Dedicated to Deposits: Deals, Data, and Discussion

Why FNBO Direct Hasn't Been Listed at Bankrate?


FNBO Direct
Several readers have asked about why FNBO Direct isn't listed at 's list of top savings and money market accounts. FNBO Direct's 6% APY savings account had been listed for awhile, but it has been missing for several weeks. I emailed Bankrate and received the following response:
FNBO is a paying advertiser who voluntarily submits rates to us to post to the site. It appears that they have simply not provided rates to post in the past few weeks, hence you are seeing them lower on the table and perhaps they have dropped off. This happens because their rate information has expired. Please check back with the site, as they will appear back on the site once they have updated their rates.

One interesting thing to note relates to Bankrate. It appears they only post what banks send to them. This would explain why they often leave out rates from many banks and credit unions. I've read that they only charge banks when they include links and/or comments in the table entry. So ad costs shouldn't be a factor for them not listing a bank.

Perhaps FNBO Direct is not providing the rates to Bankrate because the demand for the savings account may be high enough. If FNBO Direct is spending time doing a bunch of manual checks (like verifying ownership of external accounts of many of its customers and checking employment history of many of its retired customers), FNBO Direct may be having trouble handling all the new customers.

The poll results in my last week's post indicate 15 readers have been asked by FNBO to provide info to validate ownership of external accounts. All but one reported to have the same account title on the external account. There were a total of 104 responses. So about 14% of those who responded had this problem. If this is typical, FNBO must be spending quite a bit of time on this, and unfortunately, many customers are having to spend time also.

For a summary of the FNBO Direct savings account and the 6% promotion, 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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