FNBODirect Savings Account Offering 6% Interest Rate: How Long Will It Last?
Posted on May 24, 2007
I was reading through my Google Reader this morning and came across Ramit’s post entitled BS teaser rates: More typical bank behavior. I thought it was interesting he felt so strongly as to not include the name of the bank in the post. I agree with Ramit that it is quite frustrating when banks offer teaser rates (or teaser anything) in hopes of increasing enrollment. It is all marketing and moving banks for 1% extra interest seems like a pain in the neck. But larger than just the teaser rates, the “nickel and diming” Ramit referred to is the bigger problem for me. I stated in my post on Wachovia charging for direct sync access that there are other options as a consumer when your bank goes too far with the “extra” charges.
After getting home and coming across this article, I found that it was First National Bank of Omaha’s online subsidiary FNBODirect that was offering the 6% interest rate for its online savings account. It seems FNBODirect is gearing up to compete directly with INGDirect, E*Trade Bank, and HSBC with widespread marketing campaigns. It’s interesting FNBODirect started with grassroots marketing, hitting the bloggers first in an attempt to spread the ever powerful word of mouth. I found others talking about the FNBODirect new interest rate and press release here, here, and here.
Related Posts
Charles Schwab Bank Checking Account: 4.25% Interest RateHSBC Online Savings Account Interest Rate Reduced to 4.50%Other Options When Refinancing a Loan through the VA» Filed Under Banking
Comments
3 Responses to “FNBODirect Savings Account Offering 6% Interest Rate: How Long Will It Last?”
Leave a Reply
[…] the past couple of weeks I have been writing on attractive savings accounts from FNBODirect and Citibank. Ramit introducedan attractive new checking account from Charles Schwab. Again, […]
I thought you might be interested in BusinessWeek’s interview with the President of First National Bank about Online Saving Accounts. It might be worth sharing with your readers who would like to know more about FNBO Direct.
See the full interview here:
http://feedroom.businessweek.com/index.jsp?fr_story=a9d5a01ef10b656824790dbaa998828bedc49008
BusinessWeek’s Banking Editor, Mara Der Hovanesian, interviewed President of First National Bank of Omaha, Rajive Johri. They discuss how First National Bank of Omaha aims to grab the market share with competitive rates.
Note: You’ll need to cut and paste the entire link. Sometimes the link truncates. So, if the website link doesn’t work, check to make sure the entire link is pasted. You may have to re-paste the second half of the link. I apologize for this inconvenience.
[…] the past couple of weeks I have been writing on attractive savings accounts from FNBODirect and Citibank. It seems the online banking industry keeps getting more competitive because there […]