FNBO Direct is a standard option compared to the best online banks. Business Insider's personal finance team found that other online financial institutions have more online bank account options and higher rates on high-yield savings accounts.
FNBO Direct may still be worthwhile if you're specifically searching for a money market account. It offers one of the best money market account rates, and its account is also has no monthly service fees.
FNBO Direct Savings Account Interest Rates
- FNBO Direct Online Savings Account: 3.60% APY
- FNBO Direct Online Money Market Account: 3.81% to 4.20% APY
FNBO Direct Online Savings Account
no monthly service fee
3.60%
$1
- Good interest rate
- $1 minimum opening deposit
- No monthly service fees
- Send mobile or email payments through Popmoney
- Deposits received through check may take up to 10 business days to process, so funds may not be readily available
- $1 million maximum principal deposit balance
- Popmoney allows you to make email or mobile payments instead of using traditional checks
- No minimum balance requirements or monthly service fees
- Interest compounded and deposited monthly
- FDIC insured
The FNBO Direct Online Savings Account pays more than the average savings account interest rate, but other online banks offer more competitive high-yield savings account rates.
FNBO Direct still may be worthwhile if you prefer getting an online savings account that's easy to open. You only need $1 upfront, and there's no monthly service fee.
FNBO Direct Online Money Market Account
no monthly service fee
3.81% to 4.20%
$0
- Great APY regardless of account balance
- Low minimum opening deposit
- No monthly service fee
- No debit card or ATM card
- An initial deposit may be on hold for up to 10 business days
- Deposits via checks can take up to 10 business days to process
- Does not reimburse out-of-network ATM fees
- To earn the best APY, you must maintain an account balance of $500,000 or more
- Earn 3.81% APY on account balances up to $249,999
- Earn 3.90% APY on account balances between $25,000 to $99,999.99
- Earn 4.00% APY on account balances between $100,000 to $499,999.99
- Earn 4.10% APY on account balances between $500,000 to $999,999.99
- Earn 4.20% APY on account balances $1,000,000 and above
- Interest is compounded and deposited monthly
- FDIC insured
The FNBO Direct Online Money Market Account is an excellent option for anyone searching for an online money market account. It has a competitive APY, a $0 minimum opening deposit, and no monthly service fee.
To earn the best APY, you have to maintain at least $500,000 in your account. However, you can still get a great rate regardless of how much money you keep in it.
The one notable downside to this account is that it isn't as accessible as other money market accounts. There isn't an ATM card or debit card attached to the account, and check deposits can be delayed up to 10 business days. If this is important to you, consider a different institution.
About FNBO Direct
FNBO Direct is an online division of First National Bank of Omaha.
The online operation has a high-yield savings account and a money market account that anyone in the U.S. can open if they're at least 18 years old.
FNBO Direct currently doesn't offer online checking accounts or CDs.
If you're interested in opening a checking account through First National bank of Omaha, your eligibility will depend on where you live. You can open a First National Bank of Omaha checking account through the brick-and-mortar institution's website — which is different from FNBO Direct's website — or by going to a branch in Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota, Texas, or Wyoming.
Customer service is available 24/7 by phone.
The bank's mobile app has 4.3 out of 5 stars in the Google Play Store and 4.2 out of 5 stars in the Apple Store.
FNBO Direct is FDIC insured. You may deposit up to $250,000 in an individual bank account.
FNBO Direct Pros and Cons
FNBO Direct Pros
- No monthly bank maintenance fees on accounts
- Competitive interest rate on money market account
- Savings account interest rate is higher than the average savings account
FNBO Direct Cons
- No online checking account or CDs
- Other online financial institutions have high-yield savings accounts with even higher rates
- Check deposits can take up to 10 business days to process
Is FNBO Direct Trustworthy?
First National Bank of Omaha hasn't been involved in any recent public scandals.
The Better Business Bureau grades businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. FNBO has an A+ rating from the BBB.
How FNBO Direct Compares
FNBO Direct vs. Bank5 Connect
Choosing between FNBO Direct and Bank5 Connect will boil down to your preferences.
Bank5 Connect has more bank account options than FNBO Direct. For example, you'll be able to open a Bank5 Connect Checking Account and Bank5 Connect High-Yield CD, which may be appealing if you're planning on opening multiple bank accounts with one financial institution.
Bank5 Connect's most competitive high-yield savings account and its money market account have high minimum opening deposit requirements, though. If you're specifically looking for these account types and don't have a lot of money to deposit upfront FNBO Direct will probably be a better option.
FNBO Direct vs. Chime
Chime is an online banking platform with a high-yield savings account and a checking account. Picking between these two places will likely depend on which bank accounts you want to open.
FNBO Direct has a money market account, which Chime doesn't have, but Chime has an online checking account, which FNBO Direct doesn't offer.
If you're specifically choosing between high-yield savings accounts, FNBO Direct will likely be a better choice for a competitive interest rate, but you may still prefer Chime if you prefer an account with more accessibility.
FNBO Direct FAQs
FNBO Direct is the online division of First National Bank of Omaha. FNBO Direct offers a high-yield savings account and a money market account.
You can open an FNBO Direct savings or money market account online if you're at least 18 years old. The online application requires your Social Security number as well as a photo ID like your driver's license.
FNBO Direct accounts are only eligible for adults. If you live in Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota, Texas or Wyoming, you may open a kid's traditional savings account for a child at a nearby branch.
The FNBO Direct Online Savings Account offers 3.60% APY. The FNBO Direct Online Money Market Account pays a tiered interest rate 3.81% to 4.20% APY. You'll earn a higher APY on FNBO Direct Online Money Market Account with a higher account balance.
The FNBO Direct Online Savings Account and FNBO Direct Online Money Market Account have zero monthly service fees, overdraft fees, and minimum balance requirements. There is a fee for outgoing domestic wire transfers.
FNBO is secure. Its online division of First National Bank of Omaha, and its bank accounts are federally insured $250,000 per depositor.
Why You Should Trust Us: How We Reviewed FNBO Direct
At Business Insider, we follow our bank rating methodology when reviewing banking products, including banks as a whole. When reviewing FNBO Direct, we started by rating each banking product separately. We rated products on factors like interest rate, customer service, and monthly service fees. We gave each factor a score from zero to five, then got the weighted average to figure out an account's total star rating. Star ratings can be from anywhere from one to five stars.
Once we've rated each banking product, we average all of the bank's product scores together, along with the bank's ethics rating, to get the bank's final score.
