FNBO Direct’s suite of bank accounts

Competitive APYs with no minimum initial deposit required.

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FNBO Direct

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Clients can earn significant interest on stowed-away cash, but it only offers three accounts, and doesn’t have a brick-and-mortar presence.

What banking products does FNBO Direct offer?

All of its accounts are capable of direct deposit, digital payments and custom alert setups. It partners with Popmoney for nearly instant person-to-person transfers. Specific features include:

  • Online checking account. Get an APY of 0.65%, with no monthly service fees. You’ll get a Visa debit card to make purchases, and because it’s a part of the AllPoint network, you can withdraw cash at over two million ATMs worldwide for free. Though FNBO Direct won’t reimburse you for any extraneous ATM charges.
  • Online savings account. Start earning an interest of 1.75% APY by depositing just a dollar, and it’s unnecessary to maintain a minimum balance to waive fees, because there aren’t any.
  • CDs. It offers term length from six to 60 months with APYs starting at 0.16% and maxing out at 1.15%. When the account reaches maturity, you can either withdraw funds or renew the CD. To get started, deposit at least $500.
Name Product APY ATMs Fee
FNBO Direct Online Checking
0.65% on balances of $0.10+
Allpoint’s 55,000 ATMs nationwide
$0
Manage your bills and watch your money grow with a 0.65% APY.

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Name Product Interest rate (APY) Fee Minimum deposit to open
FNBO Direct Online Savings
1.75%
$0
$1
No monthly fees or minimum balance requirements, and you can even open an account with as little as $1.

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How does it compare to other banks or services?

FNBO Direct was digitally launched by First National Bank of Omaha in 2006 and still exists entirely on the Interweb today. Its product selection is much smaller than big-box banks like Wells Fargo and Bank of America, though offering no fees is common with other new online operations.

It doesn’t rank on the FDIC’s list of Top 50 Bank Holding Companies by Total Domestic Deposits — and neither does its parent company — but it’s a member of the Allpoint ATM network which gives users access to over 55,000 surcharge-free ATMs in the US.

Why should I open an account at FNBO Direct?

Perks of working with this provider include:

  • Competitive checking and savings APYs. The 0.65% APY for checking and 1.75% for savings is high, a worthy opponent to industry leaders like Ally and Marcus by Goldman Sachs.
  • No fees and hardly any small print. Don’t worry about getting dinged for not stashing enough cash away — the accounts are free to open and maintain.
  • Seamless online and mobile experience. FNBO Direct tells customers to think of it as an online checkbook. It’s easy to make payments and transfer money online or through the app, whether you’re settling bills or splitting the tab for supper.
  • No minimum deposits for checking and savings. Get started right away with the cash you’ve got on hand now.

What should I look out for?

FNBO Direct‘s options won’t work for everyone. Before committing, consider:

  • No physical locations. You’ll have to be comfortable calling customer service, because you can’t walk into a bank when you need help. And the only way to deposit cash is through an Allpoint ATM.
  • No check-writing capabilities. If you like the flexibility of check-writing — whether to pay the babysitter or for a new Craigslist find — you’ll need to find a different bank, since FNBO Direct doesn’t offer them.
  • No tiers mean you’re locked in to one account. While other banks have different levels of financial management that you can grow into, FNBO Direct‘s products plateau.
  • Dinky CD APYs. The APYs on its CDs aren’t anything to write home about, since even the longest term length maxes out at 1.15%.

Compare with leading bank and credit union accounts

Name Product APY ATMs Fee
M&T Bank EZChoice Checking
Over 1,500 M&T Bank ATMs
$0
Get $150 if you open an EZChoice M&T checking account by March 2, 2020, and make qualifying direct deposits totaling at least $500 within 90 days of account opening.
M&T Bank MyChoice Premium Checking
M&T Bank MyChoice Premium Checking
0.05% on balances of $100,000+
0.03% on balances of $50,000 to $99,999.99
0.01% on balances of $1 to $49,999.99
Over 1,500 free M&T Bank ATMs and up to $2 rebates when using all other ATMs
$24.95/month
(can be waived)
Get up to $250 if you open a MyChoice Premium M&T checking account by March 2, 2020, and make qualifying direct deposits totaling at least $500 within 90 days of account opening.
Chase Sapphire Checking
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $1000 welcome bonus when you join Sapphire Banking by March 06, 2020. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
BBVA Online Checking
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
Axos Bank Rewards Checking
1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions per month
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Axos Bank Essential Checking
ATM fees reimbursed at any ATM nationwide
$0
No fees. Unlimited domestic ATM fee reimbursements.

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FNBO Direct reviews and complaints

It isn’t listed on the BBB but its parent company, First National Bank of Omaha, has an A+ rating and has been accredited since 1985. So far, there’s only one complaint lodged against FNBO Direct on the CFPB, though the company responded in a timely manner and closed the complaint quickly.

It could take time for a more thorough reputation to emerge, but for now FNBO Direct seems to be relatively well-esteemed throughout the industry. FNBO itself was named one of the Best Banks in America by Forbes in 2019.

FNBO Direct customer service

You’ve got three options to get in touch:

  • Phone: For general banking questions, call 877-370-3707.
  • Email: Send an online message through the Secure Online Message Center by logging into your account.
  • Mail: Address snail mail to:
    FNBO Direct
    PO Box 3707
    Omaha, NE 68103-0707

Bottom line

FNBO Direct has a no-frills product selection with great APYs. But if you want a different banking experience, browse around to see what other providers have to offer.

Frequently asked questions.

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