FNBO Direct Review: Online Bank With High Yields and Low Fees
Written by
Cynthia Bowman
Edited by
Susan Kim
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GOBankingRates Score
FNBO Direct
-
Checking Account
4.0
-
Savings Accounts
4.5
-
Banking Experience
4.5
Pros
- Earn competitive interest on checking and savings balances
- Access to over 2 million ATMs worldwide
- Free incoming wires and stop payments
- Minimum opening balance requirement of $1
Cons
- Limited account options
- No physical branches
- No paper checks
FNBO Direct Overview
FNBO Direct is an online-only bank division of First National Bank of Omaha. For those comfortable with an online banking experience, FNBO Direct offers lower fees and higher rates than its brick-and-mortar parent company.
As a digital bank, FNBO Direct doesn’t have the vast array of product options that many traditional banks do, but it does offer the types of accounts most popular with general customers. This is one of the reasons GOBankingRates has named it one of the Best High-Yield Savings Accounts of 2024.
FNBO Direct Review: Key Features
FNBO Direct earns high marks for its checking and savings accounts and customers’ banking experience.
Checking Accounts
FNBO Direct’s Online Checking account provides what most customers want: good rates and low fees. This account offers an APY of and has no monthly service fees. The minimum opening deposit is $1.
The Online Checking account is full of complimentary perks for customers, including free bill pay, free account alerts, a free Visa debit card, free direct digital payments to merchants and individuals, digital payments with Apple Pay, Samsung Pay and Visa SRC and free fraud monitoring. Customers also don’t have to pay for incoming wires or stop payments — and they get access to more than 2 million ATM locations worldwide without having to pay FNBO Direct any fees to use them, though the terminal companies might charge.
You won’t be able to use paper checks with this checking account. Instead, it comes with a mobile app and digital payment capability. In addition, the account is 100% online, so you can’t go to a branch office if you need assistance.
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Savings Accounts
The FNBO Direct Online Savings account has a high APY and no fees. This savings account has the same digital wallet and mobile capabilities as the bank’s checking account, and there’s only a $1 minimum to open. The APY is . Interest is compounded daily and credited monthly to help you build savings even faster.
Savings account customers get the same access to more than 2 million fee-free ATMs worldwide as checking account customers. ATM withdrawals don’t count toward your six maximum convenience (ACH) withdrawals per month. FNBO allows five ATM cash withdrawals, for a total of $1,000, per day.
FNBO Direct Online Savings does come with some additional restrictions. You can’t transfer or withdraw more than $100,000 from your account in any one transaction or any one business day or more than $500,000 in any month. You also can’t deposit more than $250,000 in any one transaction or any one business day. Finally, the maximum combined account size is $1 million.
The FNBO Direct Online Savings Account is one of GOBankingRates’ Best High-Yield Savings Accounts of 2024.
Banking Experience
Great rates are a major part of FNBO Direct’s appeal, but a quality experience is important, too.
Mobile App
Online banks offer unique benefits that give them an edge over traditional banks. Fees are typically lower and the potential to earn higher yields is more likely. However, you give up local branches. To make up for the lack of physical bank branches, FNBO Direct offers a mobile app called Go Mobile. Nearly anything you could do with a teller can be done through the app. You’ll be able to:
- View and manage your accounts.
- Make mobile check deposits.
- Switch your debit and credit cards on and off.
- Set up notifications on account activity and spending.
Customer Service
FNBO Direct customer service reps are available around the clock by phone at 877-370-3707. Customers also can contact the bank by email and postal mail. However, you can get help with many questions online at the Help Center, which has well-organized FAQs with detailed information about bank products, services and policies.
Security
FNBO Direct employs a robust security strategy to safeguard your money and your privacy. In addition to adhering to advanced security standards and implementing layered security measures such as firewalls, email security and antivirus, FNBO Direct restricts access to information and systems and works to stay a step ahead of hackers.
The security section of its website offers consumers a wealth of information explaining the steps they can take to protect their accounts.
Comparable FNBO Direct Options
FNBO Direct isn’t the only online banking option. Competitors such as Ally Bank and Capital One 360 offer slightly different features and benefits.
FNBO Direct vs. Ally Bank
Ally Bank offers three types of CDs — High Yield, Raise Your Rate and No Penalty — which gives it a big edge over FNBO Direct, which does not offer CDs. FNBO Direct pays a APY on its checking account, regardless of the balance. Ally Bank’s Interest Checking Account offers a flat APY for average daily balances of less than $15,000. To get the higher APY rate, you need to have at least $15,000 in the account.
FNBO Direct vs. Capital One 360
Capital One 360 may be a better option for customers who want the benefits of online banking but also the flexibility of being able to visit a physical branch office, which FNBO doesn’t offer.
FNBO Direct pays a higher APY on its checking account than the APY available at Capital One 360 Checking Account. Although Capital One 360’s customer service hours are extensive — 8 a.m. to 11 p.m., seven days a week — they aren’t 24/7 like FNBO Direct.
Final Take
FNBO Direct’s product lineup isn’t as deep as those of other banks, but it does offer very attractive checking and savings account options. If you’re comfortable doing your banking on your computer or in the palm of your hand, FNBO Direct can give you a better return on your money than most other banks.
FAQ
Here are answers to some commonly asked questions about FNBO Direct.- Is FNBO Direct legitimate?
- FNBO Direct is a legitimate banking option. Its parent company, First National Bank of Omaha has been operating as an independent, family-owned bank serving the Midwest for over 160 years.
- What is the difference between FNBO and FNBO Direct?
- The First National Bank of Omaha is FNBO Direct's parent company, with over 100 branches available in the states of Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota, Texas and Wyoming. FNBO Direct is the financial institution's online-only banking option.
- Is First National a good bank?
- First National has been in business for over 160 years. It operates in eight states and manages over $30 billion in assets.
- Is FNBO Direct a local bank?
- FNBO Direct is the online-only version of the regional First National Bank of Omaha.
- What is the interest rate for FNBO Direct?
- FNBO Direct savings accounts earn 4.25% APY. Checking accounts earn 0.15% APY.
- How long does it take for FNBO Direct deposits to go through?
- FNBO Direct typically makes funds available on the first business day after it receives the deposit.
John Csiszar and Daria Uhlig contributed to the reporting for this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 9, 2024.
To determine rankings for the Best High-Yield Savings Accounts, GOBankingRates looked at the following factors from all banks: (1) minimum deposit to open an account; (2) monthly savings fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) minimum needed to earn APY; (4) savings APY; and (5) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (2) and (3) were weighted 1.5 times; factor (4) was weighted 4 times; and factor (5) was weighted 0.5 times. To be considered for the high-yield savings account, the product offered had to have an APY above 0.45%.
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