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First National Bank of Omaha Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
First National Bank of Omaha Savings
0.10% APY

First National Bank of Omaha has a very strong history in the Midwest, specifically in Nebraska, Iowa, Texas, Colorado, Illinois, South Dakota and Kansas where its branches are scattered. It also boasts a nationwide ATM network of 55,000 Allpoint ATMs, giving its customers easy access to their balances regardless of whether they’re near a physical location or not.

Whereas most banks will offer 4-5 variations of savings and checking accounts, First National only includes three checking accounts and four savings accounts. On top of this, half of that quartet of savings accounts consists of children’s account and a health savings account (HSA), which even further takes away possible options for the typical customer.

J.D. Power and Money have also recognized First National for top-tier customer service in recent years.

Products Offered

Product Key Details
Checking Accounts
  • No minimum opening balance on standard accounts
  • Interest-earning account available
  • Free Visa® debit cards
  • Overdraft protection
Savings Accounts
  • Waivable or nonexistent monthly service fees
  • No minimum opening deposit
  • Children’s savings account offered
Certificates of Deposit (CDs)
  • Tiered interest rates based on term length
  • Accounts for as little as 91 days all the way up to 60 months
  • $500 minimum balance for rates
Money Market Accounts (MMAs)
  • $1,000 minimum opening deposit
  • No monthly fees
  • Upgraded relationship rates available for eligible customers
IRAs
  • Tiered interest rates

First National Bank of Omaha Interest Rate Comparison

First National Bank of Omaha Overview

With about $20 billion in assets, First National Bank of Omaha is one of the largest privately-held banking institutions in the U.S. Brothers Herman and Augustus Kountze originally founded the bank, and it has remained in private hands for more than 160 years. It currently has branches in seven states.

The recent awards for First National seem to be piling up, with J.D. Power naming it the “highest in customer satisfaction” in the Midwest and Money rating it as its best bank in Nebraska, Kansas, Colorado and South Dakota. The bank is also the program manager for Nebraska’s 529 college savings plans.

First National Bank of Omaha Premier Checking Account

Key Features Details
Minimum Deposit None
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees $15 monthly service fees; waivable by having a combined $15,000 deposited between all accounts
Current Terms and Rates 0.12% APY

First National offers three distinct checking accounts meant for various types of customers. For example, the Free Checking account is most traditional of the trio, as it has no monthly fees, no minimum opening deposit and no minimum balance requirement to receive benefits. It even comes with a one-time per year forgiveness program for an overdraft or returned payment.

The Premier Checking account couldn’t be more different, as it’s clearly angled to suit those with plenty of money to invest in the account. So if you can manage to have an average daily balance of at least $15,000, your money will accrue interest at a 0.12% APY. As long as you stick to this stipulation, your $15 monthly service fee will also be waived, allowing you to grow fee-free interest.

The simplest of the three, the Access Debit account is specifically for anyone that’s looking to build a solid financial footing. Although account holders must pay a $4 monthly fee, there are no overdraft or returned payment fees and no fees for a debit card replacement. Visa® debit cards, online/mobile banking, bill pay, free checkbooks and virtual wallet access all come standard with these accounts.

Compare First National Bank of Omaha to Other Competitive Offers

First National Bank of Omaha Savings Account

Key Features Details
Minimum Deposit None
Access to Your Account Branches, online, mobile and ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates are tiered based on customer relationship:
    • Basic Savings account: 0.10% APY
    • Savings account: 0.15% APY
    • Premier Savings account: 0.25% APY

Like the checking accounts at First National Bank of Omaha, there are three savings options: the Savings account, the Children’s Savings account and a Health Savings Account (HSA). The interest rates available on these accounts are definitely lacking, but you will have the chance to upgrade your rate status by owning more than one account.

The Savings account is extremely hands-off, as there’s no monthly service fee and you opening balance requirement, allowing anyone to start saving whenever they want. Account holders can move up from a Basic Savings account (0.10% APY) to a Savings account (0.15% APY) to a Premier Savings account (0.25% APY).

