FNBO Direct BillPay Account and IGoBanking Transfer Limit

fnbo_billpay_account.pngFNBO 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% 1.25% APY (rate as of March 10, 2010). 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.

Read more about FNBO Billpay and other interest checking accounts.

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.

This article was originally written or modified on . If you enjoyed reading this post, please consider subscribing to my full RSS feed. Or you can also choose to have free daily updates delivered right to your inbox.

Author Info

This post was written by Sun You can find out more about Sun and his activities on Facebook , or follow him on Twitter .

3 Responses to “FNBO Direct BillPay Account and IGoBanking Transfer Limit”

  1. YUNGLIN |  Dec 05, 2007 at 12:14 pm

    you might want to think twice before opening a billpay account. I opened a new account last week and found out fnbo does not support e-bill.