First National Bank of Omaha Review: Family Owned and the Best-Rated Bank in the Midwest

By Cynthia Bowman

January 12, 2021

4.9

Our Take: First National Bank of Omaha, also known as FNBO, is a community-focused financial institution that operates mainly in the Midwest. It earns high marks for its customer service and ranks as one of the largest privately-held banks in the U.S.

• Customer Service
  5.0
• Fees
  4.5
• Breadth of Products
  5.0
• Opening Deposit Requirements
  5.0

How did we calculate this?

About First National Bank of Omaha

First National Bank of Omaha has operated as an independent, family-owned bank serving the Midwest for more than 160 years. Headquartered in Omaha, Neb., it has over 100 branches scattered across Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota and Texas.

What sets FNBO apart from many other banks is its customer service. It was named the best bank in the Midwest Region in J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study. Additionally, GOBankingRates has ranked it as one of the Best Regional Banks of 2021 in its yearly list of rankings.

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FNBO’s family ownership is a big draw for customers who prefer a bank with more than just quarterly profits on its mind. Keep reading to learn more about First National Bank of Omaha and how it rates in various services and features.

FNBO Products

FNBO is a full-service bank that provides a wide range of banking, investment, wealth management, retirement and business services. Here’s a quick look:

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Keep reading for a closer look at the most popular First National Bank of Omaha products and how they work.

FNBO Checking Accounts

FNBO offers three main checking accounts: Free, Premier and Access Debit. There are no minimum balances to open any of the accounts. The Free Checking account doesn’t have monthly maintenance fees. Access Debit comes with a $4 monthly service fee but doesn’t charge pricey overdraft charges. Premier Checking, the top-tier account, offers relationship interest rates and charges no service fees if you maintain an average daily balance of at least $15,000 in checking and/or related deposit accounts.

Regardless of the account type, you’ll have access to more than 55,000 surcharge-free ATMs worldwide. And if you’d like to earn a little extra on your balances, the Premier checking account pays a small 0.02% in interest.

Features

• Large network of free ATMs beyond the Midwest
• Low or no monthly service fees
• One overdraft or returned item fee forgiven every 12 months
• Remote and cardless payment options including Apple Pay, Samsung Pay and Visa SRC

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Pros:

• Three checking account options for different needs and budgets
• Relationship banking perks such as free checks and higher interest rates when you have a Premier checking account
• User-friendly online banking and mobile app platforms

Cons:

• No youth or senior checking accounts

Keep reading to compare how First National Bank of Omaha fares against other top checking accounts to determine if it’s the best choice for you.

FNBO Savings Account

FNBO has three savings account options, but they don’t pay the most competitive interest rates when compared to other banks. Current APYs at FNBO savings accounts are 0.02%, 0.04% and 0.08%. These accounts are useful when you’re setting savings goals for an emergency fund or project.

Features

• Three options to choose from
• Higher relationship interest rates for checking account holders

Pros:

• No monthly service fees
• No minimum or opening balance requirements

Cons:

• No high-yield interest rates available
• Two of three savings account options require a checking account

FNBO CD Accounts

If you’d like to lock in your savings at a guaranteed interest rate to avoid fluctuations, a certificate of deposit is a good way to do so. FNBO CDs are best if you’re able to commit to a larger, long-term balance. Otherwise, you’d earn about the same amount of interest by leaving your money in a savings account.

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Features

• APY ranges from 0.02% to 0.16%, depending on the CD
• Higher interest rates if you have relationship banking with FNBO
• Three- to 60-month terms

Pros:

• Small opening minimum of $500 required
• Short-term CD of three months available
• Automatic renewal available

Cons:

• Interest rates could be better

To find the best CD rates, shop around to see what other banks have to offer. You might find higher interest rates after doing some research.

Banking Experience

One of FNBO’s biggest positives is the personal service at its 100-plus branches. A typical First National Bank of Omaha customer review mentions knowledgeable bank representatives as a key strength. For customers who prefer banking at home, FNBO also offers digital banking options that get average customer reviews.

