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Just saw an online ad. Another online savings account, this time by First Nat'l Bank of Omaha (FNBO). 5.25% APY, $1 minimum.

Link

EDIT: fixed link

Edit by Moderator: Clarified Title

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sorry

vsk (May. 15, 2009 @ 1:14p) |

And down to 1.65% as of 5/18/09.

ITAF3Can (May. 18, 2009 @ 4:48p) |

Down to 1.50% as of 6/22/09.

Engineer (Jun. 22, 2009 @ 9:44p) |

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1.50% as of 6/22/2009
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2.8% as of 20081223

FNBO Direct Routing Number:
104000016

Bank by Mail address for deposits:
FNBO Direct
PO Box 3707
Omaha, NE 68103-0707

You can send an overnight check to the following address:
FNBO Direct
14010 West Dodge Road
Omaha, NE 68154


Reported ACH Transfer Times:
any bank > FNBO (pull) 2+ days (interest loss)
GMAC > FNBO (push) 1 day (interest loss)
E*Trade bank > FNBO (push) 1 day (interest loss)
E*Trade brokerage > FNBO (push) same day (no loss)
Fidelity > FNBO (push) same day (no loss)
Fidelity < FNBO (pull) same day (no loss)
TD Ameritrade > FNBO (push) same day (no loss)
Mailed in check > FNBO (interest overlap of 1+ day(s))
ELOAN > FNBO (push) same day (no loss)
WAMU > FNBO (push) 4 days (interest loss)
WAMU > FNBO (pull) 2 days (interest loss)
TreasuryDirect < FNBO (pull) same day, usually a Thursday (no loss)
FNBO > USAA (push) 2 days (interest loss)

Interest Calculation
"We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal balance in the account each day.
Interest for your account will be compounded and credited monthly.

Currently, the interest rate on your account is 5.84% with an annual percentage yield of 6.00%. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time. We will not, however, change your interest rate until to September 28, 2007."

https://www.fnbodirect.com/01d/html/en/about_us/online_agreement.html

Bankdeals blog article on FNBO Direct

Bankdeals blog FNBO Direct part 2 - account opening experience

Bankdeals blog FNBO Direct part 3 - account opening experience

Bump this request thread to get FNBO Direct listed on Yodlee:
http://forum.yodlee.com/showthread.php?t=2488

Comprehensive FNBO article on mymoneyblog.com

ACH/Wire Transfers
You can only ACH / wire to accounts under your name (after adding to authorized external account on FNBO banking website). i.e. I am unable to fund my Ameritrade Brokerage account since I can not do ACH pull / wire transfer money to Ameritrade Bank Account. Will probably need to push to USAA first then fund brokerage acct from there.

Important Note about Closing Your Account
You can close your account and request a wire transfer of your funds. Under those circumstances, you can exceed 100K and possibly not get charged an outgoing wire transfer fee. You will also get credited with any unpaid interest at the time of closing.

From the FAQs (select Q&As -- more on this page):
* Can I close my account at any time?

Yes. You may close your account any time after we have received final settlement on all deposits made by you.

* How is the interest rate on my account calculated?

Interest is calculated daily and is compounded and credited monthly.

* Will I forfeit interest earned on the money in my account if I close my account?

No. When you close your account, all interest accrued will be paid without penalties.

* Is there a minimum balance requirement?

No. Interest will be accrued on whatever amount of money you have in your savings account.

* What determines the change in the interest rate?

The interest rate is variable based on the Bank’s discretion. The rate will change based on the current market conditions.
Doesn't seem to say that this is an introductory period promo APY... but also doesn't say they can't change it in month 2... or on day 2, for that matter.

Still, worth checking out -- thanks, OP! You might want to add this to the "The Daughter of the Mother" sticky.

Looks good, though I may wait to see if they throw everybody a $25 bone...

Anyone know what their transfer times are?

seems like a good one. I need to open a MMA for my dad soon

I e-mailed them...they said you can only link 1 external bank account (like AmboyDirect) and transfers would likely take 3 days....If that is true, Amboy is faster, because they do them in 1 day usually....Otherwise, this account sounds ok...

Nice to see more of these accounts, Should help keep the pressure on the others. First thing I would want to find out is if they do a hard pull

I feel that this thread is missing something:

Does anyone have a promo code?

Now, who will be first to tell us another bank is better.... (sorry, I'm grouchy today).

Fist National Bank of Omaha Also offers credit cards.

Right on main page (link above) they have a 3.99% for life of balance offer (if BT made in first three months, balance transfer fee of 3%, with a minimum of $10 and a maximum of $99)

They also have the usual 12 months at 0% $75 max BT fee.

If they do a hard pull may as well get a CC too.

FNBO offer ATM card, but seems need pay fee when withdraw...

mhesidence said: Fist National Bank of Omaha Also offers credit cards.

Right on main page (link above) they have a 3.99% for life of balance offer (if BT made in first three months, balance transfer fee of 3%, with a minimum of $10 and a maximum of $99)

They also have the usual 12 months at 0% $75 max BT fee.

