Moving from FNBO Direct? A Few Alternatives

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

If, like me, you are concerned about the Due Diligence 2nd Request e-mail from FNBO Direct, then perhaps you are considering moving your money elsewhere.

What, then, are some other possibilities?

1) E-loan Savings

• $5,000 minimum required to open
• $500 required to stay open
• Current APY: 5.25%

I opened an E-loan account last October, and despite one minor glitch, I have had a good experience with them. The interface is simple and elegant, and transfers take approximately three (3) days. The opening requirement ($5,000) is steep, but your account will remain open provided that you keep at least $500 in it. I moved the bulk of my savings from E-loan to FNBO Direct a few months ago, but I may be moving it back soon. The interest rate is lower, but I have more confidence in them.

2) iGoBanking

• $1 minimum required to open
• No minimum balance
• Current APY: 5.30%

I don’t have an iGoBanking account, but I love their website. If I had to open a new on-line savings account, it would probably be with them. Their current rate of 5.30% APY is not shabby at all, but I have no experience with their customer service.

3) UFB Direct

• $1 minimum required to open
• No minimum balance
• Current APY: 5.31%

Though their website looks dated, UFB Direct’s interest rate comes in at a hair over iGoBanking. If you choose UFB Direct, be sure to select their Absolute Savings account rather than the Money Market (since the Money Market has a pitiful interest rate).

Personally, I may end up riding the FNBO Direct storm through September, but after the current 6% APY offer expires, I’m out of there!