Mutual of Omaha Bank CD Rates
Mutual of Omaha offers a variety of services including savings accounts, checking accounts, money market accounts, CD rates, IRAs, brokerage accounts, mortgage products, and credit cards. Even better, they have a checking account that doesn’t include a monthly fee like other banks do.
Les specifically covers the perspective of their current CD rates in the section below;
Mutual of Omaha Bank CD Rates Offers
The highly prominent and most authorized CD offers by Mutual of Omaha Bank are;
12-Month CD
Key Features
- Term Duration: 12 months.
- Interest Rate: Fixed at 0.75% APY.
- Minimum Deposit: $1,000.
Considerations
- Funds are locked in for 12 months.
- Enable the consumer to earn interest at a consistent rate.
Pros & Cons
| Pros | Cons |
| Fixed 0.75% APY | Limited liquidity |
24-Month CD
Key Features
- Term Duration: 24 months.
- Interest Rate: Fixed at 1.00% APY.
- Minimum Deposit: $1,000.
Considerations
- Longer-term commitment for higher interest.
- The low potential risk with a fixed rate.
Pros & Cons
| Pros | Cons |
| Better interest than 12-month | Moderate interest compared to longer terms |
36-Month CD
Key Features
- Term Duration: 36 months.
- Interest Rate: Fixed at 1.35% APY.
- Minimum Deposit: $1,000.
Considerations
- Longer-term commitment for increased interest.
Pros & Cons
| Pros | Cons |
| Low risk with fixed rate | Extended commitment period |
48-Month CD
Key Features
- Term Duration: 48 months.
- Interest Rate: Fixed at 1.55% APY.
- Minimum Deposit: $1,000.
Consideration
· It offers Higher interest compared to shorter-term CDs.
Pros & Cons
| Pros | Cons |
| Flexible deposit considerations | – |
Are Mutual of Omaha Bank CD Rates Competitive?
In terms of competitiveness of the CD offers, the institution offers a range of CD options with attractive Annual Percentage Yields, ranging from 0.75% for a 12-month term to 1.90% for a 60-month term.
These rates compare favorably to industry standards, providing customers with the opportunity for stable and secure returns. The fixed interest rates and minimum deposit requirement of $1,000 across all terms enhance accessibility for investors seeking varying commitment periods.
However, individuals who are considering Omaha Bank’s CDs should be mindful of the trade-offs associated with longer commitment periods, such as reduced liquidity and potential early withdrawal penalties.
How do Mutual of Omaha Bank CD Rates Compare?
Mutual of Omaha Bank’s CD rates, as provided for various terms, are competitive when compared to rates offered by other financial institutions.
While Mutual of Omaha Bank’s 5-year CD offers a competitive 1.90% APY, it is noteworthy that Fort Knox Federal Credit Union and Wings Financial Credit Union provide slightly higher rates at 3.05% and 2.73%, respectively, for the same term.
Additionally, Umpqua Bank’s 8-Month Special and Incredible Bank’s 9-Month CDs offer shorter-term alternatives with APYs of 1.06% and 1.10%, respectively.
Meanwhile, Investors seeking short-term options may find these alternatives appealing, but Mutual of Omaha Bank’s rates generally remain competitive within the spectrum of the presented options.
Overview Mutual of Omaha Bank
Mutual of Omaha was founded in 1985 and has over $8 billion in assets. Their headquarters are in Omaha, Nebraska. Although Mutual of Omaha does have online banking, they don’t have online customer help. This means that if you need any help, you will either have to go in person or call them.
In terms of fees, Mutual of Omaha charges their clients much lower fees compared to other banks. Mutual of Omaha Bank is also FDIC-insured, which means that your money is insured up to $250,000 if something were to happen to the bank
Although Mutual of Omaha is known for its insurance services, it also offers great banking services and good customer service. Most recently, CIT bank acquired Mutual of Omaha, however, customer accounts remain unchanged at Mutual of Omaha.
Availability
You do not need to be a member of Mutual of Omaha to open up a CD account. However, already having an account with them would be beneficial to you as it would be easier since they already have most of your information.
Locations Mutual of Omaha Bank
Branches in Arizona
The branches in Arizona are:
Chandler, Scottsdale, Sun City West, Oro Valley, and Tucson.
Branches in Nevada
The branches in Nevada are:
Reno, Laughlin, Henderson, and Las Vegas.
Branches in California
The branches in California are:
Branches in Texas
The braches Texas are:
Branches in Nebraska
The braches in Nebraska are:
Omaha
Branches in Florida
The branches in Florida are:
Marco Island
Branches in Hawaii
The branches in Hawaii are:
Honolulu
Frequently Asked Questions
Most Generally, if you don’t provide instructions before the maturity date, Mutual of Omaha Bank may automatically renew your CD at the prevailing rate for a similar term.
Generally, CDs can be used as collateral for loans. For this need, you have to contact Mutual of Omaha Bank directly to inquire about their specific policies regarding the use of CDs as collateral.
No, there are typically no age restrictions for opening a CD at Mutual of Omaha Bank. Individuals of all ages can take advantage of their CD offerings.
Interest payments for Mutual of Omaha Bank CDs are usually made at the end of the term. However, some CDs may offer the option of having interest paid out more frequently. Verify the specific terms of the CD you are interested in.
Transferring a CD to another person’s name may involve specific procedures. Contact Mutual of Omaha Bank directly to find out more about the process and any requirements for transferring ownership.