Dedicated to Deposits: Deals, Data, and Discussion

FNBO Direct Finally Does a Press Release on its 6% Savings Account

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FNBO Direct
First National Bank of Omaha finally did a press release for its FNBO Direct internet bank and its 6% APY online savings account. It's interesting that they waited 3 weeks after the 6% started and 3 months after FNBO Direct became active online. Perhaps, they're trying to spread the demand more evenly. Since I opened my account on May 1st, I have not experienced any login problems or slowness that can be caused by heavy traffic like what EmigrantDirect experienced last year.

As I reported on Saturday, FNBO Direct did announce a new limit on total allowed balances so they may be doing well in attracting deposits. It'll be interesting to see how many deposits they'll be able to attract, and how much of this will remain by the end of the year when the promo is long over. If they can maintain a competitive rate after the promo, they might be able to prevent a mass exodus of funds. Before May, FNBO Direct was offering a very competitive 5.25% APY.

For a summary of the FNBO Direct savings account, please see my FNBO Direct account overview or for all of my previous FNBO Direct posts, please see this page.

  Tags: FNBO Direct, savings account

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Comments
4 Comments.
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
Looks like FNBO Direct is putting on a media blitz. They have a podcast about online savings accounts and FNBO Direct at spe.atdmt.com/lp/fnbo/FNBODirect_podcast.mp3

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Comment #2 by Anonymous posted on
Anonymous
They cashed my small opening check mailed 5/7 on 5/16 after the trial deposit failed. It's now 5/21 and I still didn't receive an e mail with my full account number. But I did receive and e mail telling ne what the last four #s are and they are limiting the deposit amounts.

1
Comment #3 by mla (anonymous) posted on
mla
Another data point for transfer speed...

I submitted a transfer request to FNBO last Friday, 5/18.

The money was pulled on 5/23 and deposited to FNBO on 5/24.

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Comment #4 by Anonymous posted on
Anonymous
My Experience with FNBO was Negative. During tax season, my tax bundle from my accountant got list in the mail, so I put a fraud alert on my Social Security Number with a phone number to call to verify identity before new accounts are opened. FNBO simply denied my account, never called to verify my identity (after I called several times explaining the situtation). Granted my situation may be somewhat unique, but all they had to do was call one phone number, and 2 weeks later, I'm still waiting (but the account was denied anyway - so I'm in some form of ongoing limbo) - tells yo a little about their customer service.

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