Dedicated to Deposits: Deals, Data, and Discussion

3.10% Internet Savings Account at Redneck Bank - Nationally Available


Update 4/22/09: Starting on 5/05/09, the top rate is scheduled to fall to 2.00% APY for balances up to $35K, 1.00% APY over.

I first mentioned Redneck Bank in early January regarding their 5.25% reward checking account. However, I didn't emphasis their online savings account which has an APY of 3.10%. At the time, 3.10% wasn't that great, but now it's very competitive.

The savings account is called mega money market. There is no monthly maintenance fee or minimum balance requirement. 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. Unlike the reward checking there's no balance cap for the top yield and it has no debit card requirements. Like any savings account, there's no guarantee this rate will last.

Update 4/10/09: The 3.10% APY now only applies to balances up to $35,000. Balances over $35,000 earn 1.65% APY.

In the Q&A section under "About Our Other Services" it states that there is a limit of $1,500 for each bank-to-bank transfer. To increase the limit you can contact Customer Service and make a request. They seemed to have recently increased this. It used to be a $400 limit. Nevertheless, $1,500 is still too small. However, readers have reported that they are able to initiate ACH transfers using another bank's bank-to-bank transfer system. There are no limits imposed by Redneck Bank for these transfers. Another reason to use another bank's ACH system is for transfer speed. It has been reported that Redneck Bank initiated transfers can take 4 to 5 business days to complete.

To qualify for bank-to-bank transfer, the Q&A states that you must have your account open for at least 30 days and have an Redneck Bank VISA Check Card. There also had been the requirement of making deposits totaling at least $400 every 30 days. This requirement appears to have been removed. I'm not sure why this requirement was done in the first place.

The reader Scott commented in my previous Redneck Bank post about his experience opening a Redneck bank account:
No hard pull. I opened with all three of my reports frozen. They just use for soft ID verification so they had me fax over a copy of utility bill. Very quick with account opened minutes after I did that.

Another reader reported problems in the application:
I just tried to apply, got declined after answering credit check questions. I have 700 credit score, how can I possibly not get approved for a checking account?

If you don't want to be associated with Redneck Bank, you can open an account at two other banks with more traditional names that are part of the same family. One is Evantage Bank (my review) and the other is AmericaNet Bank (my review). These provide the same exact accounts.

Redneck Bank is the Internet Banking Division of Bank of the Wichitas which is based in Oklahoma. Bank of the Wichitas has been FDIC insured since 1934 (FDIC Certificate # 4198).

The bank has some good financial ratings for soundness: 3.5 stars (good) at BauerFinancial and 4 stars (sound) at Both ratings are based on 9/30/08 data.

  Tags: Redneck Bank, Bank of the Wichitas, savings account

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Comment #1 by ssssmokin (anonymous) posted on
If you look around you can find really good rates at small credit unions, usually whose members are wealthy. Try sites like

Comment #2 by Anonymous posted on
Why do you need to have a check card in order to be able to do ACH transfers? Seems like another attempt provide you with a service that you may not need.

Comment #3 by Anonymous posted on
I spoke with a CSR at AmericaNet Bank today regarding withdrawals from the "Mega Money Market Account." I was told that there is limited checkwriting, but the cost of having checks made up is $12 and change for each batch (not sure of the # of checks in each batch).

Comment #4 by Anonymous posted on
I just applied, got accepted after answering dumb credit check questions.

Had to send proof of address to Redneck Bank. dumb, long wait.

Comment #5 by Anonymous posted on
As of May 20th, the rate will be 3.1% only up to 35K, then 1.6% over 35K.

Comment #6 by ichaelm (anonymous) posted on
Where on the website do you see that??? I see nothing about the rate holding at 3.10% for 2 more months or about it being tiered after 5/20.

Comment #7 by Anonymous posted on
Website now in fact shows something almost identical to what Anonymous at 5:25 AM, March 10, 2009 predicted: 3.10% APY for first $35,000 and then 1.65% APY for any additional funds.

Comment #8 by Anonymous posted on
They don't seem to have all the bugs worked out. Its been weeks and I'm still working on getting my initial deposit deposited.

The application was fine. I was told I was approved. Set-up my initial ACH deposit. Verified the test amounts.

They took the funds out, and then returned them to my bank. My acct had been suspended because I didn't provide a copy of my ID.

When I pointed out to them that I supplied it with my address verification info, which was mailed, they re-opened the acct.

But now i have to go thru the whole ACH set-up and verification process again.

So its been about 2-3 hours of work (including time on hold) to get my account opened.

On the bright side, they do use US English speakers in their call centers, not Indians pretending to be Americans like many other banks do.