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FNBO Direct Bank Review 2024

Updated January 23, 2024
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 5 stars out of 5

About Bankrate Score

Overview

FNBO Direct isn’t accepting new applications for either of its deposit accounts, according to an FNBO spokesperson. That noted, the bank is best for those who don’t need to write checks out of a checking account and who want an online savings account with a competitive yield.

Highlights

  • Free Checking
  • High APY
Compare offers
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/17/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/17/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/17/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

FNBO Direct is FNBO's online bank. It offers a checking account and a savings account nationwide, both of which offer a competitive APY. As an online-only bank, FNBO Direct doesn’t have physical branches you can visit, so you’ll need to be comfortable solely using ATMs to withdraw money. Moreover, the checking account doesn’t offer a checkbook; it’s a completely paperless experience, which may be a deal-breaker for some.

Pros

  • Checkmark

    FNBO Direct doesn’t charge monthly maintenance fees on its checking and savings accounts.

  • Checkmark

    Both checking and savings accounts earn interest.

  • Checkmark

    You need only $1 to open an Online Savings Account or an Online Checking Account.

  • Checkmark

    Checking account customers have access to a big ATM network.

Cons

  • The checking account doesn’t include checks, which may not be suitable for some consumers.

  • Certificates of deposit and a money market account aren’t available.

  • New applications for checking and savings accounts are currently paused.

FNBO Direct banking products

5.0
/5
Rating: 5 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
4.75%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$1.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info
FEATURES
Invest Rate
4.75% APY
Info
Loan
$1 minimum deposit to open

FNBO Direct savings overview

FNBO’s Direct High Yield Online Savings Account offers a competitive yield, but the bank isn’t accepting new applications at the moment. FNBO expects to accept applications again in early 2024, according to its website. Only $1 is needed to open the account, and there’s no monthly service fee. You’ll earn interest on all balances. Interest is compounded and credited monthly.

Pros

  • Checkmark

    The Online Savings Account offers a competitive yield.

  • Checkmark

    There is no minimum balance requirement.

  • Checkmark

    The Online Savings Account doesn’t have a monthly maintenance fee.

  • Checkmark

    You start earning interest on your first penny in the account.

Cons

  • There are limits to how much you can withdraw. For example, you can only withdraw up to $1,000 each day via an ATM.

  • The bank’s Next Day Transfer Service is limited to a transfer of up to $3,000 in a business day, $3,000 in a single transaction or $10,000 in any one month.

  • The fee for an outgoing domestic wire transfer is $15.

  • New applications are currently paused.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    FNBO Direct
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/17/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
Promoted offer: No fees. Easy deposits and quick withdrawals.

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fees None
Out-of-network ATM fee None
Excessive transaction fee None

About FNBO Direct

FNBO Direct, which is FDIC-insured, is the online division of FNBO, formerly the First National Bank of Omaha. Although FNBO has been around since 1857, FNBO Direct is a relatively new addition to the bank’s lineup of divisions.

Customer experience

Customer service.  FNBO Direct is an online-only bank, and it doesn’t have any branches. Online accounts are accessible 24/7, and FNBO Direct customers have access to customer service by telephone 24/7.

Digital experience. FNBO Direct’s mobile app has received mediocre ratings in the Google Play and Apple App stores. Digital payments from the Online Checking Account can be made with Apple Pay or Samsung Pay.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.