FNBO Direct Review, Rates: CDs, Savings, Money Markets
First National Bank Omaha (FNBO) is a subsidiary of a bank with more than 150 years experience in the banking industry: First National of Nebraska. When the First National of Nebraska opened in 1857, it served the local Omaha community. Now, the bank is the largest privately owned bank in the United States and has more than 6.6 million customers nationwide, 5,000 employees and $17 billion in managed assets.
FNBO Direct offers four different account options to save money and manage your financial life: online savings accounts, online certificate of deposits, online bill payments and a rewards credit card that makes deposits into your savings account each time you reach a certain threshold of spending.
Online Savings Accounts
Since FNBO Direct savings accounts are completely online, they are able to offer account holders a higher interest rate than traditional savings accounts. The savings they experience through online banking are passed on in the form of additional savings and benefits to account holders – such as no monthly fee or minimum balance requirements. The current savings rate is 1.10% APY, about five times higher than traditional savings accounts.
You can open a savings account with FNBO Direct for as little as $1 initial deposit. Once the account is open, you can manage your account through online access, pay bills from your balance, access the money any time via debit card or by transferring money between various bank accounts.
A unique feature of FNBO savings accounts is Popmoney™ which allows you to send or receive money from friends using FNBO Direct accounts via email or mobile phones. It allows you to avoid bank visits or check writing in many situations.
Since a savings account can be opened with just $1; and there are no minimum balance requirements or monthly fees, you can easily open multiple savings accounts to help track your money easier. Why not create a vacation account, emergency fund, or holiday account to keep your money separate for all the various categories of savings you have?
Opening a savings account with FNBO Direct is painless – you fill out a short online application, wait for approval from FNBO Direct, activate the new account with a username and password – and log in! Once you are logged into your new savings account, you can set up recurring deposits from as many as three different bank accounts to start saving immediately, if you want to.
Online Certificate of Deposits
Certificate of Deposit (CD) products through FNBO Direct give you locked-in interest rates to help you reach your savings goal with risk-free savings. You can choose from several CD maturity terms and fund your CD from your FNBO Online Savings Account (or other bank accounts).
You can withdraw your CD funds within ten days of the maturity date without penalty, or leave it for automatic renewal of another term. Current CD rates range from .50% APY for a 6 month CD up to 2% APY for a 60 month CD.
Online BillPay with FNBO Direct
In addition to savings products which allow you to grow your money, FNBO makes managing your finances easier with Online BillPay. If you pay your bills online, to both individuals and companies, you can stop buying and writing paper checks. You can easily set up recurring payments for utility bills, donations, and other people or companies you pay on a consistent basis so you never send a late payment again.
Your FNBO Direct Online Savings Account and Online BillPay system both use the Visa ATM card. It can be used at more than 840,000 locations around the country. You have the option of joining the rewards program connected to your Visa check card (My DealsSM) to help you save money when shopping at popular merchants.
FNBO Direct Credit Card
For individuals who use a credit card as part of their money management, FNBO Direct offers a rewards credit card that allows you to earn 2 rewards points for every dollar you spend on the card for the first twelve months after you open your account; and one point for every $1 spent thereafter.
Each time you build up 2,500 rewards points from using your credit card to pay for purchases, you can redeem them with a $25 deposit made to your FNBO Direct Online Savings Account. Your every day spending becomes another way to save money! And, just like the Visa check card, you can enroll your FNBO credit card in the My DealsSM program, to receive discounts at a variety of popular merchants.