FNBO Direct Bank Review – Competitive Savings Rates with a Top Notch Credit Card

Joseph Meyer
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FNBO Direct Bank

Some banks are just better than others. FNBO Direct is one such bank. FNBO Direct provides bank services to several different types of customers and individuals. Many of the bank’s offerings are geared toward bigger businesses. But that doesn’t mean that small businesses and individuals are left out. Indeed, the bank offers some great features for everyone that they may not find anywhere else.

FNBO Direct is an online bank that offers a lot of services. We’ll take a look at some of the most useful products and services and explain how they are beneficial. Then we’ll explore some of the reasons why they are so good.

With a couple of these services, you’ll need to be in specific lines of business or own a business with a certain amount of revenue. But the more helpful products FNBO Direct offers are open to anyone. So, a review of them is useful to anyone with a standard bank account or anyone who may be interested in starting a checking account.

FNBO Direct Bank PopMoney

FNBO Direct Bank Online Checking account

I don’t know about you, but I hate going to the bank. From “out of order” ATMs to long lines inside and out, the process can be an annoying one.

If you’re like me and you’d rather phone it in, there are a growing number of online-only banks that provide high interest rates, low fees, and specialized services that the mainstream banks don’t.

If an old-fashioned brick-and-mortar bank isn’t your vibe, you’re in luck, because baby, it’s hip to be online.

My friend Jon has over 5 years of experience as a banker and has been in the industry for over 15 years. He’s like a walking Google search engine of personal finance knowledge, and I’ve asked him to help us unearth the best online-only banks and services to maximize our cash flow.

In this article, we’ll cover the 3 best online-only banks including my favorite. We’ll also cover 2 cash-back credit cards that can easily save you hundreds of dollars, and there’s even a promo code you can try out.


Most people who are looking for online banks don’t care much about credit cards. If a bank doesn’t have a rewards credit card for their checking accounts, they won’t even consider it. I don’t blame those people, especially when you can find so many great rewards credit cards, and the best interest rates. However, you should consider the fact that some banks are best known for their credit cards and not their checking accounts.

One credit card that should always be on your radar is the FNBO Direct Rewards World MasterCard. This credit card has been around since 2000 and is one of the top choices for people who like rewards credit cards that give you points/cash back. It’s a great rewards card, and one of the features that I really like about this credit card is that it automatically refunds the balance from your credit card onto your checking account.

This means that you don’t have to manually make monthly payments or remember when those payments are due.

FNBO Direct Bank Online Savings Account

If you are in the market for a competitive savings rate, a top tier rewards credit card, and an online bank dedicated to customer service, FNBO Direct is a great choice.

FNBO Direct offers a high yield savings account along with a platinum rewards credit card that offers cash back with 1:1 points transfer to airline frequent flyer programs.

Both the bank and credit card are located with all other Navy Federal Credit Union deposits and investments.

Navy Federal Bank, or FNBO Direct, is part of the Navy Federal Credit Union, the largest credit union in the USA. Although it is not a full online bank, it still stands out as an exception in the banking industry in terms of customer service, credit card rewards, and savings rates … all of which are very good.

It boasts one of the top 1-year CD rates, a great rewards credit cards, and a service that’s solid if not always spectacular.

Overall, this is one of the best CD rates and credit cards combo in the industry.

FNBO Direct Bank Savings Certificates of Deposit (CDs)

Are you looking for a no fee CD? Do you prefer FDIC insured bank CDs? You can get both with FNBO Direct.

The online savings and CD bank offers competitive rates with no hidden fees. FNBO Direct is a leader in savings products because of its wide range of options and flexible rates. With such low rates and no annual fee, FNBO Direct is definitely worth checking out. Here’s why.

FNBO Direct Review

FNBO Direct offers a number of CDs and savings offerings. All CDs offer different interest rates and terms. You can choose from a six month CD or a one to five year CD. Also, you can choose between a CD with a low minimum balance, or one that has no minimum deposit.

