FNBO Direct and ING Direct Issue Letters from the President

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Recently, the two FDIC insured online banks that I’m banking with, FNBO Direct and ING DIRECT, published letters from their respective presidents.  Both of these banks have easily survived the current credit squeeze, and really know how to connect with their customers when it counts.

FNBO Direct

FNBO Direct is the online arm of First National Bank of Omaha.  From their President, Rajive Johri:

“These are truly unique times. The U.S. and Worldwide financial infrastructure are under significant pressure, causing the Federal Reserve and central banks throughout the world to react aggressively, and resort to historic means to restore confidence. Though the prevailing economic conditions are too extensive for any of us to not feel the impact, First National is well-prepared to weather the storm. We have a plan in place, across the company, to build upon our past success and grow.  Our deposits are growing, our loan volume is growing, our customers are increasing and, even in these difficult times, First National Bank continues to be profitable.”

I’ve met Rajive and can attest to his genuine concern for the average saver.  You can read the entire letter by visiting the FNBO Direct website.  Also, read my review of FNBO Direct’s online savings account.

In addition to the letter, FNBO Direct is currently running a contest to encourage people for save more money: the Pay Yourself First Challenge.  As most of my regular readers know, I’m a finalist in this contest.  Be sure and check out the website and vote for me!

ING DIRECT

From ING DIRECT Presdent, Arkadi Kuhlmann:

“A year ago, no one really saw this coming. Banks failing, the Fed having to step in – it’s hard for the average person to grasp. We realize you have questions about where to save your money. You should. You have a right to. This is your future you’re protecting. So ask away. We want to help you understand why saving your money at
ING DIRECT is a great choice.

We feel very strongly about making sure you know the facts and we’ll do whatever we can to keep you informed. We also want you to know that we take our responsibility to be financially accountable seriously. It’s why – even though we’re in the mortgage business – we never granted subprime loans. It’s why we believe in being a Customer advocate, fighting for what’s right for you from Wall Street to Main Street. And it’s the reason why – as part of ING – we’re considered one of the strongest banks in the world.”

The folks at ING DIRECT really get it.  I encourage you to sign their “We, The Savers” declaration, a 10-point plan for creating financial independence.  The 10 points are spot on.  By signing the savings declaration, you can get a free “I SAVE” bumper sticker.  Visit the ING DIRECT website.

If you’d like to open an ING DIRECT savings account be sure and visit my $25 ING Bonus page prior to signing up.

Current Savings Rates

Historically speaking, rates aren’t that great right now for these two banks.  Still, they are around 10x what the average savings account pays.  I challenge you to see how much money you might be losing by not having your money in one of these FDIC insured banks.

At the time of this post, FNBO Direct has been able to maintain a rate of 3.50%, while ING DIRECT recently dropped their rates to 2.75%, down from 3.00%.  I’m curious what causes one bank to drop their rates and who makes that decision?  Later this week I’m sharing an interview I did with FNBO Direct where I asked this question.  Subscribe to Prime Time Money so you don’t miss a post.

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