FNBO Direct Bank Review
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
Overview
FNBO Direct is only accepting applications for two online accounts: A high-yield savings and a money market account. Both offer competitive yields and lack minimum balance requirements and monthly service fees.
Highlights:
High APY Highly Rated AppHighlights:
Checking
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
FNBO Direct is FNBO's online bank. It offers a savings account and a money market account, available nationwide, both of which offer a competitive APY. As an online-only bank, FNBO Direct doesn’t have physical branches you can visit, so you’ll need to be comfortable solely using ATMs to withdraw money.
Pros
-
FNBO Direct doesn’t charge monthly maintenance fees on its money market and savings accounts.
-
Both the money market and savings accounts earn strong interest rates.
-
You need only $1 to open an Online Savings Account or an Online Money Market Account.
Cons
-
You cannot access your account via ATM.
FNBO Direct banking products
FNBO Direct savings overview
Pros
-
The Online Savings Account offers a competitive yield.
-
There is no minimum balance requirement.
-
The Online Savings Account doesn’t have a monthly maintenance fee.
-
You start earning interest on the first business day you open the account.
Cons
-
There are limits to how much you can withdraw. For example, funds from a deposit may not be available for up to ten business days.
-
The bank’s Next Day Transfer Service is limited to a transfer of up to $3,000 in a business day, $3,000 in a single transaction or $10,000 in any one month.
-
The fee for an outgoing domestic wire transfer is $15.
-
No checking account or CDs available.
Rate history for FNBO Direct's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
FNBO Direct money market overview
Pros
-
Earns a top interest rate.
-
There are no monthly service or overdraft fees.
Cons
-
Customers don’t have access to Zelle.
-
You can’t access your funds via ATM.
-
The highest rates require a minimum balance of at least $1 million.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fees | None |
| Out-of-network ATM fee | N/A |
| Excessive transaction fee | $5 |
Customer experience
Customer service. FNBO Direct is an online-only bank, and it doesn’t have any branches. Online accounts are accessible 24/7, and FNBO Direct customers have access to customer service by telephone 24/7.
Digital experience. FNBO Direct’s mobile app has received mediocre ratings in the Google Play and Apple App stores. Digital payments from the Online Checking Account can be made with Apple Pay or Samsung Pay.
We want to know what you think about FNBO Direct
Do you have experience with FNBO Direct? Let us know your thoughts.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