You can also choose from an early withdrawal penalty and a no withdrawal penalty CD. If you choose no withdrawal penalty, you can both put money into the CD, and take it out at any time. This gives you maximum flexibility. With an early withdrawal CD, if you withdraw money prior to maturity, you will receive a reduced interest rate. With a no withdrawal penalty CD, you receive the interest rate no matter when you withdraw your money.

Another valuable option is the interest withdrawal option. With this option, you can make only one interest withdrawal each 12 months. This allows you to only withdraw limited amounts of your earnings in specified time frames.

Prepayment Penalties on CDs

Your local bank might not advertise this openly, but the fact is most banks apply an early withdrawal penalty for CDs. That means if you pull your money earlier than the term length, you may have to pay. Usually, these penalties range from 60 days of interest up to six months. The penalty is usually applied to the full value of your CD, not the amount that was withdrawn, meaning you’ll likely have to pay the whole amount.

HOWEVER, there is one bank that doesn’t charge an early withdrawal penalty on their CDs … FNBO Direct.

As a matter of fact, one of the reasons why FNBO Direct has risen to the top of the CD Sales League is because of their high-yield products. And we’ve got two of their top CD products, along with a few others in our comparison table.

Currently, FNBO Direct CD rates are likely to earn new high yield records!

At maturity, you’ll earn either 3.21% APY* or 4.12% APY* on a 2-Year CD. If that wasn’t enough, they’re currently offering a 4.22% APY* on 1-Year CDs.

FNBO Tributary Funds

FNBO Direct is a brand name of Tributary Capital Holdings, which was formerly called the First Nations Bank of Oregon.

The bank went from a single operation to being a FDIC-insured bank doing business in 20 different states as a result of a merger with the Nicholson Bank, a bank that was primarily featured in Native American communities.

FNBO Direct is a direct banking subsidiary of FNBO. Direct banking is the online banking arm of the bank and allows the bank’s relationship with its customers to be less formal than it would be with a traditional banking relationship.

Community branches do exist, but they are no longer as common as they once were. The bank’s credit cards are issued by Tributary Capital Management, which is the company that provides credit and debit card services for FNBO Direct, as well as several other online banks.

FNBO Direct Bank ExtraEarnings Visa Card

When I was deciding which credit card to get, I spent hours trying to find the best one to apply for after my ING Direct Visa which I had been using for years. I live on the border of Northern California and Southern Oregon. I did not want to be stuck in a bad interest rate and wanted to be able to get a few points for a vacation. Since my husband and I were both approved for the FNBO card we decided to get one card together and all the benefits.

The benefits we have received so far were: first, the rate is 11.90% with a balance. With our ING account we were paying 12%. We applied for the direct card at 9.90%. WOW! I thought for sure they made a mistake. We were going to transfer our balance regardless since we had nothing to lose with the lower interest rate. I then cashed out some of my ING account. The interest we made on our cash is 2.8%. Finally I closed my ING account and today we have a nest egg in our fnbo account. The cash back they give you is a big deal. If you sign up now you get 0.20% through June 30th. The second is, all the funds stay in your account until you use the cash back to make purchases or you cash out. I am tossing around the idea of getting a couple more cards in the near future to get other deals.

Visa Checkout

— A new test for online banking security.

If you’re a business owner or you manage a few small business accounts, you know that it’s important to keep your credit accounts open and active in order to maintain a good credit score. The easiest way to keep your credit accounts active is to use them.

In my recent review of the FNBO Direct Bank, I mentioned that one of my favorite features is the Visa Business Flex credit card option that comes with a free active business checking account.

The fact that they’re offering a free business checking account is a really big deal. But there’s something even better – they’re also offering a free Visa Credit Card with your checking account.

That’s right, they’re giving you (and I hate to use the word free with credit cards because I really don’t like credit cards, but I don’t have a better word…) a free credit card with your checking account.