Like many children’s savings accounts, First National’s option completely avoids all monthly fees, minimum daily balance requirements and minimum opening deposits. Interest is earned on every dollar deposited in these accounts to induce financial growth as early on as possible. Once your child turns 18, though, you’ll need to move the account into a traditional savings account.

HSAs are perfect for individuals and families who have health insurance plans with extremely high deductibles. Similar to saving for retirement in an IRA, HSAs allow account holders to save money on a pre-tax basis for any healthcare costs of the future. First National doesn’t charge a set-up fee for HSAs, and there are no pre-specified minimum daily balance regulations. You’ll also be given free checks and can avoid the $3 monthly fee simply by having a First National Checking account.

First National Bank of Omaha CDs

Key Features Details
Minimum Deposit $500
Access to Your Account Branches, online and mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates are tiered based on term length:
    • 91-day: 0.41% APY
    • 6-month: 0.46% APY
    • 9-month: 0.61% APY
    • 12-month: 0.71% APY
    • 15-month: 0.76% APY
    • 18-month: 0.86% APY
    • 18-month Jump Up: 0.56% APY
    • 21-month No Worry: 0.14% APY
    • 24-month: 1.17% APY
    • 30-month: 1.26% APY
    • 36-month: 1.37% APY
    • 48-month: 1.68% APY
    • 60-month: 1.79% APY

Certificates of deposit, or CDs, at First National Bank of Omaha require a flat minimum investment of $500, regardless of the term length of the CD you want to open. The bank offers these CDs in 13 tiers, ranging from as little as 91 days all the way up to 60 months, or five years. First National will also automatically renew your CD at the conclusion of its term, though you’ll have a 10-day window to close the account without fear of penalty.

The base rates of these CDs are listed in the table above, but it is possible to earn better relationship rates if you follow a few rules. For those that own a First National Free Checking account, Access Debit account or Customer First Complete Checking account in conjunction with a CD, these rates will receive a small boost. But if your CD is paired with a First National Premier Checking account, First At Work Free Checking account, Employee Checking account or Customer First Classic Checking account, the bank will make you privy to the best rates.

First National Bank of Omaha Money Market Account

Key Features Details
Minimum Deposit $1,000
Access to Your Account Branches, online, mobile and ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates Rates based on your First National checking account relationship

First National’s money market account (MMA) has a fairly high $1,000 minimum opening deposit, but its otherwise monthly fee-free setup helps to redeem it. MMAs allow customers to make as many as six withdrawals from the account per month, which is the legal limit dictated by the federal government. The interest rate that you’re afforded with this MMA, though, is completely dependent on the other types of accounts you own with First National, making it an optimal choice for existing customers.

First National Bank of Omaha IRAs

Key Features Details
Minimum Deposit $500
Access to Your Account Branches, online and mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates are tiered based on term length:
    • 91-day: 0.41% APY
    • 6-month: 0.46% APY
    • 9-month: 0.61% APY
    • 12-month: 0.71% APY
    • 15-month: 0.76% APY
    • 18-month: 0.86% APY
    • 18-month Passbook: 2.61% APY
    • 18-month Jump Up: 0.56% APY
    • 21-month No Worry: 0.14% APY
    • 24-month: 1.17% APY
    • 30-month: 1.26% APY
    • 36-month: 1.37% APY
    • 48-month: 1.68% APY
    • 60-month: 1.79% APY

If you’re looking to plan for retirement a traditional or Roth IRA is probably a good place to start. These accounts are both available through First National, though how they are designed is inherently different, especially when it comes to taxes. More specifically, a traditional IRA is tax-deferred, meaning that whatever you invest in it isn’t included in your taxes until you begin taking payment from the account. On the other hand, a Roth IRA allows you to pay taxes up front, so that your payments down the road are tax-free.

Contribution limits are dictated by the government, but interest rates are not. First National tiers these rates depending on the length of the account’s term. Again, upgraded relationship rates are available if you’re the owner of another account within the bank.

