FNBO Direct Dropped Rate to 2.80% APY

Wow, that’s a big cut, isn’t it?

I just received an email from FNBO Direct with their latest rate at 2.80% APY, down from 3.25%, even below HSBC Direct, but slightly better than ING Direct (2.70%). But with ING Direct, you can refer people to make a little more extra ($10 per referral, check out my ING Direct promotion page is you need a referral to open an account) once the account is opened. Not with FNBO though.

It was just last week when I wrote about the bank’s relative consistency in keeping its rate compared to other banks. But now, it doesn’t look like FNBO Direct is not that consistent any more. Actually, this is what I found out after online banks became *popular*. It happened to ING Direct. It happened to Emigrant Direct, and now it’s happening to FNBO Direct, which was recently named Best Online Savings Account by Kiplinger. Smaller or newer banks, on the hand, can offer a better rate, until they become *popular*.

I have just updated my online savings and checking account interest rates table as well as the Best Savings Account Deals page. There are a lot of changes in the ranking. I am glad that Dollar Savings Direct is keeping its rate steady, at least for now.

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