FNBO Direct Bank Review – High Yield Savings and Interest Bearing Checking Accounts

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FNBO Direct Apple Pay
FNBO Direct Bank is the trade name for First National Bank of Omaha, a multi-state bank that’s been in operation for a century and a half. It is the largest privately owned bank holding company in the country, with more than $20 billion in assets. The bank operates in Colorado, Illinois, Iowa, Kansas, Nebraska, South…

FNBO Direct Bank is the trade name for First National Bank of Omaha, a multi-state bank that’s been in operation for a century and a half.

It is the largest privately owned bank holding company in the country, with more than $20 billion in assets. The bank operates in Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota in Texas.

And while FNBO Direct Bank is a well-established traditional bank, it’s fast becoming a major online bank, offering some of the most innovative features available.

FNBO Direct Bank Review: Main Features

As an online bank, FNBO Direct Bank’s customer service is available 24 hours a day, seven days a week. You can reach a bank representative by either phone or email.

The Bank offers checking, savings, certificates of deposit, and investment accounts for both individual and joint accounts. Curiously, retirement accounts are not offered.

FNBO Direct Bank Mobile Banking

The FNBO Direct Bank Mobile app can be downloaded on either Google Play or the Apple App Store. You can log in securely with your user ID and password. But you can also use Touch ID with a four-digit pass code.

You can use the mobile app to check account balances, search your transaction history, transfer funds, and even pay bills.

All accounts can be viewed and managed from the mobile app, including credit cards and certificates of deposit, in addition to checking and savings accounts.

The app offers mobile check deposits. You can simply take photos of both the front and back side of a check, and then submit it to the account where you want it to be deposited.

The funds will be available in your account when the deposited check clears.

The app also gives you the ability to view images of previous mobile check deposits.

One of the benefits of the FNBO Direct Bank mobile app is that your account information isn’t actually stored on your phone.

As well, all data transmission is encrypted, just as it is with the online banking app.

FNBO Direct Bank BillPay

With FNBO Direct BillPay you can pay all of your monthly bills online. What’s more, payments can be sent to either a company or individual.

The feature also allows you to set up recurring payments. You can use BillPay to make your monthly mortgage payment, pay credit cards, utilities, and other regular expenses.

The feature can even be used to make charitable contributions.

Apple Pay Feature

You can use Apple Pay with your FNBO Direct Bank credit card. This will enable you to make secure payments with thousands of merchants, as well as participating online apps.

Apple Pay can be used with iPhone 6, iPhone 6 Plus, iPad Air 2, iPad mini 3 (and later) or your Apple Watch paired with iPhone 5, iPhone 5c, iPhone 6, or iPhone 6 Plus.

FNBO Direct Apple Pay

FNBO Direct Bank PopMoney Feature

Can use this feature to make person-to-person payments. It provides you with it easy way to both send and receive money securely.

You can use this feature with any of your FNBO Direct Bank accounts.

With PopMoney you can send payments by email or with your mobile device.

Much like other popular person-to-person payment systems, all you need to make a transfer is the phone number or the email address of the intended recipient.

FNBO Direct PopMoney

Checking, Savings, and CDs

FNBO Direct Bank Online Checking

This is a high yield online checking account with very low minimum balance requirements.

You can open an account with no more than $1, and continue to earn interest with a minimum account balance of one cent.

The current yield on the Online Checking Account is 0.65% APY, which is higher than the interest rates offered on savings accounts for most national banks. There are no monthly service charges, and both incoming wires and stop payments are free.

The account also provides you with one overdraft forgiveness every 12 months.

FNBO Direct Bank Online Checking comes with an FNBO Direct Visa Debit Card. The Bank does not charge service fees on ATM withdrawals, even if they are handled at other banks.

The card includes BillPay and PopMoney and offers free debit card fraud monitoring.

FNBO Direct Bank Online Savings Account

Much like the FNBO Direct Bank Online Checking, the FNBO Direct Bank Online Savings Account requires just $1 to open an account, and just one cent to earn interest.

There are also no monthly fees for this account. The account includes the PopMoney feature.

The current interest rates on the online savings account are among the best in the nation.

FNBO Direct Bank Savings Certificates of Deposit (CDs)

CDs are available in maturities ranging from six months to 60 months and require a minimum initial deposit of $500. Interest is compounded daily and credited quarterly.

They also provide for automatic renewals at the end of the term.

FNBO generally offers very competitive CD Rates compared to other best banks in the nation.

FNBO Investment Funds

In addition to high-interest savings and CDs, FNBO Direct Bank also offers investment funds. They do this through their affiliate investment company, Tributary Funds.

They offer six different mutual funds, each with an initial account minimum of $1,000. The funds can be held either through the bank or through major investment brokerage firms, such as Charles Schwab and Fidelity.

You can even invest on an automatic basis, investing as little as $50 per month.

You can create a portfolio that matches your own risk tolerance, investment horizon, and financial goals.

The six funds offered include:

FNBO Direct Investment Funds

FNBO Direct Bank ExtraEarnings Visa Card

The FNBO Direct Bank ExtraEarnings Visa Card offers a competitive interest rate at 12.99% APR (this is a variable rate, and is based on the Prime Rate).

Like other FNBO Direct Bank products, the card comes with no annual fee. You must have either a checking or savings account with the Bank in order to be eligible for the credit card.

FNBO Direct Bank ExtraEarnings Visa Card comes with the following features:

  • Zero Liability protection, so you won’t be responsible for unauthorized transactions
  • 24/7 Fraud Monitoring
  • Free FICO credit score

FNBO Direct Bank ExtraEarnings Visa Card Rewards Points. You earn two points for every one dollar in qualifying purchases during the first 12 billing cycles after your account is opened. After that, you earn one point for every one dollar in qualifying purchases.

You can redeem those points each time you accumulate at least 2,500 points. The points can be redeemed by requesting a $25 deposit into either your checking or savings account.

Visa Checkout. This feature is automatic with your Visa card. It gives you the ability to pay by logging in from your mobile device.

Once you enroll, you’ll never have to re-enter your card number or address information. You can use it to pay where you see the “Visa Checkout” logo.

Should You Open an Account with FNBO Direct Bank?

If you’re looking for a higher return on your money then you can get from a local bank, FNBO Direct Bank is well worth investigating.

Not only do they offer CDs that pay above average interest, but the Online Savings account pays well above the national average, with a minimum balance of just $1.

What’s more, you can access your funds at any time without penalty.

FNBO Direct Bank also offers six investment funds, to give you an opportunity to invest where you bank. And the ExtraEarnings Visa Card is one of the better credit cards available.

But let’s not forget about Online Checking, which also pays a generous rate of interest.

Not all online banks offer checking, in addition to high yield savings and CDs. This means that you can do your regular banking with the same bank where you earn high interest.

If FNBO Direct Bank has a weakness, it’s that it doesn’t offer retirement accounts.

But you can do your banking with FNBO Direct Bank, and earn high interest rates, while holding your retirement accounts elsewhere.

Frequent Questions About FNBO:

For more information, or if you want to open an account, visit the FNBO Direct Bank website.

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About Kevin Mercadante

Kevin Mercadante is professional personal finance blogger, and the owner of his own personal finance blog, OutOfYourRut.com. He has backgrounds in both accounting and the mortgage industry. He lives in Atlanta with his wife and two teenage kids and can be followed on Twitter at @OutOfYourRut.

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