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FNBO Direct Savings Account Rate – Competitive But Not the Best Rate
 

FNBO Direct Savings Account Rate – Competitive But Not the Best Rate

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FNBO Direct, the online banking arm of First National Bank Omaha, is offering a savings account rate that is competitive and considerably higher than the current national average rate.  FNBO Direct's savings account rate is currently at 0.65 percent with an APY of 0.65 percent.

The FDIC's current national average savings rate is 0.10 percent, less than one sixth of FNBO Direct's rate. Again, this isn't the best savings rate around, for example, American Express Bank's current savings rate is at 0.85 percent and Ally Bank's savings rate is at 0.84 percent.

FNBO Direct's savings rate isn't the highest around but the account has many benefits that other savings accounts don't have making the FNBO savings account a contender.

The good news about this savings account is there are no minimums and no monthly fees on the account. You can also open an account with as little as $1. You can open the account with a buck and setup direct deposit and save money.

You might be able to get a better savings rate at a different bank but if the bank is charging fees than the actual APY isn't as it seems. With FNBO's current APY of 0.65 percent the account earns 0.65 percent.

Opening an account is quick and easy online. You apply online, the bank will let you know your account approval status, once the savings account is approved you can activate the account. Once the account is active you can setup transfers from other banks and transfer money into the account, it is that quick and easy.

The current savings rate and APY is as of today, 6/11/12. As with any savings account the interest rate is fixed and can change at anytime. Since deposit rates are so low in general I doubt FNBO Direct will lower the rate from here.

The bank's savings rate is slightly below 2 year CD rates of 0.75 percent so if you wan't to lock in a rate you can open a 2 year cerificate of deposit instead of a savings account. Which ever you choose you can open an FNBO account at the bank's website here: FNBO Direct Account Application.

A really cool account feature is being able to send mobile and email payments directly from your FNBO Direct accounts.

Author: Monica Harris
June 11th, 2012