Where Can I Find First National Bank of Omaha?

Nebraska, Texas, Iowa, Illinois, Colorado, Kansas and South Dakota are home to the more than 100 branches of First National Bank of Omaha. If you’re in need of cash or want to make a deposit, you can visit one of its 55,000 fee-free ATMs within its own proprietary network and the Allpoint network.

What Can You Do Online With First National Bank of Omaha?

First National allows you to manage your money online just as if you were visiting a branch. That means you can make mobile check deposits and transfer money between your accounts. And although you obviously cannot take out cash right from your phone of computer, you can take advantage of the bank’s branch/ATM locator within the mobile app and website.

Speaking of the bank’s mobile app, it has both Apple and Android offerings, each of which average about a four-star rating after a few thousand reviews. Aside from the ATM locator and mobile check deposit, the app also features mobile bill pay that can be used to pay off your loans and credit cards, transaction histories and the ability to see images of past checks.

With the need for security at an all-time high, First National Bank of Omaha employs an encryption system whenever any data is exchanged within either its app or website. Business banking customers receive this benefit as well, along with other customer specific perks.

How Do I Access My Money?

The most direct way to access your money is simply to visit one of the 100 or so physical branches of First National Bank of Omaha. If you don’t know where to find one, the bank’s mobile app and website allow you to enter your zip code and find the nearest branches.

Branches also feature proprietary ATMs, but if you’re on the road, the bank offers a backup plan. First National belongs to the the Allpoint ATM network, affording customers free access to any of the 55,000 Allpoint ATMs located throughout the U.S. Your debit card serves as a great alternative to cash, as all purchases it’s used for will pull funds directly from your account.

Want to check on your balances, transfer funds between First National accounts or pay some bills? The online banking website and mobile app of First National is the best way to do so remotely. The bank recently added its services to the Apple Pay and Samsung Pay virtual wallet systems, making pay for purchases even easier.

How Can I Save More Money With a First National Bank of Omaha Account?

On the whole, the interest rates and APYs at First National Bank of Omaha are not terribly fantastic. Therefore, you might find it a struggle to outearn accounts at other regional and national banks with better rates. However, in many cases, national banks like Wells Fargo will have worse rates than First National, so do your research if interest-earning possibilities are the most important factor to you.

But the best way to “hack” the services of First National is to exploit its relationship benefits. For example, free checking account customers receive a 0.25% rate discount on home equity, personal and auto loans, special rates on savings, CD and IRA accounts, a $200 closing cost credit and a $25 discount for a safe deposit box. Other account holders are given various other benefits too, so check to see what the account you’re interested in offers.

What’s the Process For Opening an Account With First National Bank of Omaha?

First National lets prospective customers to completely fill out an application for a new account online through its website. This simplifies everything, and allows you to do things at your own pace, all from the comfort of your own home.

If you’d rather talk to a banking professional, you can also open an account through any of First National’s physical locations. Either way you choose, be sure to have your Social Security number, driver’s license and the funds for a minimum deposit available when you apply.

What’s the Catch?

The most obvious “catch” of First National Bank of Omaha is that it’s really only suited for residents of the states that it has branches in. These include Iowa, Colorado, Illinois, South Dakota, Kansas, Texas and Nebraska. Otherwise, if you live elsewhere, there’s virtually no reason why this bank should be near the top of your list of considerations.

For anyone who’s looking to open just one bank account, First National might not be the best option, specifically when it comes to interest rates. Rather than raise interest rates as an account’s balance grows like many banks do, First National awards better rates mostly to customers with multiple accounts. While this might not be a huge issue for some, it does add a layer of complexity that others may want to avoid.

Bottom Line

First National Bank of Omaha delivers some of the best relationship banking perks of any bank in the Midwest. They cut across more than just one category of account, as banking customers receive benefits for mortgages and other loans through the bank, along with upgraded interest rates.

For the average account holder, though, many of these advantages will likely go unused. With that being said, though, the size of First National affords customers with plenty of financial security, all while providing the wide range of services that national banks include in their portfolios.

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