Who is on your list when it comes to attractive Money Market Accounts?

If you are shopping around for the best money market rates, you may be wondering if you should put First National Bank of Omaha,

also known as FNBO, on the list. This is a great place to find out. Here we have already done the leg work for you in gathering the details and making comparisons.

The Basics of First National Bank of Omaha

Don’t panic when you first look for information on FNBO’s website and do not see money market accounts listed separately. Look under savings accounts and you will see the money market savings account information.  Here is what we found:

o   Low initial deposit requirement of $100.

o   To avoid monthly fee keep a minimum daily balance of $5,000.

o   Your first order of checks is free.

o    There are unlimited ATM withdrawals on this account but be aware that you may be zinged with a surcharge if the ATM is not branded with the sign

o   You are only allowed three branch transactions per month. Each additional withdrawal will cost you $10.

o   Any money market account at FNBO is FDIC-insured

FNBO Bank money market account rates

First National Bank of Omaha offers an incentive to open a checking account with them as well as a money market account. If you have a first complete checking account they will add .15% to your money market account rate. If you have a Customer First Premier Checking account, the APY bonus moves to 0.25%. Here is a chart of how that works out as seen on their website.

It is a little visually confusing but here is the layout. A money market account from First National Bank of Omaha is tiered. As you can see, the APY rate increases as the money market account balance increases. The first four lines correspond to the rate you earn as it relates to account balance, if you have the premier checking account as well. The next four lines correspond to the customers who have a complete checking account. The last four lines are for those individuals who only have a money market account through FNBO. Quite honestly without the bonus rates, that you would only receive if you also had a checking account,  the rate of return on these money market accounts is quite dismal. I really cannot term them high yield money market accounts since the rate caps out at .45% APY, if you do not have a bonus. The best money market rate that you could possibly receive from FNBO is 0.60 % and that would require a balance of $100,000 and a Premier checking account.

Summary of Money Market Accounts offered through FNBO

If you do not already have a relationship with FNBO, I would not suggest opening a money market account. First National Bank of Omaha money market account rates even with the bonuses are below average. Perhaps you are thinking that the low initial deposit requirement makes the low interest rate acceptable, please investigate other financial institutions with low initial deposit requirements. Ally Bank for instance has no minimum requirement and the rate of return is double FNBO’s best money market account rate! Frankly, I would cross FNBO money market accounts off the list and look for another institution that has better rates and less requirements. It really does pay to shop around and compare what is out there. Bank Truth has many posts on various online money market accounts, so check them out to find the best money market account for you. In the event that you would like to know more about other products and services that are offered by First National Bank of Omaha, please see our full review.

What if, after all this, you are not sure if a money market account is really what you are looking for? You can get help in understanding the pros and cons of different deposit accounts by reading our pages on savings accounts, money market accounts, and CD accounts. When you have savings goals it is important to start with the right account.