FNBO Direct Money Market Account 2025 Review

FNBO Direct's money market account rewards you with a higher APY as your savings balance climbs. There's no minimum balance requirement to open an account and no monthly service fees either. 

The FNBO Direct Money Market account features an exceptional APY that's well above the national average savings rate. You'll have convenient online and mobile banking access to your money, without a maintenance fee.  

You might consider this money market account if you:

• Want to earn some of the best rates possible on savings
• Tend to keep a higher balance in savings
• Are comfortable with an online banking experience
• Don't need paper checks

In addition to money market savings, FNBO Direct also offers a high-yield savings account. The main difference between FNBO Direct accounts is the APY; you have the potential to earn a higher rate with a money market account.

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Compared to Other Online Savings Accounts

Bank5 Connect Accelerator Money Market Account

Bank5 Connect's Accelerator Money Market account offers an outstanding APY, with no monthly maintenance fees. The maximum rate isn't as high as what you could get with FNBO Direct but the rate applies to all balance tiers. You'll need $5,000 to open this account and a $5,000 minimum balance to earn the advertised APY. 

Read our full editorial review of the Bank5 Connect Accelerator Money Market account

Byline Bank Online Money Market Account

Byline Bank offers a variety of money market accounts to help you fund your savings goals. The Online Money Market account features a top-tier rate, though you'll need to deposit at least $5,000 to open this account. Since this is a digital account you can only open it online and you'll need to link an external bank account to make your first deposit. 

Read our full editorial review of the Byline Bank Online Money Market account

Synchrony Bank Money Market Account

Synchrony Bank's money market account earns interest, though the APY is a little below what you could get elsewhere. The upside is that there are no minimum balance requirements and no monthly maintenance fees to worry about. You also get the benefit of paper checks and an ATM card so you have easy, convenient access to your money on the go. 

Read our full editorial review of the Synchrony Bank Money Market account

CFG Bank Money Market Account

The CFG Bank Money Market account earns one of the highest rates for an online savings account. You'll need $1,000 to open this account and a $1,000 minimum balance to earn the advertised APY. You can deposit funds to your account at any time; paper checks are not available with this account. 

Read our full editorial review of the CFG Bank Money Market account

Interest Rates

FNBO Direct pays a generous APY to money market savers, with rates that correspond to your balance. 

The balance thresholds to earn interest are as follows:

• $0 -$24,999.99
• $25,000 - $99,999.99
• $100,000 - $499,999.99
• $500,000 -$999,999.99
• $1,000,000 - $2,499,999.99
• $2,500,000 and above

Now, how do the rates compare to those of other banks? Even at the lowest balance tier, the APY is still competitive and outperforms what you could earn with most traditional money market accounts. 

To earn the best APY, you'll need a much higher balance, which might be out of reach for the typical saver. 

It's possible to find comparable rates with other online money market savings accounts that don't require such a steep minimum balance. Those accounts could be more attractive if you're just getting started with saving. 

Here are a few helpful questions to ask as you compare money market accounts. 

• Are rates tiered or do you earn the same APY across all balances?
• If rates are tiered, how much will you need to save to earn the highest APY?
• Does the bank cap the amount of interest you can earn, or reduce your rate once your balance hits a certain threshold?
• Do you need to complete any qualifying activities to earn interest? 

That last point is important as some banks have additional requirements to earn interest. For example, you might need to enroll in direct deposit or link a checking account to savings.

Fees

An online bank could save you money on fees. Online banks tend to charge fewer fees since they have lower overhead costs. 

Here's an overview of the fees FNBO Direct charges.

Other Service Fees - FNBO Direct Money Market Account

Overall, this account is relatively light on fees. You won't pay a monthly maintenance fee or overdraft fee and incoming wire transfers are free. Note that international wire transfers are not allowed with this account. 

You can make up to six withdrawals per month fee-free. Once you go over that number, a $5 excess withdrawal transaction fee applies. 

ATM Access

FNBO includes a free ATM card with its money market accounts. You can use the card to make fee-free withdrawals at FNBO Direct ATMs and at 55,000+ Allpoint ATMs. 

There are some limits on how much you can withdraw. The limit is as follows:

• $1,000 per transaction
• Maximum of 5 transactions per day

ATM access is a nice benefit to have with a money market savings account. If you need cash for an emergency or any other reason, you can hit the nearest ATM to withdraw it. 

The main thing to note when comparing money market accounts that include an ATM card is where you can make fee-free withdrawals. FNBO Direct uses a broad ATM network but that's not always the case with other banks. 

Also, consider foreign ATM fees. FNBO Direct doesn't charge a fee to use an out-of-network ATM but other banks do. FNBO doesn't refund any foreign ATM fees other banks charge either.  

Check Writing

Money market accounts can offer paper checks that you can use to pay bills, make purchases, or cover other expenses. FNBO Direct doesn't extend this benefit with its money market account. 

If you're interested in a money market account with check writing, look at:

• How many checks you can write per month
• What you'll pay, if anything, to order checks
• Nonsufficient funds or overdraft fees if you write a check that your account balance can't cover

You could also consider opening a checking account alongside a money market at the same bank, so you get the best of both worlds. 

Account Management

FNBO Direct makes it easy to track your savings with online and mobile banking. You can log in to:

• Review transactions
• View statements
• Transfer funds between FNBO Direct accounts
• Schedule one-time or recurring bill payments
• Deposit checks (with the mobile app)
• Send and receive person-to-person payments through Zelle

You can link an external bank account to move funds via ACH transfer. 

FNBO has daily and monthly withdrawal limits. You can withdraw up to $100,000 per day or up to $500,000 per month. 

FDIC Insurance

FDIC insurance covers deposit accounts at member banks. If the bank fails, the FDIC helps its customers get their money back. 

FNBO Direct is FDIC-insured, so your accounts are protected. The maximum coverage limit is $250,000 per depositor. 

This same coverage applies at every FDIC-member bank you have accounts with. The NCUA offers similar insurance for deposit accounts held at credit unions. 

Frequently Asked Questions

Is FNBO Direct a legitimate bank?

FNBO Direct is the online banking division of First National Bank of Omaha and it's a legitimate financial institution. The bank currently offers online savings and money market accounts, both of which are FDIC-insured. In the past, FNBO Direct has offered checking accounts but those are no longer listed on the website homepage. 

How does a money market account work? 

Money market accounts combine features of checking and savings accounts into one convenient place to keep your money. You can earn interest while also having access to your money with an ATM card, debit card, or paper checks. Banks may limit the number of withdrawal transactions you can make from a money market account each month. 

Is a money market account or a high-yield savings account better? 

Money market accounts and high-yield savings accounts are both secure ways to fund your financial goals. Whether one is better than another depends on your needs. If you'd like to earn interest on your money and get an ATM card, debit card, or checks then a money market account could make more sense than a savings account.