​ FNBO Direct Bank Offers 6.​0% APY on Savings Through Sept. 28, 2007. The online subsidiary of First National of Nebraska, FNBO Direct, is offering a temporary 6.​0% APY on its Online Savings Account. The move makes this little-​known "​largest privately held banking company in the U.​S." the new No. 1 savings rate, following the expiration of HSBC Direct'​s 6.​0% offer, at least until Sept. 28, 2007 (​when the rate is pledged through). Even though these online banks are FDIC insured, we always wonder why someone is willing to pay interest rates so far above the market. We may be biased, and perhaps a bit paranoid, but we think over time you are better off, and safer, in a money market mutual fund. Note also that we don'​t include temporary offers in our "​Highest Bank Savings/​MMDAs" rankings.

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