Customer Service

Whether you visit a local branch or call a customer service number, you’ll get help from friendly and knowledgeable bank representatives. FNBO ranks #1 in the Midwest in customer satisfaction, according to J.D. Power’s customer satisfaction study.

Accessibility and Branch availability

More than 100 First National Bank of Omaha branches are located throughout Nebraska as well as Colorado, Illinois, Iowa, Kansas, South Dakota and Texas. If you don’t live near a branch, you’ll still have access to over 55,000 ATMs worldwide.

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Mobile and Digital Experience

FNBO’s mobile app and online dashboard are both well-organized and easy to navigate. You can handle most of your banking needs from either platform, including the following:

• Managing your account
• Viewing balances and history
• Paying credit cards and other bills
• Making money transfers
• Setting up account alerts
• Depositing checks (using the mobile app)
• Viewing processed check images
• Finding the nearest branch or ATM using your smartphone’s GPS and the mobile app

All of your personal data is encrypted to ensure your information remains private. Two-step authentication is also enabled to reduce the risk of someone else accessing your account. Customers who downloaded the app from the Google Play store give it an average score of three out of five stars. iOS users rate it slightly lower, with 2.7 out of 5 stars.

How To Open an Account

The best way to open an FNBO account is by visiting a local branch. You can also open an account online, which takes an average of about 10 minutes. Here’s what you’ll need to do:

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• Set up a login and password and provide your name
• Add an email address
• Provide a government-issued photo ID (if at a branch)
• Enter a Social Security number
• Provide a U.S. residential address
• Fund your account by setting up a transfer using your existing account and routing number

Key Information

Customer service: 800-642-0014

Routing number: See routing numbers by state

Login: FNBO Login Help

FNBO Fees

First National Bank of Omaha keeps its fee structure low. Depending on the account, you might pay no monthly maintenance fees or low fees that can be easily waived. The exception is Access Debit checking, which charges a nominal $4 monthly fee. On the plus side, the Access Debit account doesn’t charge any overdraft or returned item fees. If you have a relationship account, you’ll get additional perks such as free checks.

Cashier’s checks, incoming wires, stop payments and bank statements are all free. Fees you might encounter include the following:

• Overdraft: $33
• Returned Item: $33
• Outgoing Wire Transfer: $15 domestic, $25 or $35 for international wires

FNBO vs. Competitors

How does FNBO compare to other banks? Here’s a quick rundown:

First National Bank of Omaha vs. Great Western Bank

Both FNBO and Great Western aim for a more personal, community-focused banking experience. Although First National Bank of Omaha offers award-winning customer service, Great Western Bank’s checking account options are all free or have easier requirements to waive the monthly maintenance fee.

First National Bank of Omaha vs. Ally Bank

Ally Bank and FNBO have some pretty big differences — the most notable being that Ally is an online-only bank while FNBO has more than 100 physical branches. Because Ally is a digital bank with no physical branch costs, it can afford to pay higher APYs on your balances. Its website recently listed an APY of 0.50% on all balance tiers — a tempting reason to sacrifice in-person banking.

First National Bank of Omaha vs. CIT Bank

CIT and First National Bank of Omaha both offer various account and loan options. FNBO’s relationship banking is worth signing up for if you plan on opening more than just a checking account. If a CD is a useful savings tool, CIT offers more variety of CDs.

Final Take

If you live in the Midwest, Texas or Colorado, First National Bank of Omaha is worth checking out. You’ll have access to a variety of account options and other financial planning services for a one-stop banking and finance experience. Opening an account online can be done in as little as eight minutes, or you can visit a branch and get to know your local bankers.

Editor’s Favorite

The best part of FNBO is its combination of local service and low-cost banking. Having a relationship account with FNBO gives you better interest rates, up to $400 as a closing cost credit if you’re approved for a mortgage, and free cashier’s checks, checkbooks and other perks.

This article has been updated with additional reporting since its original publication.

Rates are subject to change. Information on accounts is accurate as of Dec. 10, 2020.

This content is not provided by First National Bank of Omaha. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by First National Bank of Omaha.

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About the Author

Cynthia Bowman

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.