Thursday, September 27, 2007

FNBO advertises a rate that does not exist

FNBO Direct is still advertising its 6.0% online savings account interest rate. I had an issue with this last week, but I really have an issue with it this week.

First of all, all transfers into the FNBO account have a 3-4 day waiting period (in which I assume the company used to complete the transfer gets their cut by taking the interest in the meantime) between the time the money transfers out of your other bank and into theirs. So even if you already have an FNBO savings account, it has been literally impossible to earn the 6.0% advertised rate. At all! Starting about the middle of this week they have been advertising a rate that no longer exists for new customers.

The rate changes on Sept, 28. Friday. Tomorrow. The real stinger is that FNBO has already announced their new rate of 5.05%. This really isn't bad, considering other banks are reducing their rates almost across the board. ING is down to 4.3% (a .2% difference) and HSBC just lowered theirs to 4.5%, down a whopping .55%. Still, they are advertising a rate that not even their existing customers can take advantage of.

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