Pay Yourself First Savings from FNBO

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Not sure if that is repost, interesting account from FNBO, can get some bonus with little effort.

Expire 07/31/2009

Not sure if that is local only.

Member Summary
Pay Yourself First Savings

What if you got rewarded for saving? Now you can with a Pay Yourself First Savings account. Just set up an automatic transfer from your First National Bank checking account. When you transfer $25 or more, we%u2019ll give you an extra $5. Because new habits take time, you can earn up to $10 a month for the first six months. And, once saving is second nature, we%u2019ll continue rewarding you month after month.*

Features of Pay Yourself First Savings:
- Receive a $5 bonus per transfer of $25 or more.*
- No minimum daily balance.
- One free withdrawal per month.**
- No minimum deposit to open the account.

* Offer expires July 31, 2009. Consumer accounts only. Limit one offer per household. A First National Bank checking account is required to open the Pay Yourself First Savings account. Transfers to the Pay Yourself First Savings account must come from a First National Bank checking account. For the first six months after account opening, a $5.00 bonus will be paid per transfer of at least $25.00 for up to two transfers per month with a maximum monthly bonus of $10.00. After six months, a $1.00 bonus will be paid per transfer of at least $25.00 for up to two transfers per month with a maximum monthly bonus of $2.00. Months are based on the accounts' service charge cycle date, which may not equate to a 'calendar month'. Please see a Banker for additional information regarding service charge cycle timeframe. The Pay Yourself First Savings Bonus will post within 30 days of each service charge cycle date. The bonus is considered interest income and will be updated on your annual tax reporting. As of June 11, 2009, the Annual Percentage Yield (APY) for the Pay Yourself First Savings account is 0.30%. Fees may reduce earnings. We reserve the right to limit deposits. Withdrawal and transfer limitations apply. Rates subject to change. May not be combined with any other offer. Deposits are insured to the maximum permitted by law.

** Includes all types of withdrawals or transfers from your Pay Yourself First Savings account.
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.30% APY? Bleh, even with the bonus.

Thanks for the post.

Putting in $50 a month with a $10 monthly bonus for the first six months.. that's a 20% annualized return if you contribute for six months. With the bonus decreasing to $2 monthly after the first six months, that's still a 12% annualized return.

In the second year, if they keep the $2 monthly bonus, then your return is 4%.

[Edit: 4% if you withdraw the balance of the account in month 12 and start over with 2 $25 monthly contributions. If you roll the balance from month 12 to month 13, then the annualized return in year 2 is 2.1%.]

Not bad in this rate environment, but who knows where things will be July 2010-2011?

Does FNBO do a hard pull? If not, I'll roll the dice.

oopsz said: Putting in $50 a month with a $10 monthly bonus for the first six months.. that's a 20% annualized return if you contribute for six months.
It could be much better than that. The savings account includes "One free withdrawal per month" and there's "No minimum daily balance." The checking account also has no minimum balance.

So, you could just keep shuttling the same $50 back and forth between checking and savings, leaving an extra $1 in each account to make sure it doesn't get closed. Assuming you pull out the extra $48 of the initial checking deposit immediately, you'll only have $52 invested, making the annualized return for the first six months (((60/52)+1)^2)-1 = 364%.

And that's not even accounting for the 0.30% interest!

Looks to be local only
Dear biomedgeek:

Thank you for contacting First National Bank Omaha. We recently received your request to open an account with our bank; however, you are outside of our banking/lending area. If you do move into the Omaha, Nebraska area, please feel free to contact us to open an account. If you need further assistance, please contact us at 1-877-WEB-FNBO (1-877-932-3626) or send us an email.

Sincerely,
Amy M.
Customer Care Representative



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