Interesting Money

(Rates may be out-dated. Please see the Current APY Wiki for updates)

On 30 April 2007, HSBC retired their 6% savings promotion, and on 1 May 2007 FNBO has answered with a 6% promotion of their own.

First National Bank of Omaha (FNBO) is now offering a 6% APY on their online savings account until 28 September 2007. That’s just under five months, which is lengthy enough to justify chasing this rate.

Here are some specifications:

• 6% APY through September
• $1 minimum to open
• No minimum balance required
• Up to three “linked” accounts
• (supposedly) No hard credit inquiry is made, which will not hurt your credit score

I just applied for an account, and was instantly approved. Opening the account is simple: it’s the usual questions about SSN, Driver’s license, and employment. There is no paperwork to send.

Curiously, they do require that you speculate as to how often you will initiate transfers, and how much you think you will transfer each month (see picture).

As with each online savings account, you may link to an existing checking or savings account. I funded a small amount from my checking account, but will send the remainder from an existing savings account. You may also set up direct deposit into your new account.

I’m not yet sure how fast the transfer times are, but I will find out shortly. If they can match my beloved E-Trade’s transfer time of one business day (on average), I may have found my new favorite online savings account.