Budget With Quicken Online (Free!)
Email Newsletter
RSS
Comment
PrintFNBO Direct Review: Omaha Savings Bank Boasts Industry-Leading Rate
Saving August 25th, 2008In the battle for the best high yield savings account, FNBO Direct is giving big boys like HSBC and ING a run for their money. FNBO Direct currently has the highest interest rate for a savings account that a.) has no minimum balance or initial deposit and b.) does not require you to enroll in any other products (like a checking account). Plus, FNBO recently earned the distinction of “best online savings account” from Kiplinger’s magazine. What else should you know about FNBO?
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. Since opening, FNBO Direct’s annual rate has gone as high as 6.00% APY, with no minimum balance required.
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 ATM 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 ATM 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.
How do you sign up?
You can open an FNBO Direct account here, or compare all of my editor’s picks for top online savings accounts with no minimum deposit.
September 9th, 2008 at 1:48 pm
Something else to consider if you are going to make many ATM withdrawals is that there is not only the $2.50 withdrawal fee to FNBO, but there will also be a fee to the ATM vendor at the site of the withdrawal, that is unless you withdraw directly from a FNBO machine - which I suppose would have to be in Omaha or Nebraska. This may not matter much if you make rare ATM withdrawals which I think would be the case with a savings account.
September 11th, 2008 at 4:30 pm
Good point, Ron. It seems the fees on both ends are getting harder and harder to avoid. But I think you’re right—most people won’t access their savings via ATM except for perhaps an emergency.
October 7th, 2008 at 2:34 pm
Also, check out their BillPay account as well. It lets you send checks out to whoever you want for free, so you basically have a checking account attached to the online savings account.