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FNBO Direct Review

In the battle for the best high yield savings account, there’s a bank you should know about that’s giving big boys like HSBC and ING a run for their money: FNBO Direct.

FNBO Direct

FNBO Direct

0.75%APY$0Min. to open$75Earnings per $10,000

Editor’s Take: Free bill pay and debit card available.

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FNBO offers a solid interest rate (currently 0.75% APY) that is consistently higher than most savings accounts at brick-and-mortar banks. That’s 5x the average savings account to be exact. FNBO Direct has no minimum balance or initial deposit and does not require you to enroll in any other products (like a checking account). AND, FNBO offers something few other savings accounts offer: A free Visa debit card and online billpay. That means you can pay bills and make purchases and earn a great return at the same time. Plus, FNBO earned the distinction of “best online savings account” in 2008 from Kiplinger’s magazine.

Who is FNBO?

Though you may not have heard of FNBO Direct before, you can be assured your money is in good hands. That’s because FNBO (First National Bank of Omaha) has been in the business for over 150 years and currently has more than $20 billion in managed assets, 6.6 million customers, and physical locations in 35 states. They’re not new to online savings either, and FNBO direct has consistently featured an industry-leading savings rate. Often times, FNBO’s rate has been higher than all other national online banks.

What Does The Account Offer?

FNBO’s online savings account is easy-to-open with as little as $1. The application takes less than 10 minutes, and you can link your new online savings account to existing savings or checking accounts to make online deposits and withdrawals 24/7. FNBO Direct also provides account holders a free Visa debit card for easy account access. (Like with most banks, ATM transaction fees apply. You can always transfer money back to your other accounts for free.)

In addition to a leading rate and debit card/billpay access, FNBO also offers:

  • Great CD rates
  • Free online bill pay
  • An optional low regular APR (now 7.99%) Visa card

In my conversations with online savers, most are interested in a great rate above all else, which you are sure to get with FNBO. But, you’ll also get a fast and easy online application, a clean, simple online user interface, and the support and backing of an established national bank. Plus, FNBO recently earned BankRate.com’s highest award for online banking security, so you’ll know your funds—and personal info—are safe.

Learn More About FNBO or Open an Account Now

Want options? Learn more about saving online in our comparison of the best online banks: High Yield Savings Accounts Compared.