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.