EmailBest Reviewed
Online Banking
- Most flexible online banking Bank of America *Est. $0
- Best online checking account Schwab Bank High Yield Investor Checking *Est. $0
- Best online savings account FNBO Bank *Est. $0
- Online savings for special occasions, events SmartyPig *Est. $0
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Best online savings account
- Competitive interest rates
- No minimum balance
- Free online bill payment account
- Can use about 400,000 ATMs
- Only six withdrawals or transfers a month
- ATM fees except at about 300 ATMs in six states
- Slow deposit credits and withdrawal transfers
- Fairly complex account setup process
FNBO Direct earns top marks for online savings and bill payment -- with competitive interest rates and no fees or minimum balance -- plus live phone support 24/7. You can make up to six withdrawals or transfers per month from the online savings account -- including quick transfers to the bill payment account. Transfers to other banks take two or three days, so -- as with all online savings accounts -- you have to allow extra time to get access. You can withdraw smaller amounts by ATM, but at most of the 400,000 ATMs in the Plus network, FNBO will charge a fee in addition to the ATM owner's fee. The parent bank, First National Bank of Omaha, has earned good ratings for stability. If free ATM access is more important to you than a high savings rate, consider a savings account at Bank of America, which has over 18,000 ATM's nationwide and also offers free checking.
We found the best review of FNBO Direct in the most recent recommendations at Kiplinger.com, where editors recommend FNBO as the best online bank for savings accounts. An older review at Forbes.com also carries a lot of credibility. BankRate.com rates the parent bank for stability and also discusses FNBO Direct in an advice column. Four well-recommended finance blogs also review FNBO Direct, adding more detail and reports of personal experiences.
Our Sources
1. Kiplinger.comDetails/Subscribe
This reasonably current review recommends FNBO Direct as the best online bank for a regular savings account. Editors praise FNBO Direct for its competitive interest rate plus the fact that you can link it to three external accounts including the online bill payment account.
Review: 2008 Best List: Best Financial Services, Editors of Kiplinger.com, Dec. 2008
This older review discusses the website of the parent bank of FNBO Direct, but covers online banking as well. The main drawback is the likelihood of paying ATM fees, since there are fewer than 300 ATMs from which you can withdraw money without a fee, and those are located in Nebraska and five other states: Colorado, Kansas, Missouri, Texas and South Dakota.
Review: Web Site Reviews: First National Bank of Omaha, Editors of Forbes
3. Bankrate.com
Online banking expert Don Taylor recommends FNBO Direct for online savings, based not only on its teaser interest rate (6 percent at the time) but on its rating for stability. He doesn't recommend picking an online savings bank based only on its interest yield. Elsewhere on the BankRate site, the parent bank earns a three-star rating out of five.
Review: Ask Dr. Don: Comparing Safety and Yield for Savings, Don Taylor, May 25, 2007
About 30 users comment on FNBO Direct or ask questions about FNBO Direct here. No big problems are noted (aside from an erroneous freeze on accounts back in 2007), but several users report that FNBO credits deposits slowly and that transfers out can take three or four days. Also, the application process isn't the easiest.
Review: FNBO Direct Online Savings Account Reviews, Contributors to eMoneyCentral.com
This site doesn't list FNBO Direct among its top five online banks for savings accounts, but provides a detailed review based on the author's personal experience with it. Online bank verification didn't work for the author, but setting up the account still took only two days (less than FNBO's estimated time). Then there was a glitch due to a complicated setup screen, but once setup was completed the site proved very easy to use.
Review: FNBO Direct High-Yield Savings Account Review, Jim Wang, Aug. 5, 2008
This review from a well-reviewed finance blog lists FNBO Direct among its second-tier picks, based mostly on the recommendation from Kiplinger's. A few other banks get higher ranking here, based on nearly 1400 comments from readers over the past two years or so.
Review: Which Online High-Yield Savings Account is Best?, J. D. Roth, Apr. 5, 2009
Written by a lawyer, this blog lists FNBO Direct as one of his top seven online banks, saying "with a very long and reputable history in the banking business, FNBO Direct is one of the safest choices among the top online banks." The anonymous reviewer covers the account setup process in great detail, noting that although a credit check is required, it's a "soft pull" to check identity, that doesn't affect a credit score the way applying for credit might.
Review: Review of FNBO Direct High-Yield Savings Account, "Raymond", Jan. 4, 2009
Online Banking Runners Up:
5 picks by top review sites.
4 picks including: Bankrate.com, Forbes…
4 picks by top review sites.