Normally, a free business credit card means personal credit card. So this is a pretty unique and attractive offer.

How to Open an Account with FNBO Direct Bank

FNBO Direct offers competitive savings rates and high-earning interest checking accounts. Plus, they’ll give you a 2.25% APY with a high-earning FNBO Visa Credit Card.


Over 2.25 percent APY on high-yield savings account.

If you apply for a FNBO Visa card, you’ll get an extra 0.25 percent APY (2.5 percent total interest) each month.

Ability to make transfers or advances from savings to checking account.

Direct deposit is not required.

Earnings will be calculated on a daily basis.

Eligibility requirements:

There are no minimum balance restrictions.

As an FNBO Direct customer, you will need to meet a certain number of debit card transactions and signature-based purchases each month.

You will be eligible for FNBO Direct use if you have a U.S.-directed account with an ActiveCore Checking Account as indicated by an ACH transaction within the last 90 days.

To enroll for paperless statements, you must have an account in good standing, which will require you to receive it within the last six months.

Direct Deposit fund is not required.

How to apply:

If you are interested in signing up, you can apply online for a savings account, credit card, or both.

FNBO Direct Bank Pros and Cons

FNBO Direct Bank Pros

Although FNBO Direct Bank may be lesser-known than its competitors, the bank is very competitive.

FNBO Direct Bank’s biggest advantage is its high savings yields. The bank has a solid interest on all of its savings account products. The minimum deposit is small and you are unlikely to be charged a fee. In addition, the bank’s customer service is competent and reliable. In fact, its service is much better than that of some of its major competitors.

FNBO direct has a high credit limit, but only if you’ve had an account with the bank for a while. The bank’s inactivity fees are higher than those of some of the more established banks. The overdraft protection is advantageous as is the low minimum balance. FNBO Direct is also FICO-friendly, so eligible borrowers with either a fair or poor credit history will have a chance with this bank.

FNBO Direct seems to possess the qualities of a small bank but the offerings, service, and reputation of a larger one. However, potential customers should make sure that they are eligible for the opportunities that the bank’s website promises.

FNBO Direct Bank Cons

FNBO Direct Bank offers savings rates that are competitive with other online banks, although they’re not quite as generous as other banks like CIT Bank, EverBank and Synchrony Bank. In terms of the different savings vehicles, there’s a variety of options available, including Savings, Money Market, Certificate of Deposit, IRA CD and Online CD.

One of the things that I really liked about FNBO Direct is that they have a top-notch rewards credit card attached to the savings account. It’s not the kind of rewards credit card that will help you score free flight tickets, but it will give you competitive travel and shipping benefits.

Integrated with the credit card is a smartphone app that allows you to make bill payments (including mortgage payments) from your mobile phone. I’ve personally used this feature to pay my mortgage and it’s pretty convenient.

The rates that are offered by FNBO Direct Bank are competitive, although not necessarily the best in the industry. For example, their High Yield Money Market Account rates are lower than the rates offered by CIT Bank, EverBank, and Synchrony Bank.

Should You Use FNBO Direct Bank?

FNBO Direct Bank is an online retail bank, a direct bank that offers lower rates and financial products than big banks. FNBO Bank isn’t the largest direct bank, but you can still access thousands of competitive products, to enjoy a high interest rate, low-fee checking account, or to get a competitive loan. The bank primarily serves the Northeast and Mid-Atlantic states, along the Eastern Seaboard. But if you live in another area and want to find out if you can get an account with FNBO Bank, check their website for a list of states they serve.

On its website, you’ll come across some familiar names, like Bancorp, Woori Bank and IFB Bank. They are subsidiaries of First National Bank of Omaha (FNBO). This is important because these subsidiaries (Bant, Woori and IFB) have deals with FNBO for the release of products. So if you want to apply for a loan product, check first whether you’re eligible or not. If you aren’t, then you’ll have to deal with one of the subsidiaries.