FNBO Direct Review: Checking and Savings

FNBO Direct has both a standout checking and high-yield savings account. But its overdraft fees are steep.

Margarette BurnetteJune 15, 2020

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Overall bank rating

FNBO Direct
  • Savings

    Savings

  • Checking

    Checking

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

4.5

NerdWallet rating 

The bottom line: FNBO Direct is the online-only bank division of First National Bank of Omaha. Both its checking and savings accounts have rates well above national averages and carry no monthly fees. Customers also get access to a huge nationwide ATM network. But the overdraft fee is high, and there are few ways to avoid it.

Pros

  • No monthly fees on checking or savings.

  • 55,000 surcharge-free ATMs.

  • Checking that earns interest.

Cons

  • No branches.

  • Average mobile app ratings.

  • High overdraft fees.

Full review

FNBO Direct FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

4.5

NerdWallet rating 
APY

0.60%

With $1 minimum balance

FNBO Direct's online savings account, with its 0.60% annual percentage yield and no monthly fees, can be a decent place to park your money. The yield is much higher than the national average for a savings account, 0.05% APY.

The minimum to open is just $1, which is far less than what many banks require.

FNBO Direct FNBO Direct Online Checking

FNBO Direct Online Checking

5.0

NerdWallet rating 
Monthly Fee

$0

APY

0.65%

With $0 minimum balance

FNBO Direct has an online checking account that earns 0.65% APY on the first penny, though you’ll need at least one dollar to open an account. Many checking accounts don't earn interest, much less this kind of yield. There are no monthly service fees and no minimum balance requirements to avoid a charge or earn money.

In addition, the bank is part of the Allpoint ATM network, which gives customers access to over 55,000 fee-free ATMs nationwide.

The main downside is the lack of branches. Despite being part of a brick-and-mortar bank, FNBO Direct is online only.

Banking experience

3.5

NerdWallet rating 

Live customer support by phone is available 24/7, so you can talk to a real person at any time. To view account balances or statements, you can access your account via FNBO Direct's website and mobile apps.

The mobile apps get average ratings in the app stores, around three stars out of five. A main complaint is that the user interface is not intuitive.

To learn more about FNBO Direct’s brick-and-mortar division, read our review of First National Bank.

Overdraft fees

3.0

NerdWallet rating 

FNBO Direct’s overdraft fee is steep at $33 per transaction, close to the amount many large banks and credit unions charge. This can be charged up to four times a day, which could add up to $132.

There's no overdraft line of credit or transfer option. The bank offers overdraft fee forgiveness once a year, but other online banks have more ongoing overdraft protection options.

FNBO Direct FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

4.5

NerdWallet rating 
APY

0.60%

With $1 minimum balance

FNBO Direct's online savings account, with its 0.60% annual percentage yield and no monthly fees, can be a decent place to park your money. The yield is much higher than the national average for a savings account, 0.05% APY.

The minimum to open is just $1, which is far less than what many banks require.

How does FNBO Direct compare?

Member FDIC

APY

0.60%

With $0 minimum balance

APY

0.01%

With $0 minimum balance

Bonus

N/A

Bonus

$150

Requirements to qualify

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.