AmericaNet Bank is offering a reward checking account and a high yield savings account. The rewards checking account pays 4.00% APY on balances up to $10,000 (1.00% for above) and refunds ATM fees worldwide if the following monthly requirements are met:
- 10 check card purchases
- receive electronic statements
Online Savings Account
Update 4/22/09: Starting 5/05/09, the rate is scheduled to drop to 2.00% APY for up to $35K, 1.00% for above.
Their internet savings account is called Mega Money Market. The current APY is 3.10% for balances up to $35,000 (1.65% for above). This looks like a pretty typical online savings account with no minimum balance requirements or monthly fees. Like the checking, minimum initial deposit is $1. It should really be called a savings accounts since there doesn't seem to be any check writing privileges. However, it does come with a check card.
Once the account is opened, bank-to-bank ACH transfers are limited to $1,500 a day (per FAQ). The best way to get larger amounts into and out of this account will probably be to use another online bank to push and pull funds.
Checking Accounts for those with Bad Credit
AmericaNet Bank also offers a checking account for those with bad credit or no credit. It's called You're Approved Checking. You pay the price for not having good credit. There's no interest and there's a $5 monthly maintenance fee.
Totally Online Application Process
I confirmed with the bank that people in any state can apply online. According to one of the bank's FAQs, it's a totally online bank that allows people to open new accounts "online without having to wait on signatures, faxes or the U.S. mail." Another FAQ describes the application process. It states that the entire process usually takes 1-5 business days depending upon how you fund your account. It allows electronic ACH funding. They use the trial deposit method to verify account ownership. You also have the option to mail a check.
AmericaNet Bank is the internet banking division of All America Bank. AmericaNet Bank is listed in the left sidebar of All America Bank's front page. All America Bank is a small bank located in Oklahoma City. According to the FDIC data on this bank, it has 40 employees, $156 million in assets and $76 million in deposits based on 9/30/08 data. It has been FDIC insured since 1969.
The bank has some strong ratings for soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/08 data.
Thanks to the reader who emailed me news of this bank.
Very Similar to Redneck Bank and Evantage Bank
Update 1/6/09: I just received confirmation that all three banks are owned by the same family. However, the three banks have separate FDIC charters.
It's interesting to note how similar this online bank is to Redneck Bank (see post) and to Evantage Bank (see post). These have the same accounts with the same features and they all have similar websites. All three banks are based in Oklahoma, but they don't seem to be under the same parent company.
When I called AmericaNet Bank, the CSR said they had been offering these products with the same rates for the last two years. Readers have reported the same thing for Redneck Bank. I'm surprised we've missed these for so long. But it should be noted 5.25% wasn't that great 2 years ago. Like most other checking accounts, there's no guarantee these rates will hold. If the rates go down, I would guess they'll down at all three banks.
Other Reward Checking Accounts
To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.
05/05/09: 4.00% APY up to $10K; 1.00% APY over $10K / MMA 2.00% APY up to $35K; 1.00% over
03/12/09: 5.25% APY up to $10K; 2.25% APY over $10K; 0.25% base rate / MMA 3.10% APY up to $35K; 1.65% over
01/05/09: 5.25% APY up to $25K; 2.25% APY over $25K; 0.25% base rate / MMA 3.10% APY
Edit 4/4/09: Updated ACH limitations