FNBO Direct Bank rating – CD Account

What is great about FNBO’s CD accounts is that there are little to no fees to have to worry about.  Of course there is the early withdraw penalty, but one is to expect this when it comes to CD accounts.  Another great feature receiving high marks from us was how little funds were needed to open an account ($500).  This is well below the national average of $2,500 and it makes one wonder why it is so low.  One does not have to search far to find the answer, as the interest rates on the CD accounts are below the national average.  For instance, a six month CD goes for 0.25% (July 2011) at FNBO, when one can find at least 0.60% on average elsewhere.  FNBO’s “best” rate is 1.90% for 60 months, but the average CD for this term length nationally is approximately 2.15%.  Even though there is a low minimum deposit needed it is not enough of a perk to cover their low CD rates, and that is why FNBO CD Accounts scored below average.

CD Rating