Rate chasers rejoice! Look likes with the expiration of the HSBC Direct 6% APY promotion yesterday, the online bank FNBO Direct has decided to offer the rate of 6% APY until September 28, 2007. $1 to open, no monthly minimums, no credit check, previous rate was 5.25% I believe. Anybody use this bank before?

As usual, check out my Ultimate Rate Chaser Calculator to see the potential profit from a move after accounting for transfer time. I hope they don’t pull what Umbrella Bank did - change their guaranteed date from 12/31 to 7/31 a day into the promotion. Thanks Steve for the tip.