Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Mutual of Omaha Bank Advantage Checking review

Last updated:  

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 checking account has an avoidable $10 monthly fee and the potential to earn 0.05% interest if you keep a $100 minimum balance. But it can only be opened in-person.

$10 per month

Fee

0.05%

APY

$100

Minimum deposit to open

Details

APY0.05% on balances of $100+
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 Advantage Checking account is best for those looking for an interest-bearing account. You’ll earn 0.05% APY as long as you maintain a balance of $100. Plus, the account has an avoidable $10 monthly fee and access to over 22,000 free ATMs across the country.

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

Mutual of Omaha’s Advantage Checking account comes with a debit card, unlimited checkwriting privileges and free bill pay, as well as these unique perks:

  • Earns interest. Earn 0.05% interest on balances above $100. But you might find higher rates elsewhere.
  • Discounts. Your first box of checks is free and you get $4 off a safety deposit box when you set up auto-pay from your checking account.
  • Low opening deposit. Most interest-bearing accounts have an opening deposit of $500 or more. This one only requires you to have $100 to get started.
  • Avoidable monthly fee. You only need to maintain $100 in your account to avoid the monthly fee.

    What should I look out for?

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

    • Can’t open online. You used to be able to open the Mutual of Omaha Bank Advantage Checking account online. But now it can only be opened in-person at a local branch.
    • Overdraft protection conditions. Access to overdraft protection is subject to credit approval.
    • Expensive fees. Expect to pay $3 for out-of-network ATMs, $40 for incoming international wires, 50 cents for person-to-person electronic transfers and $5 for overdraft protection transfers.
    • 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 Minimum deposit to open ATMs Out-of-network ATM fee
    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.
    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.
    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 a $200 signup bonus when you meet deposit requirements
    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.
    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.
    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.
    loading

    Compare up to 4 providers

    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

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

    Mutual of Omaha’s Advantage Checking account must be opened in-person at a local branch in AZ, CA, CO, FL, KS, NE, NV, TX. Visit the bank’s website to find the location nearest you.

    Required information

    • Name
    • Birthdate
    • Contact information — address, phone and email
    • Income and expenses information
    • Social Security number
    • 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 from my Advantage Checking account?

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

    • 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.

    Ask an expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
    Go to site