First National Bank of Omaha Review: Relationship Banking Perks from One of the Top Midwest Banks

GOBankingRates Score

4.9
Quick Take: First National Bank of Omaha is concentrated in the Midwest, earns high marks from customers and is one of the largest privately-held banks left in the U.S. Knowing who owns a financial institution may not have any significance to you, but if you've never banked with a local community bank where you're treated as part of the family, you're missing out. This First National Bank of Omaha review will break down the bank's features.
  • Customer Service
    5.0
  • Fees
    4.5
  • Breadth of Products
    5.0
  • Opening Deposit Requirements
    5.0
How did we calculate this?

This comprehensive First National Bank of Omaha review will explain more. Start with a quick overview of the bank’s benefits and drawbacks.

Pros

  • Family-owned and operated for over 160 years
  • Award-winning customer service 
  • Relationship banking perks including closing cost credits for mortgages and premium savings rates  
  • Low or no monthly service fees
  • No minimum opening balance amounts on checking and savings accounts

Cons

  • Limited to the Midwest

Bank Overview of First National Bank of Omaha

First National Bank of Omaha has been operating as an independent, family-owned bank serving the Midwest for over 160 years. Based in Omaha, Nebraska, there are over 100 branches available in the states of Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota and Texas.

What sets FNBO apart from other Midwest banks is its award-winning customer service. The typical First National Bank of Omaha review from customers highly rates the bank — it ranks among the best banks in the Midwest in J.D. Power’s Customer Satisfaction Study and is a GOBankingRates Top 100 Bank of 2022.

First National Bank of Omaha Product Details

FNBO is a full-service bank providing a wide range of banking, investment, wealth management, retirement and business services. Take a closer look at the most popular First National Bank of Omaha products and how they work.

First National Bank of Omaha Checking Accounts

FNBO offers three main checking accounts: Free, Premier and Access Debit. There are no opening balance requirements. Free Checking doesn’t have monthly maintenance fees, a minimum deposit needed to open the account or a minimum balance requirement. Access Debit doesn’t charge pricey overdraft charges but comes with a $4 per month fee. Premier is the top-tier account with relationship rates and no fee if you maintain a combined balance of $15,000 or more per month. 

Regardless of the account type, you’ll have access to over 55,000 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. Plus, one overdraft or returned item fee can be forgiven every 12 months.

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

First National Bank of Omaha Savings Account

FNBO has three no-fee savings account options without minimum balance requirements, although they don’t pay the most competitive interest rates when compared to other banks. Current yields are 0.02%, 0.04% and 0.08% APY. 

Nevertheless, FNBO’s savings accounts are useful when you’re setting savings goals for an emergency fund or project. If you’re interested in an FNBO savings account, keep in mind that two of the three savings account options require a checking account.

First National Bank of Omaha 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 it. A standard FNBO CD can be opened with $500 and is best if you’re able to commit to a term of 30 months or longer to access rates of 0.08% to 0.10%. Otherwise, you’d only earn about the same amount of interest in savings as the 91-day and six-month CDs, at 0.02% APY.

To maximize the earnings, consider a Relationship or Premier CD. You’ll earn an extra 0.02% bonus on base rates. As for Premier CDs, rates range between 0.08% and 0.16%. To find the best CD rates, shop around to see what other banks have to offer. You may have better luck earning higher interest after doing some research.

Best Features of First National Bank of Omaha

See some of the top features of First National Bank of Omaha from GOBankingRates’ review.

Customer Service

Whether you visit a local branch or call, you’ll get help from friendly and knowledgeable bank representatives. FNBO ranks in the top five in the Midwest in customer satisfaction, according to J.D. Power’s Customer Satisfaction Study. FNBO’s strongest features revolve around strong customer service based on the number of local branches and a variety of financial options.

Fees

Fees and opening deposit requirements are low, making it possible for individuals that are just getting started with banking to access quality accounts and services. Regardless of the balance you’re starting with, First National Bank of Omaha likely has what you’re in search of.

