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OMB Bank Review: Checking, Savings and CDs

  1. Spencer Tierney Author Avatar
  2. Tony Armstrong Author Avatar
  3. +1
Written by
Spencer Tierney
,
Edited by
Tony Armstrong
Last updated on May 14, 2025
Fact Checked
Fact Checked
NerdWallet rating
3.8
Best for:Online consumers who want a high-yield savings account or CD and tend to have high balances.
OMB Bank

Overview

Editor's note, June 16, 2025: OMB Bank's high-yield online savings account described below is no longer being offered to new customers.

OMB Bank is a community bank based in Springfield, Missouri, that offers accounts with competitive rates or rewards to digital banking customers nationwide. The online-only OMB Online High Interest Savings Account has a stellar rate of 4.56% annual percentage yield on all balances and there’s no monthly fee. But there is a steep opening minimum deposit requirement of $5,000.

The bank offers several types of rewards checking accounts, which can either earn interest, stocks or cash back on purchases. Early direct deposits and same-day transfers via Zelle are available. There are no monthly fees on any of these accounts. OMB Bank’s certificate of deposit specials have competitive rates. (Compare with the best CD rates.)

Nearly all CDs have a low opening minimum deposit of $1,000, except for the one-year CD special which requires at least $10,000. The interest and cash-back rewards checking accounts have low opening minimums of $25, but getting rewards is dependent on satisfying three monthly requirements: Receiving electronic statements, making a dozen debit card transactions and receiving at least one direct deposit or other automated monthly payment.

The bank provides free access to the national ATM network MoneyPass as well as a handful of branches mostly in Missouri. Live chat and phone support hours are limited to weekdays. (Note: This page covers only consumer accounts.)

» COMPARE: Check out NerdWallet's best high-yield savings accounts

Pros

  • No monthly fees.

  • Competitive rates on some savings and CDs.

  • Large, free, nationwide ATM network.

  • Competitive rewards checking accounts.

Cons

  • Expensive overdraft fee.

  • Low rates on some CDs.

  • High minimum opening deposit on savings account.

  • Limited customer support phone hours.

Rating methodology

How we rate banks and credit unions

Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.

100+

Financial institutions reviewed

We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

30+

Categories assessed

Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.

60+

Data points analyzed

We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.

Star rating categories

The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.

Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.

NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.