Comprehensive FNBO Direct Review
Posted by Best Bank Rates under [ CD Rates ] on May 8, 20072 Comments
Bank rates may be out of date. Please check bank websites for current rates.
I’d just like to point out a great series of posts on FNBO direct’s high APY savings account over at BankDealsBlog:
Here are some things he’s learned:
- 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.
Props to Banking Guy for writing up such a great review.
2.25% Money Market Bonus Rate at EverBank
APY Savings Account at Ally (2/15/2010)
1.26% APY with WTDirect Savings Account
5% Cashback Rewards with Discover More 
2 Comments on “Comprehensive FNBO Direct Review”
i took a chance and attempted to sign up for an account at FNBO. As others have stated, very intrusive questions. I did not include work information because I do not want to get junk mail and telemarketing calls there. FNBO did not accept my application. I got an email that stated I could email their customer service to challenge it. I would not recommend anyone waste there time with this bank. Also, it will be interesting to see how low the interest drops in September. I hope I have not signed up for a ton of junk mail from them and their partners now. I almost think they are running a bit of a scam.
I was not too pleased with FNBO either. First after opening account and funding it they still asked me to fax them my driver’s licence etc.
Also, the de[posites I made (via ACH link to my other bank) took almost a week to appear on my FNBO account. (it was deducted my account the next day). They kept sending me e-mail saying we have your deposit, now it is a matter of this and that and took them almost a week to actually start earning interest.
At the end of September I am taking my money and that would be the last time I will deal with FNBO.
Anil