Best Savings Accounts

A few readers have written about some negative experiences with FNBO Direct:I had a very negative experience with FNBO. I think that they are going to go the way of NetBank.

Lee Says:

I had a very negative experience with FNBO. I think that they are going to go the way of NetBank.

I called up customer service to ask a question about a fee that I incurred on the account and was met by a disturbing amount of resistance. I could not believe how rude they were. To top it all off, I asked to close my account, and the rep said, “Sure, I will get that taken care of for you,” and hung up! I was shocked.

I think we will see this portion of First National Bank of Omaha go away VERY soon. Poor interface, poor customer service….not much going for FNBO Direct after their teaser rate goes away.
Todd Says:

Indeed FNBO should be more like FNBOdirectRUNAROUND… . Just like It has been mentioned above, I have also been going thru their awful system and still waiting. What the heck with this needless re-verifying business? The whole process is begining to look like a joke—either they simply don’t have the man power or have chewed more than they can handle. I have never had this much trouble with anyone else. Very disappointed and sorry to have chosen them.—will be cancelling.

Anyone have any other experiences to share?

Washington Mutual currently has one of the best bank deals available: a combination of their free checking and their new 4.75% APY savings account allows you to combine the convenience of local branches and ATMs with the high interest rate yield and online transfers of online banking.

WaMu Free Checking offers:

• No minimum balance or direct deposit requirements, open with $1
• Free basic checks for life
• No ATM fees on their end
• One free overdraft per year
• Free outgoing wire transfers.

The Statement Savings Account offers:

• A competitive 4.75% APY on all balances (rate only available online)
• No minimum balance requirements, open with $1
• Instant transfer to/from the Free Checking

If you already have a checking account with Washington Mutual, you will have to open a new checking account to take advantage of this bank deal. You can just go ahead and close your old one.

Overall, while this isn’t necessarily the highest interest rate available, the account’s lack of fees and relative convenience if you already bank with WaMu helps make this a great bank deal. You can deposit checks directly into the 4.75% APY savings account at an ATM, maximizing interest. From there you can move money into the checking account instantly online as you need it, with a limit of 6 transfers a month. In addition, you can access your account at any of Washington Mutual’s large network of ATMs.

In addition, Washington Mutual offers free online fund transfers that allows you to link your account to external accounts using a routing number and account number. A soft credit pull is done when you sign up for the account, allowing you to avoid the ding from a hard credit pull. For more information, visit Washington Mutual’s savings account signup page.

UmbrellaBank just lowered the introductory yield on its Green Day Savings Account from 6.00% APY (5.83% rate) to 5.50% APY (5.35% rate). I was told that all approved accounts opened under the previous rate will be given a 14 day grace period beginning from the date of the rate change to fund their accounts. If you don’t fund it by then, the new rate will take effect.

The rate information on UmbrellaBank’s website is a little confusing since they’re reporting a blended APY that combines the promo rate with the ongoing rate. Consequently, the top APY is only 4.93%. This is the average of 5.50% APY for the first 3 months and an APY of about 4.75% for the last 9 months.