If you have a dormant FNBO Direct account, you may be interested to know that they are offering a promotional rate of 1.35% APY beginning July 1, 2012 on all the money above what your balance was on June 29th, 2012. (Only available to existing FNBO Direct customers as of June 29, 2012.) Even better, the rate is guaranteed until December 31, 2012, making it better than 6-month CDs from other banks. All rates above have expired and FNBO is now offering a standard rate of 0.85% APY.
I should probably move a little money over… see my June 2012 Emergency Fund update for where else I stash my cash. Also see my rate chaser calculator for some real-world estimates of how much extra interest you’d get.
FNBO Direct has become just another commodity online-savings account these days, so it’s good to see they’re trying to keep things at least a little interesting. I’d be a little annoyed if I kept a lot of money in there this whole time, though! The fine print from the e-mail I received is quoted below.
*Limited Time Offer: Promotion available to existing FNBO Direct customers (as of June 29, 2012). The promotional rate of 1.35% APY is applied to any deposit balance above the balance in your account at close on June 29th, 2012 (hereinafter referred to as the “Initial Balance”) during the promotional period. The promotional period begins July 1, 2012 and ends December 31, 2012. For example, if your account balance on June 29, 2012 is $1,000.00 (Initial Balance) you will receive the promotional rate of 1.35% APY on any balances above $1,000 during the promotional period. Your Initial Balance (in this example $1,000) will receive the regular rate, currently 0.65% APY. If at anytime your qualifying account falls below the Initial balance you will receive the regular (and not the promotional) rate, currently 0.65% APY. Your statement will not reflect multiple balances with various rates, but rather a blended rate of the entire balance, currently 1.22% APY. Annual Percentage Yields are accurate as of 7/18/2012 and are subject to change after that date. Rates may also change after the account is opened. Fees may reduce earnings. Minimum deposit to open an account is $1.00.
** Limited to one promotional rate per household. Other promotional rates or discounts do not apply. Promotional rate period is set to end December 31, 2012. The FNBO Direct Online Savings Account currently pays an annual percentage yield of 0.65% and is accurate as of 7/18/2012. Rates are subject to change.