Banking 
3
comments

Kiplinger’s Best Online Savings Account: FNBO Direct

Email  Print Print  

FNBO DirectKiplinger’s put out their annual 2008 Best List and the best online savings account for 2008 is FNBO Direct. FNBO Direct is the online savings account arm of First National Bank of Omaha (FDIC Certificate #5452), a bank that’s been in business since 1857 (it’s only been “insured” since 1934 because that’s when the FDIC was created). It’s a bank that has weathered its fair share of financial and political storms in those 150+ years of existence and has nary a scratch.

The reasons why Kiplinger named them the best online savings account are the same reasons why I like them – a high interest rate (now 3.25% APY), a simple signup process (it took a few minutes), and a ton of helpful banking features including linking to up to three banks via ACH and online bill payment (with ATM access). The only minus I can think of is the plain and basic interface, but that’s hardly worth mentioning because I don’t need a lot of flash… I’ll take a higher interest rate.

Another bank that has a higher interest rate and similar online flexibility is E*Trade Bank. They offer a 3.30% APY that beats FNBO Direct by 0.05%, have an extremely versatile online system that lets you link up multiple banks, and has the added benefit of instant access to a brokerage account should you want it. The only downside that I see with E*Trade at the moment is that their future is uncertain. The stock price has sunk below a dollar given recent news that they require funds from the TARP in order to stay afloat. Your funds are always protected by FDIC insurance but the spectre of insolvency certainly gives one pause.

Undoubtably, the fact that FNBO Direct has not been in the news probably played a role in their being named the best online savings account. There is such a thing as bad press… especially if it’s about your potential demise!

{ 3 comments, please add your thoughts now! }

Related Posts


RSS Subscribe Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.

3 Responses to “Kiplinger’s Best Online Savings Account: FNBO Direct”

  1. vilkri says:

    Thanks for the heads up. I have been using HSBC Direct and ING Direct. ING has not been as competitive as other internet banks. I will give FNBO a shot. Do they have a referral program like ING that could benefit you?

  2. James says:

    Any idea what rates they’re offering on CDs? Their site says they have CDs, but I didn’t see any rate info.

  3. Jeff says:

    Can you set up an ACH transfer from your FNBO acct to your regular brick and mortar bank and have it count as a direct deposit?


Please Leave a Reply
Bargaineering Comment Policy


Previous Article: «
Next Article: »
Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2014 by www.Bargaineering.com. All rights reserved.