Having the reputation of being one of the best places to establish an online savings account by Kiplinger’s, along with being given a four stars out of five by Bankrate for their ‘Safe and Sound Ratings,’ First National Bank of Omaha (FNBO) continues to be one of the premiere places to park your money in an online savings account.

Even though some online savings account offer a better interest rate, the overall strength and ease of use of FNBO continues to attract many who are looking for a safe and convenient place to put their money, while enjoying a decent interest rate.

As of this writing, the interest rate of an FNBO savings account is 1.49% with an annual percentage yield of 1.50%.

Part of the simple and easy way of opening an account through their FNBO Direct Online Savings Account is needing only $1 to start an account. There are also no minimum account balances required, and unless there are unusual circumstances like significant international or foreign use, there are really no fees connected to the account.

The exception is a dormant account fee which is described in this way by the FNBO:

“If two consecutive statements are returned to us due to an invalid e-mail address and/or an invalid mailing address, and there is no activity by you on your account, we may consider your account dormant. If your account becomes dormant, we may cease sending statements, and may assess dormant account fees, as outlined in the fee schedule of the Disclosures.”

If that were to happen then there would be an Initial Dormant Account fee $25.00, and a Monthly Dormant Account fee $5.00.

But that would have to be unusual in the sense that you would have had to have shut the email address down that you were communicating to them with, and totally neglected your account.

While there is also an overdraft fee of $30, and a return item fee of $30.00, those are things that shouldn’t be happening with an online savings account anyway, and so would probably be assessed by any company offering an online savings account.

But if you use the FNBO online savings account for what a savings account should be used for, there won’t be any additional fees for normal use.

The ability to transfer funds between the FNBO account and other bank accounts you have is also another good feature of the service.

To open a FNBO Direct Online Savings Account you must be a U.S. resident and at least 18-years-old.

Here’s some basic information you’ll need on hand to finish applying for your online savings account:

  • Your Social Security or Tax ID number.
  • Your Driver’s License or ID card issued by a State DMV.
  • Employment Information including employer name, address and phone.
  • Information about any loans or mortgages you may have to help us confirm your identity.
  • To fund your account electronically, you will need your current bank account and routing numbers. Please utilize an account that allows electronic deposits and withdrawals.

An FNBO Direct Online Savings Account is definitely one you need to check into when considering the overall picture of an account; including safety, interest rates and ease of use.