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A solid option
This review is for: Online Savings
The FNBO Direct savings account is an online only savings account similar to numerous others that have emerged over the past few years. They offer substantially higher interest rates that bank or credit union savings and money market accounts.
I have had my FNBO Direct savings account for over a year and a half now, and it continues to have just about the highest rate of any online account- this is the reason I opened it in the first place. To open, you apply online and then link the account to your personal checking account. FNBO makes a couple of small electronic deposits into your account. To prove you own the checking account, you log in and record the dollar amount of the deposits. After this, you can now transfer money between your checking and FNBO accounts at any time.
To be brief, the main advantage to this account is the high interest rate to build you savings. You can also open CD accounts at very good rates.
There are small drawbacks: it takes a few days to transfer money, you don't get a paper statement, and the website is quite barebones. I had some trouble figuring out how to transfer the funds from a matured CD back into my savings account. But with the help of a friendly associate on the phone I worked my way thru the menu options with no problems.
In summary, a simple and great savings account if you want a high rate and don't need instant access to your funds.
Posted by andrewgoodwin05 -- July 21, 2009
When the rates were high
This review is for: Online Savings
This is like a checking account without the checks with better interest rates at low balances. While interest rates were going up, my money was spreading it's wings, and going anywhere I could get a bonus or good rates at the time. So when I look at the interest I made(interest amounts also include bonuses they might have gave) last year and then compare it to this year past the halfway point it's pathetic. There must have been a bonus to join up, although I can not remember for sure. While this bank only lists one account, there is an add-on BillPay account you can get, which currently earns 1.25% APY. I haven't ever tried it out, but you'll also get a Visa check card if you apply.
The security of the password on these accounts is good, if you use a-zA-Z0-9 and a decent length. You can change the challenge questions at any time, Although, it does not show what they were before. This banks plays nice with Mint.com and changes it's rates often enough to stay competitive. This site(Bankfox) says you get an ATM card, but I think that's a choice on the application. I didn't get one, because I couldn't see a reason for needing one. FNBO Direct is someone you might want to look at, although it's not a site that offers multiple services.
Posted by lightdark -- July 20, 2009
Better than ING? And Warren Buffet lives here...
This review is for: Online Savings
FNBO stands for First National Bank of Omaha....Let's get right to the heart of it...If Warren Buffet has his money at this bank, I think there's a reasonable chance that my money will do better, just by proximity. What if Warren just drives by this bank on regular basis. Is that enough? I think it might be.
Based on slightly more tangible criteria - FNBO Direct still seems like a great online bank. Very high ACH limits ($250k/trans deposits, and $150k/trans withdrawals), application and statements entirely online, joint accounts, beneficiaries, soft credit check and up to 3 linked accounts. And of course, their rate - which as of today, is significantly better than ING. They may not be as flashy as the Dutch, but they look like just as good if not a better option?
Posted by huckleberry -- March 15, 2009
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