5 Star Bank VS FNBO Direct

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
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Pros:

  • Variety of different accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • No monthly fees or minimum balances

Cons:

  • Money market account has tiered rates
  • Must meet requirements to earn interest
  • Daily debit card limits
  • Higher balances earn lower rates
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
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Pros:

  • No monthly fees or required amounts
  • Accounts offer competitive rates
  • Low opening balance
  • Any amount earns highest interest rate

Cons:

  • No business accounts available
  • Interest rates for CDs low
  • Limited personal deposit accounts
  • Savings account must be linked
5 Star Bank Review

5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.

5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.

There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.

Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.

To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.

5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.

5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.

Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.

Read the full 5 Star Bank review.

FNBO Direct Review

The accounts offered through FNBO Direct do not have a monthly fee. There is not an amount required to keep in the account. There are no fees for not having that amount in the account each month.

FNBO Direct savings and checking accounts offer competitive interest rates. Those rates are competitive with other online-only accounts. They are much higher than your typical brick and mortar bank rates.

The amounts required to open FNBO Direct accounts is low. The savings and checking account only require $1 to open. The different CD terms all only require $500 to open. There is no set amount to keep in FNBO Direct accounts.

Any amount deposited in FNBO Direct accounts earns the highest interest rates offered. The interest is not adjusted based on the account balance. The minimum amount to open a savings and checking account is $1. Any amount over $0.01 earns the highest interest rate offered. The CD requires $500 to open.

There are no business accounts available through FNBO Direct. The only accounts offered are personal deposit accounts. There is a saving and checking account and different term lengths of CDs. The terms range from a six-month CD to a five-year CD.

The interest rates offered on the FNBO Direct CDs are lower than other online banks. They are not as competitive as FNBO Direct rates for their savings and checking accounts. Other online bank accounts offer more competitive interest rates for CDs.

There is a limited option of personal deposit accounts available through FNBO Direct. There is only one savings account, one checking account, and CDs. There are eight different CD term lengths. The terms range from six-month terms to a five-year term. There is no money market account offered.

The FNBO Direct savings account must be linked to a checking account. You must link an external account to transfer money electronically. You can link up to three external accounts.

Read the full FNBO Direct review.

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