Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
AmericaNet Bank0.90%-$35kMega Money Market
Accounts mentioned in this post. Rates as of April 20, 2014

Top Money Market Rate Continues at AmericaNet Bank and Evantage Bank

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Top Money Market Rate Continues at AmericaNet Bank and Evantage Bank

If you want 2% on a savings or money market account, there are not many choices in today's interest rate environment. There continues to be four banks that offer 2%+ on their nationwide accounts as of 8/06/2010. All four have balance caps which limit the amount that will qualify for the 2%. There are also other conditions. EverBank's 2.25% is only a promo rate that lasts for 3 months (see review). SmartyPig's 2.15% APY requires setting up goals. For the other two banks, Evantage Bank and AmericaNet Bank, there are no other conditions for their Mega Money Market account besides a $35K balance cap for the 2% APY. For the portion of the balance over $35K, the yield falls to 1.00%. So if you had $70K in one of these accounts, your blended APY would still be very competitive at 1.50%.

Both Evantage Bank and AmericaNet Bank are internet divisions of two separate banks. Evantage Bank is an internet division of Southwest State Bank and AmericaNet Bank is an internet division of All America Bank. They are separate banks, and each have their own FDIC charter. However, they are related. Both are owned by the Huckabay family as was described in a 2009 Oklahoman news article. Another sister bank is the Bank of the Wichitas which operates Redneck Bank. Evantage Bank, AmericaNet Bank and Redneck Bank all offer the Mega Money Market account and the reward checking account that pays 4% on balances up to $10K. However, the marketing behind Redneck Bank was so successful, they had to stop offering new accounts at Redneck Bank. That leaves Evantage Bank and AmericaNet Bank.

Since they are separate banks, you can open accounts at both Evantage Bank and AmericaNet Bank. One reader recently left the following comment:

Well I was successful opening up an account at America Net. The rate is 2%. So I am receiving 2% at both this bank and Evantage with combined balances over $35k. Using my trusty Ally Bank account to facilitate ACH transfers in and out.

That's a good idea about using Ally Bank's transfer service to facilitate deposits and withdrawals. These banks offer bank-to-bank transfers, but they're limited and slow. According to the disclosure, there is a transfer limit of $2,500 per day. Readers have reported that the ACH transfers can take a week to complete.

There is one potential gotcha that you need to be aware of regarding the Mega Money Market account. There's a $10 per month inactivity fee if you account is inactive for a year or more. A reader described how he was charged in the AmericaNet Bank rates and review page:

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 investigation 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.

The main question about the Mega Money Market account is how long will they be able to maintain the 2.00% APY. Both Southwest State Bank and All America Bank are small. Their combined deposits are only $145.65 million. The 2.00% APY has held since May 2009.

  Tags: money market accounts, savings account, AmericaNet Bank, Evantage Bank

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Comments
4 comments.
Comment #1 by Anonymous posted on
Anonymous
Banks are notorious in not disclosing the period that has to pass without activity to the account for it to be considered dormant.  They are also very lax in notifying you that your account has been placed into dormant status and "locked out".  Beware that ACH transfers do not meet the "activity" requirement for some banks.  Activity to them is an in-branch deposit or withdrawal, ATM activity, or a processed check.  ACH activity (which is often automated) is often not considered a customer initiated action to the account.  Also, I read a comment that Incredible Bank contacted a customer for "excessive" ACH activity for submitting too many money transfer actions from the account.  Incredible Bank accounts are not to be used as "hub" accounts according to the CSR.

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Comment #2 by Anonymous posted on
Anonymous
You're WRONG !  If people will bother to READ the disclousre (YES, the SMALL print) it is ALL splled out. AL requirments, conditions and exclusions.


Most people are too LAZY, "DON'T have time, or DON'T "THINK" it is important to read it ALL, than they cry FOUL !

It is your money, read ALL the info., don't be lazy (ASK questions) and if it is NOT the bank's fault that  you were LAZY,  DON'T CRY !!!

I was burned ONCE, learned my lesson (I was lazy), it will NOT happen to me again.


 



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Comment #4 by Steve Reins (anonymous) posted on
Steve Reins
Chase goes dormant after 120 days - then they remove it from your online view. This is regardless of how much money is sitting in the account. Evidently paying you .01% interest is not enough. That is $1 a year on $10000.

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