FNBO Direct (First National Bank Omaha), a subsidiary of First National of Nebraska, joined the crowded scene of high yield online savings accounts a few years ago. Now serving more than 6 million customers across the nation, this bank is committed to customer service which is quite rare.
Review of FNBO’s Account
With a minimum deposit of $1, it’s easy to start funding a FNBO Direct online account. Here’s the four step guide to the whole process (according to their website).
- Visit FNBO Direct’s website
- Get approved (in this process, it pulls your credit report to identify you as who you say you are).
- Access your account by visiting the website
- Click “Transfer Funds” whenever you need to do a transaction.
That’s really all there is to an online savings account.
Wait, There’s More with FNBO Direct
Unlike many other online savings accounts, FNBO Direct offers an online billpay feature. This is extremely useful and one which I will start using extensively to pay my bills. I used to have a checking account with Citibank that I do this with. The bad thing about that is the money I have in there is not earning interest at all. Now with FNBO, those leftover money can be working for me as well. All I do is transfer money into the Online BillPay account within FNBO and pay the bills whenever I need to.
FNBO Direct’s Visa Check
I personally don’t need an ATM card with my online savings account, but FNBO offers a visa check card for those that do (If you have $25,000 in combined balances in your savings and billpay account, you can qualify for up to 4 free foreign ATM withdrawal fees).
The Bank’s Got a Credit Card Tied to the Savings Account Too
If you decide to apply for one, FNBO Direct has a decent Visa credit card offering. The details are:
- 2 points per $1 spent in the first 12 months (1 point thereafter)
- Every 2,500 points equal to a $25 deposit into your savings account
- 7.99% APR variable on purchases and balance transfers
- Visa’s Zero Liability Protection applies to this card
What FNBO Direct’s Online Savings Account Mean for Us
The short answer? Another choice. The longer answer (and a more appropriate one) is that FNBO Direct offers a great option for our money in its online bank because of good customer service, online billpay and high interest rates.
Only you can decide whether this is right for you or not but with a $1 minimum, why not try it? I opened one and continued using it. You might too.
Update: Since this review was first published, FNBO Direct changed their account opening process. If you sign up now, you will need to get approved (it says 3 business days but it’s usually the next day). Once you get approved, you will be sent an email to create an username and password so don’t worry if the system is telling you that your application is pending, as there’s nothing to worry about.
- FNBO Direct – Official Site
FNBO Direct is just one of the online banks we reviewed here on MoneyNing.com. Click here for the entire list of online savings accounts we have experience with.
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I have been a customer at FNBO for 3 yrs. Overall I have not had any problems until recently. I tried to have a check stopped. Well, this was impossible. I tried to call every day, several times a day. Early morning, Afternoon even in the middle of the night. Wait times were anywhere from 10 minutes, which at 20 minutes I hung up. To 90 minutes. At which time I hung up. Now because I couldn’t stop this check. I thought it was lost. So I paid the bill with bill pay. Thinking I could attempt again on Monday. The bank did a push on said check. And it was pushed through… Now I have several overdraft fees and I paid the bill twice. The branch is not open due to the pandemic and was told drive through couldn’t help me with a stop payment. Surely there has to be a remedy on trying to get business done via phone without having to delegate an entire day on hold to speak to a person.
I have been with this bank for a year and i must say i do not understand the illogical thinking…for one they have no mobile app for direct users
two you cannot make a reoccurring internal payment from one user to another user belonging to the same bank .. so rather than transferring money to the SAME bank you have to use bill pay.
So they cut a paper check MAIL it to the person then the receiver just deposits it back into the SAME bank… taking 10 days to complete cost of the paper and postage.
when EVERYONE else does this electronically in 10 minuets…
fire your tech rep and catch up with the 21st century.
this bank overall sux…. I had money being taken out of my savings account without approval. I am now stuck paying fees for not closing out the account. you want my advice do not bank with them you will regret it.FNBO/FCB this bank sux
Rod, Was this your wife or friend or theif that was takeing money out of your account without approval? Was this through any fault of your own as in an ex-spouse whos still has shared account credit cards or anything like that?
I’ve been with FNBO Direct for about 2 years now, and have been very pleased with them. Never a problem with transfers, and they are prompt, only 2-3 business days. Rates are low now but better than most locals banks. I have 2 savings accounts with them, one for a specialize purpose. I definitely recommend them.
I have a credit card with this bank. In Nov 09 they send me a letter saying they will change my APR from 9% to 21% because I quote” they loosing revenues in this hard economy” never been late and I pay about 3 times the minimun payment each month
After checking out so many online banks, I still like FNBO Direct because their web interface is just so simple, unlike some of the other competitors. No one ever complains about them either so that makes me feel comfortable depositing my money with them.
I love the simplicity of fnbo direct. Other companies seem to heavily advertise “no fine print” and everything but this bank just shows it by having a simple website, simple ads and simple terms.
I just wish fnbo will raise rates.
Great Bank I Have Two Of There Credit Cards And This Online Savings Account Just One Of The Best Banks Around…..
FNBO Direct is pretty cool. It’s not everyday that you get a bank that offers a simple interface and bill pay for free. If you want CD, you have to open an online savings account first which is a little weird but no biggy since I wouldn’t mind being their customer in the first place.
Liz: Anther suggestion I’d have is to visit a free credit report company. Basically, your banking account history—kind of like your credit history. There, you can order the report for free once every two years. If you’ve been turned down in the last 6 months, you can get if for free. With the history, you can see if your history—all the accounts you’ve opened, if you’ve had too many bounced checks, etc.
fnbo direct is great even though I’m not happy that everyone (including them) are lowering their rates. I guess I shouldn’t complain that the yield is still quite good compared to its peers and I haven’t had any problems with them.
In general though, I think online savings accounts are great and I don’t understand how traditional bank savings accounts compete because the online banks are easier to use and it offers a higher yield which in the end is the primary reason why we use savings accounts.
Linda, I use fnbo as well but yes, I do care because I want my bank to be responsible and safe. It’s one thing that they offer high yields but if they are always in the news of doing something stupid (like AIG), I wouldn’t bank with them.
FNBO Direct offers a good online savings account. I use it and I have no complaints but do people actually care that much who they bank with anymore? I mean, shouldn’t we just move money to the bank that has the highest yield when everything is so easy and done online?
FNBO Direct is decent. It’s more of less like the others, it’s got good rates so far so I stay with them.
FNBO Direct’s bill pay is really really good and it’s so easy. I just came back to this post to say thank you.
Liz: I would call FNBO Direct up and see what you can do about it. My friend got rejected as well and after he called them, they told him it was just a typing mistake and they activated his account shortly after.
Great review of the first national bank of ahama.
Help. I applied to FNBO Direct and I got declined. I really don’t know what to do. Is my credit ruined? Anyone know anything that I can do? Really appreciate anyone’s help.
If you read MoneyNing’s post a few days ago, you can find the place to get free credit reports. I suggest going there to get a free credit report and see if there are anything you can see that can be fixed.
Good luck.