According to a recent article in Kiplinger’s Personal Finance, the online arm of the First National Bank of Omaha, known as FNBO Direct, offers the best high yield online savings account. Here’s their synopsis:
Earn 3.50% on your FDIC-insured savings at FNBO Direct. You pay just $1 to open an account with no maintenance fees and no minimum-balance requirements. You can link the account to as many as three others, including FNBO’s bill-payment account. Use electronic transfers to move your funds and your ATM card to withdraw cash.
A couple of notes on this… First off, you don’t technically pay a dollar to open your account. Rather, you have to deposit a minimum of one dollar, though there’s no minimum once the account has been established. Second, that interest rate is a bit out of date. While they’re always near the top of the heap, you should click through to see what they’re currently offering.
Anyway, as you might recall, we opened an FNBO Direct account a few months ago, and we’ve been very happy with it. The signup process is a snap, the online interface is very clean and streamlined, and you even get an ATM card for accessing your cash in a pinch. What’s not to love?