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Mutual of Omaha Bank Advantage Checking review

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Earn interest on your checking account, but only if you maintain a daily balance of at least $100.

finder.com’s rating: 3.7 / 5.0

★★★★★

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

$10 per month

Monthly fee

0.05%

APY

$100

Minimum deposit to open

Details

APY0.05% on balances of $100+
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

Expert review

Peter Carleton

Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

Mutual of Omaha Bank’s Online Advantage Checking account is best for those looking for a interest-bearing account. The account includes an avoidable $10 monthly fee and access to over 22,000 free ATMs across the country.

However, you won’t earn interest on balances below $100.

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 0.05% interest on balances above $100.
  • 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 $100 .
  • 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.

If you prefer a higher yield checking account, you’ll want to keep looking. As always, compare your options when looking for a checking account.

Compare with other checking accounts

Name Product APY ATMs Fee
BBVA Online Checking
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
BBVA Premium Checking
0.05%
More than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$19/month
(can be waived)
A full-service interest checking account that offers automatic rebates of ATM fees. Earn a $200 cash bonus when you add direct deposit.
Chase Sapphire Checking
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $1000 welcome bonus when you join Sapphire Banking by January 17, 2020. 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.
Radius Bank Rewards Checking
Radius Bank Rewards Checking
1.20% on balances of $100,000+
1.00% on balances of $2,500 to $99,999.99
More than 20,000 ATMs + unlimited ATM surcharge rebates
$0
Earn cash back with this high-interest checking account, plus get free ATM access worldwide.
Chase Total Checking
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.
Chime Spending account
0.01%
38,000 fee-free ATMs nationwide
$0
Linked checking and savings accounts from a mobile-first bank that’s light on fees.

Compare up to 4 providers

How do I open a Mutual of Omaha Bank Advantage 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.

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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