FNBO Direct BillPay Account and IGoBanking Transfer Limit

FNBO Direct recently introduces a new savings tool, FNBO Direct BillPay Account, which is more like an interest checking account (except no check-writing ability). The product currently is only available to existing Savings account members and it pays 3.50% APY. Other features of the new account include:

• No minimum balance required and no fee;
• FDIC insurance;
• Interest compounded and credited monthly;
• BillPay payment limits between $5 and $10,000.

I have moved all my deposit from IGoBanking to FNBO Direct after IGoBanking lowered its rate to 5.00% APY, less then FNBO’s 5.05%. I also canceled the bi-weekly transfer of $300 from my checking account at Bank of America to IGoBanking and redirected the recurring transfer to FNBO Direct instead.

I am planning to get ride of IGoBanking and currently searching for a replacement. One of my targets is AmTrust Direct, which currently pays 5.26% APY for its e-Savings account. The rate is quite appealing and the account supports ACH transfer (UFB Direct, which is another possibility, doesn’t support ACH). Now I only need to decide whether I want to go through the process.

Last night when I logged into my IGoBanking account, I noticed that the bank has increased the account transfer out limit in a rolling 30-day period to $50,000. It used to be $25,000, which is one that I complained most about.

Too bad I am leaving.

Related Articles You Don't Want To Miss

1. FNBO Direct Review: An Online Bank Offers High-Yield Savings and Checking Account
2. FNBO Direct Account Up and Running
3. IGoBanking Savings Account Opened
4. Some Bonus Offers from Citibank, FNBO Direct, and UPromise
5. FNBO Direct Dropped Rate to 2.80% APY
6. FNBO Direct Followed Suit, Up Interest Rate
7. FNBO Direct is SCARY