FNBO Direct is a division of First National Bank of Omaha that launched in 2006 with their online savings account that paid an APY (annual percentage yield) of 5.25% APY at the time. In honor of First National Bank of Omaha’s 150th year anniversary the following year in 2007, FNBO Direct bumped-up their online savings account rate to 6.00% APY and held it there for 150 days.

Today, while interest rates are again heating up to levels not seen since FNBO Direct’s inception, their online savings account rate is much lower at 3.75% APY.

Their other deposit account, the online checking account, also pays out an interest rate, but its yield is much lower at 0.15% APY.

That said, as rates in general rise throughout the country we would expect FNBO Direct’s variable-rate online savings account as well as their checking account to rise as well.

Both of these accounts are FDIC-insured and come with no maintenance fees.

To see if this online bank is right for you, continue reading our review below.

Online Savings Account Rate + Details

All deposits held in an FNBO Direct account are federally insured by the FDIC up to the applicable limits. The FDIC insurance is held by the First National Bank of Omaha.

There is a minimum deposit requirement of just $1.00 to open their online savings account and a maximum balance allowance of $1m.

Savings Account Rate

Min. Deposit	APY
$1.00	3.75%

To put this yield into perspective, the current national average for a savings account and a money market account sit at just 0.24% and 0.29% APY, respectively, according to FDIC data.

That said, there are a number of online savings accounts and money market accounts paying above the 3.60% APY mark following the FED’s most recent rate hike of 0.75% on November 2.

UFB Direct’s money market and online savings account both come with one of the highest yields on the market at 3.83% APY per the time of this writing.

Account Features

FNBO Direct’s online savings account comes with many standard features that you’d find with many online savings accounts and a few added benefits that aren’t typical with these types of accounts.

✅ Access and manage your accounts 100% online through FNBODirect.com or their native apps for IOS and Android.

✅ Make digital payments via Apple Pay, Samsung Pay or VISA SRC.

✅ Person to person payments can also be made from the account by using PopMoney. PopMoney service fees breakdown as follows:

• Standard Transfer Fee: $0.00
• Next Day Delivery Fees: $10.00
• Check Issuance Fee (per item): $5.00

Account Drawbacks

🛑 No ATM card with just the savings account. You’ll need to open the checking account for ATM access. Read more about the checking account below.

🛑 Overdraft charges are $20 each and FNBO Direct may issue up to 4 per day. These may occur from automatic bill payments or ACH transfers and recurring payments.

🛑 No physical branches.

Compounding and Crediting Interest

Interest on your FNBO Direct online savings account is both compounded and credited monthly. This is a less frequent compounding schedule than many online savings accounts use which tend to compound interest daily (and credit monthly).

Checking Account Rate + Details

FNBO Direct’s checking account comes with a minimum deposit requirement of just $1.00 and a minimum balance requirement of $0.01 to earn the advertised APY. It also has a maximum balance allowance of $1m.

Min. Balance	APY
$0.01	0.15%

To put this yield into perspective, the national average for an interest checking account sits at just 0.04% APY according to FDIC data.

Account Features

FNBO Direct’s online checking account come with the following features:

✅ Free VISA debit card for everyday purchases.

✅ Access to 2 million ATMs worldwide with no fees coming from FNBO Direct, however, ATM owners may impose surcharge fees.

✅ Person to person payments can also be made from the account by using PopMoney.

✅ Free debit card fraud monitoring.

✅ No incoming wire charges.

✅ Free stop payments.

Account Drawbacks

🛑 No physical branches and no paper checks.

🛑 Same overdraft charges of $20 each and FNBO Direct may issue up to 4 per day.

Final Thoughts

Although both of FNBO Direct’s accounts come with interest rates that beat the national average by considerable margins, much more competitive yields can be found through other online banks and nationally available credit unions.

The overdraft charges running up to potentially $80 per day is also excessive as many banks and credit unions have opted to forgo overdraft charges altogether.

FAQ

Still have questions regarding FNBO Direct and their two bank accounts?

You may contact them by phone at 877-370-3707 or see what other consumers are asking around the web along with our responses below.

What is FNBO Direct’s Routing Number?

FNBO Direct’s routing number is: 104000016

How do I login to my FNBO Direct Account?

If you know your username and password, you can login here.