Saturday, 28 November 2020

FNBO Direct Review of Savings, Checking, and CD Rates

FNBO Direct Review of Savings, Checking, and CD Rates
02 Sep
12:27

FNBO Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.85%

Savings

FNBO Direct Online Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.31%

CD Rates

FNBO Direct 12 Month CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

0.70%

CD Rates

FNBO Direct 36 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

1.15%

CD Rates

FNBO Direct 60 Month CD

3.00%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

FNBO Direct’s checking account options

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How FNBO Direct’s checking account compares

The biggest drawback with this account is that it doesn’t come with paper checks. That might not be too big of a deal these days, but it’s still not uncommon to find businesses or people that only accept cash or checks for payment.

Even so, FNBO Direct’s ATM policies make it relatively easy to get cash. There are plenty of in-network ATMs to be found around the world, and no FNBO Direct fees to use out-of-network ATMs.

With its 0.65% APY interest rate, the account is competitive, although it is possible to find checking accounts elsewhere that offer higher interest rates with the ability to write physical checks, if you so choose.

FNBO Direct’s savings account options

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How FNBO Direct’s savings account compares

Despite its rules about deposit holds and account ownership, FNBO Direct does offer a competitive interest rate on its online savings account. We also like that it has a low minimum deposit, so it should be easy to start saving while earning a reasonable rate with this account. However, if you’re looking for better rates with more-typical terms, consider one of these top online savings accounts instead.

FNBO Direct’s CD rates

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How FNBO Direct’s CDs compare

FNBO Direct lags far behind the top competitors in its class in terms of best CD rates. Furthermore, the bank doesn’t offer any premium for its privilege of being able to call these CDs, as is common practice in the banking industry.

We do like the low minimum deposit threshold and reasonable early withdrawal fees. Just don’t withdraw enough to bring the balance below $500, or the account will be closed and you’ll pay a fee.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/fnbo-direct/

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