Review of Mutual of Omaha Bank’s Online Checking and Money Market Accounts

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APYMINMAXINSTITUTIONPRODUCTDETAILS
0.35*%$1k$1mMutual of Omaha BankOnline Money Market
0.15*%$1,500$250kMutual of Omaha BankOnline Advantage Checking
Accounts mentioned in this post. Rates as of September 30, 2016.

Mutual of Omaha Bank has recently started offering its online checking, savings and money market accounts nationwide. Previously, they had been available in only certain states. The deposit accounts currently don’t have the best rates, but they are competitive. It’s always nice to see another internet bank come online nationwide and compete for our deposits. Even though the rates may not be the best, you may want to consider this bank for its account features and for its strong financial health. Also, the parent of the bank is Mutual of Omaha, the well-known provider of insurance and financial services since 1909.

Below is a summary of the rates and minimum balances for the money market, checking and savings accounts:

The Online Money Market Account offers a rate of 0.85% for balances of $5,000 to $500,000 as of 4/23/2013. Minimum initial deposit and minimum to avoid a $10 monthly fee is $5,000.

The Online Advantage Checking Account offers a rate of 0.50% for balances of $1,500 to $250,000 as of 4/23/2013. Minimum initial deposit and minimum to avoid a $10 monthly fee is $100.

The Online Savings Account offers a rate of 0.85% for balances of $25 to $500,000 as of 4/23/2013. Minimum initial deposit and minimum to avoid a $5 monthly fee is $25.

All three accounts have the following features:

  • Free account-to-account transfers (see below)
  • Initial funding can be done by ACH or check
  • Free national network of 22,000 ATMs
  • Up to four beneficiaries can be designated per account in the application (CSR)

The checking and money market accounts also offer:

  • Checks (initial box is free for the checking and $6.95 for the money market)
  • Free online bill pay

Mutual of Omaha Bank’s Account-to-Account Transfers

I had to call the bank for details about their ACH transfer service, what they call their account-to-account transfer service. It’s a feature within their bill pay system. Unfortunately, it has very low transfer limits so it has limited usefulness. I was told it’s a risk-based system with limits that can vary, but it will probably not be above $1,000 per day for both incoming and outgoing transfers. However, they do allow ACH transfers that originate from other banks. So that would be the best way to make large deposits and withdrawals. Also, you can always write checks to withdraw money from the checking and money market accounts. And deposits can also be made to all three accounts by mailing checks to the bank.

Mutual of Omaha Bank Overview

In addition to deposit products, the ebank also offers a credit card and fixed rate mortgages.

I first reviewed this bank in 2009 before it began offering its online deposit products. The bank has branches in several states. Many of these branches were acquired from banks that failed during and after the 2008 financial crisis.

The bank is financially strong with an overall health rating at DepositAccounts.com of 5 stars (out of 5) and with a Texas ratio of 9.30% (above average) based on December 2012 data. Please refer to our financial overview of Mutual of Omaha Bank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 32325).

Comments
Anonymous
Anonymous   |     |   Comment #1
Without strong ACH it is a no go for me.
Anonymous
Anonymous   |     |   Comment #2
Note that there is a paper statement fee and a dormant account fee.  It isn't made clear what the paper statement fee is and what constitutes dormancy.
Wil
Wil   |     |   Comment #3
I'll pass too. I'm fine with Incredible Bank.
Anonymous
Anonymous   |     |   Comment #5
Not sure if I will give them a try, but I like the fact this is a recognized name. 
Patrick
Patrick (anonymous)   |     |   Comment #6
ACH bank-to-bank transfers not available with online savings account.  See email received from customer service representative below:

Hello - Thank you for your interest in an online account from Mutual of Omaha Bank. The external ACH transfer option is included with our free BillPay service. Our BillPay service is available to all Checking and Money Market account holders. The feature is unavailable for Savings accounts. Thank you, Sue Zeimet Customer Service Bank Representative II Mutual of Omaha Bank 1665 W. Alameda | Tempe, AZ 85282 eBank Customer Service: 866.264.1214

 
LPT
LPT   |     |   Comment #7
Beware of fees! I have been a customer of Mutual of Omaha Bank for several years, and they charge fees frequently and for everything! When commercials mention hidden fees, my mind goes directly here. Also, if you are planning on doing any transfers between banks, be prepared to wait. The last transfer I did from my MOO Bank account to a different bank's account took over a week, during which time the MOOB web page showed no indication that the transfer was even being processed. And don't expect help from the "personal bankers" - mine could be replaced with a recording saying "that's our policy".

Needless to say, I finally left Mutual of Omaha Bank for one that's customer friendly.
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