FNBO Direct Review: Online Bank with High Returns and Low Fees

GOBanking Rates Score

Quick take: For those comfortable with a fully online banking experience, FNBO Direct offers the sacred trilogy of banking services: low fees, low minimums and high returns.

  • Costs
  • APY
  • Product range
  • Customer service

How did we calculate this?


  • High control and savings APY
  • Free bill payment and money transfer services
  • Free Accounts
  • 24/7 customer service

The inconvenients

  • High overdraft fees
  • Limited product range
  • No agency network

About FBNO Direct

FNBO Direct is an online-only banking division of First National Bank of Omaha. For those comfortable with an online banking experience, FNBO Direct offers lower fees and higher rates than its physical parent company. As a digital bank, FNBO Direct doesn’t offer the wide range of product options that many traditional banks offer, but it does offer the most popular account types with general customers. This is one of the reasons why GOBankingRates named it one of the best savings accounts of 2022.

Current account

FNBO Direct’s online checking account offers what most customers want: high returns and low fees. This account offers a high APY of 0.15% and has no monthly service fees, making it one of the best checking accounts online. The minimum opening deposit is $1.

The online checking account is packed with free perks for customers, including free BillPay, free account alerts, a free Visa debit card, free person-to-person Popmoney payments, and free fraud monitoring. Customers also don’t have to pay for incoming transfers or stop payments – and they have access to more than 2 million ATMs worldwide without having to pay FNBO Direct a fee to use them (although terminal companies can charge).

You will not be able to use paper checks with this checking account. Instead, it comes with a mobile app and digital payment capability.

Savings account

The FNBO direct online savings account has a high APY and no fees. This savings account has the same digital and mobile payment capabilities as the bank’s checking account, and there’s only a $1 minimum to open. The APY is 0.35%. Interest is compounded daily and credited monthly.

Savings account customers have the same access to more than 2 million free ATMs worldwide as checking account customers, and they can also make person-to-person payments with Popmoney.

FNBO Direct Online Savings comes with some restrictions, however. You cannot transfer or withdraw more than $100,000 from your account in one transaction or business day or more than $500,000 in a month. You also cannot deposit more than $250,000 in one trade or business day. Finally, the maximum account size is $1 million..

How FBNO Direct Earned Its Scores


One of the advantages of online-only banks is that they don’t have a lot of overhead, so they can offer perks like checking accounts and savings accounts at no cost. FNBO Direct does not charge monthly maintenance fees on its accounts – although it does have fees for certain types of transactions, such as overdrafts.


FNBO Direct offers very high interest rates compared to most banks, including an APY of 0.15% for his current account and 0.35% for his savings account.

Product range

If you’re looking for a myriad of product choices, you’ll have to look elsewhere. FNBO Direct only offers two types of bank accounts, and there are no loans, investments, insurance or other products. It does, however, offer a credit card.

Customer service

FNBO Direct customer service representatives are available 24 hours a day by phone (877-370-3707). Customers can also contact the bank by e-mail and postal mail.

Editor’s Favorite

The online current account pays a high return for a fee-free account, which is not a common offering among banks.

FNBO Direct vs Competitors

FNBO Direct isn’t the only online banking option. Competitors such as Ally Bank and Capital One 360 ​​offer slightly different features and benefits.

Bank Best for
FNBO bank APY current account
Allied bank More product options including CDs
Capital One 360 Access to branch

FNBO Direct vs. Ally Bank

Ally Bank offers three types of CDs – High Yield, Raise Your Rate and No Penalty – giving it a huge advantage over FNBO Direct, which does not offer CDs. FNBO Direct pays a 0.15% APY on his current account, whatever the balance. Ally Bank’s Interest Chequing Account offers an APY of 0.10% for average daily balances of $15,000 or less. To get the highest rate of 0.25%, you must have at least $15,000 in the account.

FNBO Direct vs. Capital One 360

Capital One 360 ​​may be a better option for customers who want the benefits of online banking, but also the ability to go to a physical branch, which FNBO does not offer.

FNBO Direct pays a higher price 0.15% APY to its current account than the 0.10% APY available at Capital One 360. Although Capital One 360’s customer service hours are extended – 8am to 8pm, seven days a week – they do not are not 24/7 like FNBO Direct.

Final take

FNBO Direct’s product line isn’t as comprehensive as other banks, but it does offer some great checking and savings account options. If you’re comfortable doing your banking on your computer or in the palm of your hand, FNBO Direct can give you a better return on your money than most other banks.

ABPN Direct FAQs

Here are answers to some frequently asked questions about FNBO Direct.

  • Is the FNBO directly insured by the FDIC?
    • Deposits at FNBO Direct are insured by the Federal Deposit Insurance Corp. up to the maximum authorized by law, which is $250,000 per depositor and per insured bank.
  • What is the difference between FNBO and FNBO Direct?
    • FNBO Direct is the online division of First National Bank of Omaha or FNBO.
  • Are there any fees for mobile deposit?
    • There are no fees associated with mobile transactions at FNBO Direct.
  • What are the conditions for a mobile deposit?
    • You must have an eligible checking account to make a mobile deposit with FNBO Direct, and you must endorse your check. Deposits are limited to $3,000 or five items per day. To ensure processing, unfold and flatten your check in a well-lit area with a plain background. Be sure to include all corners of the check and try to avoid shadows.
  • What are the cut-off times for mobile deposit and when will my deposit be available?
    • Deposits made before 8:00 p.m. CT Monday through Friday are typically available within two business days. On weekends or holidays, the next business day will be considered your deposit day.

Vance Cariaga contributed reporting for this article.

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of January 5, 2022.

This content is not provided by FNBO Direct. Any opinions, analyses, criticisms or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by FNBO Direct.

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About the Author

After earning a BA in English with a business major from UCLA, John Csiszar worked in the financial services industry as a Registered Representative for 18 years. Along the way, Csiszar earned the Certified Financial Planner and Registered Investment Advisor designations, in addition to being licensed as a life insurance agent, while working for a major Wall Street distribution house. and for his own investment advisory firm. During his tenure as an advisor, Csiszar managed over $100 million in client assets while providing personalized investment plans to hundreds of clients.

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David A. Albanese