The First National Bank of Omaha was established in 1857, as the Kountze Brother Bank. At that time, it mainly dealt in the trading of gold dust and buffalo hides. In 1863, it received a national bank charter and changed its name to First National Bank of Omaha.
First National Bank of Omaha is the largest privately owned bank in the United States. As of September 2015, it has $17.6 billion in assets, 4,556 employees and 124 branches in Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota and Texas. The bank had $14.4 billion in deposits and generated a net profit of $102.4 million in 2014. It has an outstanding return on equity of 12.81% and a high net interest margin of 5.87%. As of December 2015, it has a five-star rating with Bauer Financial and an A rating with the BBB.
First National Bank has two primary checking accounts: First National Checking and the First National Premier Checking.
First National Checking has no monthly service fee, no minimum deposit to open an account and no minimum balance. Account holders do not earn interest on their balance, and there is a $33 overdraft item fee, although First National gives account holders one overdraft forgiveness a year. All customers receive free checks, Bill Pay, mobile banking and free withdrawals from First National ATMs. First National will not charge for using other banks’ ATMs either but other banks and ATM operators may charge a fee.
The First National Premier Checking account is an account for customers who maintain a combined average daily balance of $15,000 in First National checking and savings accounts. This account allows users to earn interest on their balance (up to 0.12% APY), premium rates on checking, savings and money market accounts, and $400 credit in mortgage closing costs.
First National Bank has one savings account and a money market account.
The savings account has no monthly fee, no minimum deposit to open, and no minimum balance. Interest rates range from 0.05% APY, for users without a checking account, to 0.20% for users with a First National Premier checking account.
The Money Market account has a $1,000 minimum deposit to open, but no minimum balance. It also provides check writing privileges, free unlimited ATM withdrawals and a premium rate on your checking account.
What we love about First National Bank of Omaha:
- No monthly fees
- No minimum deposit on savings and checking account
- No minimum balance
- Competitive rates on large balances
- Transparent fee schedule
What we don’t like about First National Bank of Omaha:
- Users with less than $15,000 don’t earn interest on their checking accounts
- Low-interest rates
- Minimum deposit on money market account
- Not a nationwide ATM network