« The Five Habits of Inefficient Delivery: Are Bank Branches Really Big, Expensive Security Blankets? | Main | American Express Plum Card Uses "Scarcity Marketing" »

FNBO Direct Brings in $1.5 Billion in Deposits

By Jim Bruene on October 31, 2007 2:50 PM

First National Bank of Omaha has attracted $1.5 billion in deposits through its Internet subsidiary, FNBO Direct, launched in February (previous coverage here). 

The numbers were chronicled in a NY Times article earlier this month (here) about the so-called rate chasers, depositors that move money around online seeking the absolute highest rate, even if it means moving the money many times each year.

Total deposits: $1.5 billion

Total accounts: 36,000

Average per account: $42,000

Number of mega-depositors (with $400,000+): several thousand

Deposits of the mega-depositors: approx $1 billion

Deposit of everyone else: $500 million in 33,000 to 34,000 accounts

Average per "normal" account: $14,000 to $15,000 

Now that the 6% APY has dropped to 5.05% (effective Sep. 28), it will be interesting to see how many deposits the bank retains.

Comments (0)
AddThis Social Bookmark Button

Most Recent Posts:

TrackBack

TrackBack URL for this entry:
http://www.netbanker.com/cgi-bin/mt/mt-t.cgi/1598

Post a comment

(If you haven't left a comment here before, please note that we will read your comment before it is approved to go up on the blog. However, we'd prefer that you and our other readers didn't have to wait. If you'd like your comments to appear instantly in the future, you can create a TypeKey account and we'll set you up as a trusted commenter!)


Please enter the security code you see here

Sponsors

Finovate 2008 - Come see the future of finance & banking!


Sponsored Links

Events

Research

  • NEW! Online Investing Communities: Will social networking revolutionize saving & investing?- Find out more
  • NEW! Searching for Customers 3.0: Search engine marketing for financial institutions- Find out more
  • Person-to-Person Lending 2.0: Disruptive service or market niche? - Find out more
  • Mobile Money and Payments: Why credit & debit card issuers should embrace mobile delivery now - Find out more

Products & Services

  • Compare CD (certificate of deposit) interest rates and read customer reviews at Bankaholic