Dedicated to Deposits: Deals, Data, and Discussion

FNBO Direct Planning a Cash Back Reward Credit Card

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FNBO Direct
FNBO Direct just sent out an email describing some new enhancements it has made to the savings account along with a planned introduction of a cash back rewards credit card. Unfortunately, the current enhancements aren't anything special. It would have been nice if the enhancements included a faster ACH transfer system. The new credit card is planned in a few months. Below is the main part of the email:

Now You Can:

* Set up reoccurring deposits into your FNBO Direct Online Savings Account from your pre-verified external transfer accounts

*Open and fund additional FNBO Direct accounts using your pre-verified external accounts

*Choose your username and password when you set up your account

In addition to continually improving our features and functionality, over the next few months we will be introducing new products and services to make your FNBO Direct relationship more valuable. For example, the FNBO Direct Credit Card will give you a competitive interest rate and cash back rewards deposited into your FNBO Direct Online Savings Account.

I remember when EmigrantDirect went from the highest rate savings account to offering a cash back credit card in 2005 (post). That turned out to be a disappointment when the cash back reward turned out to be only 1.25%. Later it was bumped up to 1.40%, but still that was low when Citibank and Chase were offering 5% cash back on everyday purchases. Another issue with the credit card was that Emigrant required the account holders to maintain a savings account balance of $10,000 for 6 months before they would be eligible for the cash back rewards. Hopefully, we'll see a better program by FNBO.

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.

Thanks to the reader Nabil who mentioned this email in the finding deals post.

Related Pages: FNBO Direct, savings account

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Comments
15 Comments.
Comment #1 by Anonymous posted on
Anonymous
A credit card...with FNBO!? Good luck with those hoops...

1
Comment #2 by Anonymous posted on
Anonymous
It shows how desperate FNBO is to keep the current accounts not being closed.

They are selling an unworkable idea.

Nothing will hold me back.

1
Comment #3 by Anonymous posted on
Anonymous
y-a-w-w-w-n! FNBO has lost my interest...

1
Comment #4 by Anonymous posted on
Anonymous
It lost my principle :-)

1
Comment #5 by Anonymous posted on
Anonymous
LOL...Can you imagine the information your going to have to send them to qualify and meet Nebraska Homeland security requirements...Blood type, stool sample, pap smear etc...

1
Comment #6 by Anonymous posted on
Anonymous
I just tried to move money out of FNBO and they have a $100,000 limit per day. So I broke the amount up in 2 days. They cancelled one of my transfers because the limit they have is on a 3 day basis.Meaning; I will have to wait 3 business days before I can move their limit again.

1
Comment #7 by Anonymous posted on
Anonymous
A better enhancement would be to establish an on-line secure message box.

1
Comment #8 by Anonymous posted on
Anonymous
"Due to our mistakes and overall bad service, we have extended our high interest account for one year and raised the APY to 8.5%... oh, and offering a lame credit card"

That is the only way I would do business with this bank again.... and, even then, it would be a tough decision. :-)

As soon as my Aug. interest posts, I am closing my account.

1
Comment #9 by Anonymous posted on
Anonymous
Close your FNBO account now and put the money in a 2 year CD paying 5.42% APY (the going rate for a famous internet bank.) If you wait until the end of September, interest rates may be lower - you might have only sub 5% APY options within the next month.

1
Comment #10 by mk (anonymous) posted on
mk
A few years ago when Emigrant Direct led the savings rate charts with their 3.5% APY, they came out with a credit card with cash back bonus if you kept $10k with them.

Today, ED's savings rates are at the bottom of the high yield online accounts.

1
Comment #11 by Anonymous posted on
Anonymous
FNBO = FUBAR

1
Comment #12 by Anonymous posted on
Anonymous
What is FUBAR?

1
Comment #13 by Anonymous posted on
Anonymous
Why don't you Google it and find out? That's faster than asking. Geeez.

1
Comment #14 by Baby I Am (anonymous) posted on
Baby I Am
why does anonymous keep talking to himself? ;-p

1
Comment #15 by Anonymous posted on
Anonymous
Another STUNT from FNBO.
Watch out for the fine print.
It will be next to impossible
to qualify or exclusions of
all kinds. I'm looking at
such offers as thrown a meat bone to an angry MOB ready to
trow stones at FNBO.

1