mastercard debit card that allows you to shop both online and in person. It comes with access to over 22,000 free ATMs nationwide. But using out-of-network ATMs will cost you:

  • Domestic: $3 per transaction plus ATM owner fees
  • International: $5 per transaction plus ATM owner fees

What should I look out for?

Despite the perks of opening this account, there are a few drawbacks you should watch out for:

  • Overdraft protection conditions. Access to overdraft protection is subject to credit approval.
  • Minimum opening deposit. You’ll need to deposit at least $100 to open this account.
  • Interest rate conditions. You’ll only earn interest on balances above $1,500 and you’ll earn less interest if your balance exceeds $250,000.
  • High service fees. Expect to pay fees for wire and electronic transfers, receiving paper statements, returned items and more.
  • Poor customer service. Many customers report having difficulties with customer service, which could be frustrating without the option to get help at a branch.

Compare with other checking accounts

Name Product APY ATMs Fee
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
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 5,000 branches.
1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions per month
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.
Free at over 56,000 ATMs around the world
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
0.01% on balances of $5+
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
$25/month
(can be waived)
Get $350 by funding and maintaining your new account with at least $5,000 in combined checking and savings for 90 days and setting up recurring third-party direct deposits for 3 consecutive months. Offer expires December 31, 2019.
2.00% on balances of $10,000+ or deposit $1+ each calendar month into any Aspiration cash management or investment account
Free to use anywhere worldwide
$0
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $750 welcome bonus when you join Sapphire Banking by September 28, 2019. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.

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How do I open a Mutual of Omaha Bank Advanced Checking?

This account can be opened online in about 15 minutes:

  1. Visit the Mutual of Omaha Bank website, hover over Individuals and click Bank accounts.
  2. Scroll down to checking accounts and click Learn more.
  3. Scroll down and click Open an online advantage checking account.
  4. Select whether you’re a new or existing client, then click Continue.
  5. Fill out all of the fields with your personal information and other details, then click Continue.
  6. Choose your account options, add funding information, review all details, then click Continue.
  7. Submit your application.

Required information

  • Name
  • Birthdate
  • Contact information — address, phone and email
  • Income and expenses information
  • Social Security number
  • Intended usage
  • Security question
  • Funding account information

Eligibility

  • US citizen or resident alien
  • At least 18 years old
  • Valid phone number and email address
  • Social Security number
  • State-issued ID: driver’s license, military ID or passport
  • A minimum deposit of at least $100

How do I deposit or withdraw money?

Once your account is open, here’s how you can access your money:

Deposits

  • Direct deposit
  • Mail a check
  • Mobile check deposit
  • At an ATM
  • Online or wire transfer

Withdrawals

  • Bill pay
  • Online or wire transfer
  • At an ATM
  • Cashback from a participating retailer
  • Check

What other checking options does Mutual of Omaha Bank offer?

Besides the Online Advantage Checking account, Mutual of Omaha Bank offers five additional checking options:

  • Advantage checking. The branch version of this account offers lower interest rates and is only available to residents of Arizona, California, Colorado, Florida, Kansas, Nebraska, Nevada and Texas.
  • Basic Checking. An affordable checking account with no monthly fee and mandatory direct deposit.
  • Classic Checking. A no-frills checking account that doesn’t require direct deposit but has a higher minimum deposit and monthly fee.
  • Investment Checking. Earn interest on balances of $1,000 and get free money orders and discounts on loans for a higher minimum deposit and monthly fee.
  • Platinum Checking. An account with a $100 minimum deposit and $10 monthly fee earns interest on balances over $100.

Bottom line

This online checking account offers the potential to earn interest, has an avoidable $10 monthly fee and access to over 22,000 free ATMs across the country. However, you’ll need at least $100 to open the account and you won’t earn interest on balances below $1,500. Compare other checking account options to see if it’s right for you.

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