Tuesday, May 01, 2007

FNBO Direct: New Online Savings?

I hadn't heard of FNBO Direct until last night, anyway. And only then because of a big banner ad across the top of a Bankrate.com page. But in any case, if you're a Certified Rate Chaser™, it looks promising:

  • Online savings currently paying 3.5% APY (as of August 25, 2008, at least)

  • Link up to 3 external accounts

  • No fees, no minimums, blah blah blah...

  • ATM card available

Anyone have any experience with them? Emigrant Direct is still my online savings account of choice, but I'm always willing to scoot to a better deal ... if it really is a better deal.

Labels: ,

— Posted by Michael @ 10:31 AM


I just opened an account with them because of this promo rate. The account opening process was pretty painless - nothing to mail.

I'm sure they're seeing an influx of traffic today!


I opened one too...pretty painless. I completed the whole process using deposit verification on the second day. As soon as my access check clears in my local bank, I'll be transferring that $$ into FNBO to try out arbitrage for the first time.

Michael, thanks for the arbitrage calculator on your site; it really came in handy.



You're welcome. The credit-card arbitrage calculator has come in handy for me, too.

Sure wish the 0% offers were as plentiful as they used to be...


Wow. That was and extremely easy account to open.

I'm now just waiting on my trial deposits.


You can save a couple of days and skip the verification deposits if you are willing to give your ID and password for your funding bank. I just applied this morning and FNBO indicated my initial deposit (up to $250,000) should be in my FNBO account within two (2) business days of now.

Anonymous Anonymous
, at 5:41 PM, May 07, 2007  

I have never used an online bank and i am a bit concerened that i get hooked into some scam how am i protected?

Anonymous Anonymous
, at 5:33 PM, May 11, 2007  

As easy to open as the FNBO-D account was, the transfer times are too long.

I've completed three pulls to my FNBO-D account thus far, and each one has taken at least 4 business days to complete (one took 5). My transfers initiated on early Monday mornings were not complete until the Friday of that same week.

They use the same ACH system as HSBC, apparently, so this shouldn't really be a surprise.

For 6% APR, though, I'll likely just suffer through.

** Comments Closed on this Post **

Thoughts on my personal finances, goals, experiences, motivations, and accomplishments (or lack thereof).

My financial life began turning around when I took responsibility for it.
— Dave Ramsey


Start (2005-12): ~$21,900
Currently: $0
[About Our Debt Paydown]


Savings Goal: $15,000
Currently: ~$15,115
[About Our Liquid Savings Goal]