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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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DETAILSINSTITUTIONAPYMINMAXPRODUCT
FNBO Direct0.75%-$1mOnline Savings
FNBO Direct0.65%-$1mOnline Billpay
Accounts mentioned in this post. Rates as of July 28, 2014

Reviews of FNBO Direct's Online BillPay Account, $25 Bonus & Its New Website

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FNBO Direct

FNBO Direct updated its home page today, and one deal that's now listed on its home page is a $25 bonus for opening its Online BillPay Account. The bonus isn't much, but I also wanted to point out a notable feature of this Online BillPay Account. It has a respectable interest rate of 1.25% APY for all balances (as of 4/22/2010). This might seem low, but for non-reward checking accounts, I'm afraid it's competitive these days. As a comparison, you need a $100K balance in ING Direct's Electric Orange account to earn 1.25% APY. You only earn 0.25% for balances under $50K. As you can see in the DepositAccounts.com Checking Account rate table, only three other institutions offer nationwide non-reward checking accounts with higher rates for all balances.

One thing FNBO Direct didn't improve on their website was to make the disclosures easier to find. I was only able to find the Online BillPay disclosure at the start of the application. There are no monthly service fees, but there are other fees to note including a dormant account fee, a foreign ATM fee and a fee for using PopMoney service which allows you to send money to other people.

Bonus Review

So if you're looking for a competitive online checking account, this $25 signup bonus may be worthwhile. To earn $25, open an FNBO Direct Online BillPay Account and use your check card 6 times before June 30, 2010, and FNBO Direct will automatically credit your account by July 15, 2010. You must not already have the Online BillPay Account, and it's limited to one bonus per household.

FNBO Direct Overview

FNBO Direct became popular in 2007 when it launched its 6.00% savings account promotion. However, it also angered many customers back in 2007 when it put holds on some customer accounts when FNBO Direct determined the customers didn't comply with an employment history verification. I had an account during this time, but I didn't have this problem.

The savings account has remained fairly competitive. I have the savings account rate history in this post with a comparison to the rates of HSBC Advance (formerly HSBC Direct).

FNBO Direct is a division of First National Bank of Omaha, and accounts at FNBO Direct are FDIC insured under First National Bank of Omaha (FDIC Certificate # 5452). For more about the financials of First National Bank of Omaha and more links of my previous FNBO Direct posts, please refer to the FNBO Direct rates and reviews page.


  Tags: FNBO Direct, checking account

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Comments
2 Comments.
Comment #1 by Jo/GaelicWench (anonymous) posted on
Jo/GaelicWench
I received an email April 8th saying that there is a $10.00 bonus if I use my FNBO Direct debit card ten times by June 15. This is for purchases made; no mention of using billpay. Anyways, once you've made those ten transactions  - no limit on the dollar amount - they will credit your account with the $10.00 bonus by July 15th.

Apologies in advance, Ken, if you've already posted this earlier in the month. Sometimes I skim through the emails, so may have easily missed it.

It isn't a lot of money, but $10 is $10!

2
Comment #4 by Anonymous posted on
Anonymous
Their customer service was not helpful, but oh well. Are the check cards for the bill pay accounts good? As in are they like any other card, you can use it anywhere and pay no fees? I don't need to use it in an ATM, just want to make sure I can use it to pay bills with the card, as with some merchants/expenses this would be easier. I'm opening 7 savings accounts through them to help with my budget. Mostly for expenses that come up less frequently than monthly. But even for every day things like pet food/toys. Put my budgeted amount in the account marked for that (you can change the name to whatever you want to help keep track of what they are for) and do an instant transfer (instant if before 10PM) from the account, decreasing my budgeted amount for that category. My wife thinks it silly, but we are terrible at budgeting and I think this is a reasonable way to keep track of what we need money for and earn a wee bit of interest on it at the same time. Interest rates have gone down since this post (not surprising). 0.85% Savings and 0.65% Checking. Still way better than physical banks.

1