FNBO Direct is offering a promotional 6.00% APY Savings Rate on all balances until September 28, 2007, upgraded from it’s initial 5.25% APY savings account rate. This is one of the highest rates available for both CD and savings accounts. If you’re seeking a good place to store some money at a high interest rate while maintaining liquidity, look no further. Here’s the details:

• $1 minimum deposit
• No monthly fees
• No minimum balances
• Allows 3 external account links
• Limited to six withdrawals per month
• Deposits start accruing interest when transfer is completed
• Interest is calculated daily and is compounded and credited monthly
• If the account is closed no interest is forfeited
• No checks, ATM can be requested but $2.50 fee
• Routing Number: 104000016
• After 9/28/2007, the rate will be based on market conditions

Some more details (thanks to BankingGuy over at BankDealsBlog)

• FNBO Direct does not allow for a beneficiary. Joint accounts are allowed.
• If you’re linking FNBO Direct to your HSBC account with trial deposits, you either have to wait two days to see the trial deposits in your HSBC account or you can call the HSBC service rep after one day for the trial deposit amounts.
• A reader did have success in the FNBO Direct application with the instant link verification with a GMAC account.
• Readers have reported being able to push funds into FNBO Direct from a bank like GMAC and have experienced no more than one day of delay and loss of interest.
• You can also fund the account with a check which should reduce the loss of interest.
• Wire transfers are also accpeted. According to their online agreement, wires after 3:30pm will be processed the next business day. The incoming domestic wire transfer fee is $10 ($15 for outgoing).
• To avoid losing 2 extra days of interest over the weekend, avoid initiating an ACH transfer from FNBO Direct on Wednesday or Thursday.

After doing a bit of research, I’ve concluded that FNBO Direct is definitely legitimate. It seems that many banks don’t like to advertise their online divisions, because banks tend to offer much higher rates online than they do in brick and mortar locations. As a result, they oftentimes don’t place direct links from the main bank’s homepage to the online bank site.

First National Bank is a subsidiary of First National of Nebraska, a multi-state holding company located in the heart of downtown Omaha. FNBO Direct is a part of the First National Bank family. First National of Nebraska and its affiliates have over $18 billion in managed assets and 7,500 employees, ranking as one of the fifty largest banks in the United States. First National and its affiliates serve over 6.6 million customers in all 50 states, with more than 90 banking locations in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas. First National is FDIC insured.