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4.00% Reward Checking Account at AmericaNet Bank - Nationally Available


AmericaNet Bank
Update 4/22/09: The top rate is scheduled to fall to 4.00% APY starting 5/5/09.

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
If these are not met, the rate falls to 0.25%. There are no minimum balance requirements and no monthly maintenance fees. Minimum initial deposit is $1.

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.

Bank-to-Bank Transfers

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.

Financial/FDIC Overview

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 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.

Rate History:
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

Related Pages: AmericaNet Bank, checking account, savings account, Oklahoma, reward checking account

Related Posts

Comment #1 by Anonymous posted on
All 3 are the same bank.


Comment #2 by Anonymous posted on
From Fatwallet-

Hello everyone, I just got word our site,, had 800 hits so far today. So I thought i'd check out the forum that started it. We are legit, we are a small bank in Oklahoma and have had the site up for a year or so, but with out any advertising. I read some people aren't too interested in the Redneck name so i thought i'd post our other sites, and I'll try and pop in every now and then and help answer questions.

Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Each bank has different charters according to the FDIC:
All America Bank (FDIC Cert # 20093)
Bank of the Wichitas (FDIC Cert # 4198)
Southwest State Bank (FDIC Cert # 4195)

The FDIC doesn't provide any info on the parent bank holding company, but I guess it's likely that there is a common parent company.

Comment #4 by Anonymous posted on
dmiller40 is probably a bank mole too. Be alert.

"Hello everyone, I just got word our site,,"

Comment #5 by Anonymous posted on
Is there a hard pull on my credit to open an account with any of these banks?

Comment #6 by Anonymous posted on
the link above to fatwallet has a very active discussion. I think it is a "soft pull" from other posters' comments. Please check it out to confirm, I'm not sure what "hard" and "soft" pulls are.
The other issue to note is there is some limit on the ACH amount, or "push" transfers. I'm not sure about these either, but the figure with it was very low like $1500. I wonder how you would transfer your money out if you wanted to close the account?

Comment #7 by Anonymous posted on
The only way to pull out ALL your money at once is to write a check and wait up to 15 days to clear

Comment #8 by Anonymous posted on
I just opened an account at AmericaNet Bank. The process is not fully online - I have to mail them a copy of my electric or telephone bill before they will open an account.

Comment #9 by Anonymous posted on
I just opened a rewards account at americanet and it was 100% automated.

Of course, I have to mail in the signature card when they send it but that is standard.

Comment #10 by Anonymous posted on
Apparently the online application process has improved since earlier comments. I just opened the Mega Money Market account. Application process was entirely online, even the signature card was completed with an electronic signature. Trial deposits for ACH funding were completed by the next day. Customer service seems very good: after getting the trial deposit amounts, I called AmericaNet Bank for further instructions, and a live CSR answered immediately, and took me through funding the account online step by step. This bank looks like a winner!

Comment #11 by Anonymous posted on
Just an fyi, my rewards checking account rate dropped to 5.13%. Also, the web site has JUST updated (past few days) to cap the high interest rate at $10,000.

It would be better customer service if the banks emailed us when material changes such as these happen, but it is undoubtedly difficult for a small (family of) banks to keep up with customer service.

Comment #12 by Anonymous posted on
Bait & Switch!
I just opened my Rewards Checking Account & today I received an email stating that the hi-yield balance has been lowered to $10,000.
Only a few days ago, I called & was told there were "no plans" to change the accounts.

Comment #13 by virgquest (anonymous) posted on
I just had an almost problem with AmericaNet Bank today. It took so long to get my debit cards and my PIN numbers that I had only a week to make my 10 purchases. They told me they had to all post on or before March 18th, which was the end of my billing cycle. When my statement closed, I had 11 transactions, but the last two posted ON the 18th and they only paid me the .5% APY interest. I called to complain about this and was told that the last two transactions didn't count because everything had to be in by the 17th. The CSR tried to tell me they would count towards next month, but they were included on the March statement, NOT the current (April) statement, so I don't see how they would count towards April.

Anyway, after some arguing, they did (begrudgingly) agree to credit me the rest of the interest, which is good because I was considering closing my account due to poor customer service.

This is especially irritating because the bank got the kickback from my 11 debit purchases, plus the pleasure of loaning out my funds for a month, but they just don't want to pay me the interest they promised in return. I guess it's just all part of the game. At least now I have my cards so I can make my 10 purchases in the first two weeks and not have to worry about this sort of thing again.

Comment #14 by Anonymous posted on
I just received electronic communication from AmericaNet saying they are lowering the rates for the Rewards Checking and MMA accounts, effective May 5, 2009

Rewards Checking
4.00% APY* on daily balances less than or equal to $10,000.00**
1.00% APY* on daily balances greater than $10,000.00**

Mega Money Market
2.00% APY* on daily balances less than or equal to $35,000.00
1.00% APY* on daily balances greater than $35,000

Comment #15 by Anonymous posted on
They FLOAT your money. Don't use their Bank-to-Bank transfer feature. AmericanNet took money out of my Chase checking account (by ACH)and did not post the credit into my AmericanNet account until 8 days later. A free 8-day loan for them. What a rip-off.

Comment #16 by Pilm (anonymous) posted on
This is for anyone using or considering AmericaNet Bank, be very very careful!  I put $5000 in an AmericaNet Bank savings account because they offered a 2% rate.  Every quarter I'd go online and check my account.  Well, come to find, after my one year anniversary with AmericaNet Bank they began to charge a $10/month fee.  AmericaNet Bank did not provide any notice whatsoever when they started helping themselves to my money.  It wasn't until I logged on recently for my quarterly account review I found $20 missing.  After invesitigation I found that after one year, if you don't add more money, your account is considered dormant, and AmericaNet Bank starts penalizing your account $10/month every month until you add more money.  Almost seems like extortion to me!  I've used at least a dozen online Savings accounts and have never had money drained from my account like AmericaNet Bank is doing!  No bank has ever penalized me for leaving my money in their account!  But AmericaNet Bank does!  Beware, beware, beware!  AmericaNet Bank is a sham and ripoff. 

Comment #17 by 51hh posted on
Every bank has its own dormant period/fee/account policy.  It is essential these days to find it out beforehand and seek means to avoid the fee.

Typical period ranges from six months to one year.  One can usually make some activities (e.g., ACH transfer or check writing) and be settled for several months.

This bank is not the only one who imposes such fees.  On the contrary, I find it rare that a bank does not have the dormant fee/policy.  Even large banks like HSBC has such a policy (that is why ppeople moves 1-2 cents from checking to savings).

One can also request the bank for a one-time waiver by pleading unawareness and first-time occurrence. 

Good luck.