If they do a hard pull may as well get a CC too.


Never dealt with FNBO on deposit accounts, but I have been pretty happy with the credit card I got from them in my last AOR. They sent a direct mail solicitation for 1.99% for life, $75 max BT fee. It is worth noting that the minimum payment is 2% and they offer automatic payments. With your first statement they send you the form and you just send it back with a cancelled check. I was impressed that they offered it (before this I didn't even realise any credit card companies offered autopay) and I didn't even have to call and request a form.

they seem like a nice bank....they were very prompt with their e-mail response to me....as long as you don't need more then 1 external bank link to them, sounds like they would be fine....wouldn't bother using their atm card for this account though, as they charge fees on their end and you would get hit by fees from the atm you are using as well....

scott1961 said: Nice to see more of these accounts, Should help keep the pressure on the others. First thing I would want to find out is if they do a hard pull
According to Bank Deals it is only a soft pull.

They're still advertising 5.25% APY on Bankrate.com today.

You can now link three external accounts

HOT UPDATE:

FNBO Direct has increased their APY to 6%.

6.00% till Sept! Time to move some funds!

*This Annual Percentage Yield (APY) is offered until September 28, 2007. The interest rate and APY may change after the account is opened, but will not be changed until September 28, 2007. Minimum balance to open an account is $1.00. Fees may reduce earnings.

Simple to open - they use CashEdge.

how fast are the transfers? 2 days from initiation the money is in the account?

Hard or soft pull?

Good time to start this promo right after HSBC's ended, I guess they want HSBC's customers

alchemize said: Hard or soft pull?
C'mon - at least try to look on the first page.

alchemize said: Hard or soft pull?FAQ:

Will my online savings application affect my credit score?
No. The application process does not affect your credit score.

sweet, that was probably the easiest account sign up I ever went through. Had them pull most of the cash out of HSBC. We'll see how quickly it moves.

thanks OP

iSpecK said: sweet, that was probably the easiest account sign up I ever went through. Had them pull most of the cash out of HSBC. We'll see how quickly it moves.

thanks OP

Not to be a monday morning quarterback - but that might not have been a good idea.

If the account takes a day or two to open, then they might initiate the transfer on Thursday (today is Tuesday, (for future clarity)). Depending on how they do things, you might not be credited with the money until Monday.

well oh well

I either do it now or I do it later. I'm not gonna cry over a little lost interest. It's still a good rate even after the promo and I wanted to get away from HSBC anyway.

Thanks, just opened the account, it's a good place to park some money until September.

Can someone verify the security of this bank, or recommend based on experiences over time?

Just pulled all my money from HSBC and put it into FNBO... It looks like a very good deal.

Thanks, opened an account. Just did $1 till I get all my BT money into Everbank to move it over...

Has anyone tried using an external account like USAA to transfer in and out funds aside from the one account they let you ACH-link?

Zoot said: Has anyone tried using an external account like USAA to transfer in and out funds aside from the one account they let you ACH-link?You can link to 3 accounts, including (if you wish) the initial funding account.

chcui said: Just pulled all my money from HSBC and put it into FNBO... It looks like a very good deal.

Did you initiate this transfer from the HSBC site or from the FNBO site?

Ok don't ream me out but I was going through the application kinda fast (I'm at work right now) and I'm not sure if I screwed up or not. When you got to the signature page did it prompt you to print anything out?? I didn't. The only thing I think it prompted me to print was the approval screen. Please tell me I didn't miss a step! I know usually you have to print out a signature card and mail it in.

chcui said: Just pulled all my money from HSBC and put it into FNBO... It looks like a very good deal.

I learned my lesson before -- don't give any "internet bank" any money you don't mind losing access to for at least 2 weeks. Just be careful out there. Between getting user names, account numbers, passwords, internet access to the account, etc., you can be in for a lengthy sign up process AFTER they take your money. I am speaking not about FNBO in particular, but the process in general (had a horrible experience with a bank in Florida not too long ago). As it is they put a 7 business day hold on your initial deposit which isn't a hardship usually....

(Edited to clarify the hold is on the initial deposit); also "You will receive your account number within two business days, and then you can enroll in your account." So, at least they commit to giving you an account number. I still would use caution since I don't know how long it takes to "enroll your account" after they give you an account number. Could theoretically take another few days if they "mail" the password to you after enrolling.

How much affect do you think all of us pulling our money out of HSBC will have?

Anyone know which credit bureau they use?

daneicy80 said: Ok don't ream me out but I was going through the application kinda fast (I'm at work right now) and I'm not sure if I screwed up or not. When you got to the signature page did it prompt you to print anything out?? I didn't. The only thing I think it prompted me to print was the approval screen. Please tell me I didn't miss a step! I know usually you have to print out a signature card and mail it in.

You missed nothing but you can go check the application status if you want by heading back to the website and typing in your name/social, etc.

No need to print out anything.

You may want to print the sheet that says you have to send something in to prove your mailing address.

Skipping 2609 Messages...
Down to 1.50% as of 6/22/09.

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