Breadth of Products

The breadth of products includes accounts, mortgages and loans, credit cards, IRAs and wealth management. Account holders will have access to FNBO’s range of services as well as relationship rates for their loyalty.

Opening Deposit Requirements

Customers can enjoy no minimum balance requirements when they go to open one of the checking or savings accounts.

Editor’s Favorite

Having a relationship account with FNBO is ideal — you’ll get better interest rates, up to $400 as a closing cost credit if you’re approved for a mortgage and a variety of free items including cashier’s checks, checkbooks and an annual waived non-sufficient funds fee.

Banking Experience

One of FNBO’s greatest strengths is the personal service available at over 100 branches. A typical First National Bank of Omaha review remarks on the knowledgeable bank representatives. But there are times when digital banking comes in handy — namely, after hours. FNBO is solid on the digital front, as well.

Accessibility and Branch availability

There are over 100 First National Bank of Omaha branches available in Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota and Texas. And even if you aren’t near a branch, you’ll have access to over 55,000 ATMs worldwide.

Mobile and Digital Experience

The mobile app and online dashboard are both well-organized and easy to navigate. You can handle most everything from either, such as [x] viewing balances and history, depositing checks and paying your credit cards and other bills.

All of your 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 2.9 out of five stars. iOS users rate it slightly lower, with a 2.3 out of 5 stars.

How To Open an Account

The best way to open an account is by visiting a local branch. You can also open an account online, which takes about 10 minutes, by:

  • Setting up a login and password
  • Adding an email address
  • Providing a government-issued photo ID
  • Entering a Social Security number
  • Providing a U.S. residential address
  • Funding your account by setting up a transfer using your existing account and routing number

Fees

First National Bank of Omaha keeps its fee structure low. There are no monthly maintenance fees or they can be easily waived for all accounts except Access Debit checking, which charges a nominal $4 per month. To offset that $4 fee, FNBO doesn’t charge an overdraft fee on that account.  If you have a relationship account, you’ll get even more freebies, such as free checks. 

Cashiers’ checks, incoming wires and bank statements are all free. A couple of the fees you may encounter include:

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

First National Bank of Omaha vs. Competitors

How does FNBO compare to other banks in the area? Take a quick look at what other banks have to offer:

Bank Best For
First National Bank of Omaha Personalized service
Great Western Bank Local banking with free checking
Ally Bank Higher-yield interest rates
CIT Bank A regional bank alternative to FNBO

First National Bank of Omaha vs. Great Western Bank

Both FNBO and Great Western Bank have a more personal, smaller bank feel. Although First National offers superb customer service, Great Western Bank’s checking account options are all free or have lower requirements to waive the monthly service fees. 

First National Bank of Omaha vs. Ally Bank

Ally Bank and FNBO have some big differences, with the most significant being physical branches. Ally is an online-only bank while FNBO has over 100 branches. Ally pays higher interest rates on your balances, such as 1.00% on the savings account, a tempting reason to give up on in-person banking.

First National Bank of Omaha vs. CIT Bank

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’s certificates of deposit are more comprehensive than FNBO’s.

Final Take

If you live in the Midwest, Texas or Colorado, banking with First National Bank of Omaha could be a great experience. 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 10 minutes — or you can visit a local branch and get to know your local representatives.

First National Bank of Omaha FAQ

Some considerations worth exploring further before opening an account include the following.
  • Is FNBO FDIC insured?
    • FNBO is FDIC insured, so you can sleep soundly knowing up to $250,000 of your money is protected.
  • How many branches does First National Bank of Omaha have?
    • You'll find more than 100 First National Bank of Omaha branches across seven states: Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota and Texas.
  • Is First National Bank the Same as First National Bank of Omaha?
    • There are several First National Banks throughout the country, but they are not affiliated with First National Bank of Omaha, also known as FNBO.
  • What is the difference between FNBO Direct and First National Bank of Omaha?
    • FNBO Direct is First National Bank of Omaha's digital banking solution, offering a simple online checking account and online savings account.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 6, 2022.

Editorial Note: 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 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.

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