Mutual of Omaha Bank Review – A Full Suite of Online Banking Options

The city of Omaha sure has it’s name on a lot of products doesn’t it?  Never having been to Nebraska myself, I would imagine the whole state is made up of banks, corn, burgers and steaks but there’s a lot of history in this city, and one of the most prominent American companies around happens to be Mutual of Omaha.  Well known for the life insurance options, Mutual of Omaha has a more specific Mutual of Omaha Bank platform which has been following me around online for a few months now (targeted ads) so I thought I’d be wise to give them a closer look.

Mutual of Omaha Bank Review

In 1908 Mutual Benefit Health and Accident Association opened it’s doors and began offering insurance.  Check out these costs …

  • Initial application fee to be a member – $5
  • All inclusive insurance policy cost – $20
  • Annual “dues” – $1

Mutual of Omaha Wild KingdomAs time passed and insurance become increasingly expensive, Mutual of Omaha expanded beyond Nebraska into a few additional states each and every year.  Perhaps the most interesting tidbit I learned about the history of this company was that in 1963, Mutual of Omaha debuted their “Wild Kingdom” television program.  You can bet every nature show you see on television today is a result of the success Wild Kingdom had for decades.

Moving on to what Mutual of Omaha Bank has become today; these guys seem to have it all if you’re in the market for any kind of deposit account, insurance account or mortgage.

Mutual of Omaha Bank Product Selection

  1. Online Savings Account – Currently offering a competitive (highest among all of our best online banks) APY of 0.85%.  This interest rate is available to anyone with a balance of at least $25 but not more than $500,000.   Online banking is free on all facets and if you have more than $500,000 in your Mutual of Omaha Bank savings account, you’ll only receive an APY of 0.10%, so considering spreading the money around.
  2. Online Checking Account– Requires an opening deposit of $100 and provides an APY of 0.50% when you maintain a balance of $1,500 – $250,000 (lower than $1,500 receives no interest, higher than $250,000 receives 0.10% APY).  There are no maintenance fees when using this checking account, however dormant or inactivity fees are charged.  Here is a full list of checking account fees.
  3. Platinum MasterCard – An admittedly blah credit card that offers double points for the first 60 days and a low APR of 9.99%.  Other than that, you won’t find may benefits of this credit card and could do much better by checking our best cash back credit card page.  Mutual of Omaha has designed this card more for their loyal bankers than to draw in new business.
  4. Money Market Account – Another top deposit offering Mutual of Omaha Bank has, this account also falls in line with a 0.85% APY.  Minimum balance is $5,000 to maintain this interest rate and the fee structure is similar to other accounts above.
  5. Mortgage – Mutual of Omaha offers purchase and refinance options with a current (lowest) interest rate of 2.875%.  There’s a variety of loan types, lengths and rates to accommodate current and new homeowners and of all the reviews I’ve read from homeowners that have used Mutual of Omaha Bank … the experience has been positive.

Final Word

Is there anything about Mutual of Omaha Bank that blows me away?  No, however what I see is a well respected, well known brand that offers a good variety of products at good interest rates with next to no fees (so long as your account stays active).  There are comparable banks with comparable interest rates but considering the history behind Mutual of Omaha Bank, I suggest you strongly consider looking at their offers when filling your banking needs.

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About Michael Pruser

Michael Pruser is an entrepreneur and credit card expert. He currently manages card partnerships and compliance with Webpals Group. Michael has contributed to Money Under 30, Dough Roller, and Card Ratings.