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FNBO Direct Increases Savings Account Rate by 30 Percent

FNBO Direct, the online bank division of First National Bank of Omaha, is bucking the downtrend of lower savings account rates by announcing an increase in the rate the bank pays on its online savings account. On a percentage basis FNBO Direct is increasing their online savings account rates by just over 30 percent. The actual savings rate increase is 20 basis points to 0.85 percent from 0.65 percent.

Most banks these days are not increasing interest rates on their deposit accounts so it's nice to see a bank make such a large increase on a savings rate. Banks that have increased rates recently do so by a small amount, usually 5 basis points or less. The increase in FNBO's rate now places the bank in the top 10 money market/savings rates on our rate list and in the top 5 on our savings rate list.

FNBO's rate is now tied with Colorado Federal Savings Bank's rate of 0.85 percent. Banks offering higher savings rates include Ally Bank at 0.95 percent, CIT Bank and Barclays Bank at 1.00 percent. Money market account rates that are higher than FNBO's rate include Sallie Mae Bank and Union Federal Savings Bank's money market account rates at 1.05 percent APY, EverBank's MMA APY of 1.01 percent, Able Banking's MMA at 0.96 percent APY and Ally Bank's MMA at 0.95 percent APY.

Opening an FNBO online savings account is quick and money can be transferred into the account via an ACH transfer. If you're looking to open a new savings account you might as well get the highest savings rate on our list at 1.00 percent. You can view and compare the best savings rates and the best money market rates on our rate lists at any time.
Author: Lisa Graham
December 31st, 2012