Evantage Bank has re-opened its Mega Money Market Account to new customers. With the recent rate cuts, this account is no longer the deal it used to be. However, it's still competitive in today's environment. The rate is now 1.00% APY for balances up to $35,000. The rate is 0.50% for the portion of the balance over $35,000. The link to the online application is now listed at the Evantage Bank Mega Money Market page. Thanks to the reader who reported this news in this forum thread.
The Mega Money Market account has no minimum balance requirement and no monthly fee. There is one potential gotcha. There's a $10 per month inactivity fee if you account is inactive for a year or more. Some readers reported being hit with this.
It appeared that Evantage Bank had also re-opened its rewards checking account. The link to the online application had also been added to the rewards checking page. However, in my conversation with the CSR, I was told that was a mistake. Only the money market account is available to new customers. That's not a big loss since the reward checking account has a small balance cap of $10K.
Evantage Bank and its two sister banks, AmericaNet Bank and Redneck Bank, first launched these money market and rewards checking accounts in 2008. Evantage Bank is the internet division of Southwest State Bank. AmericaNet Bank is the internet division of All America Bank, and Redneck Bank is the internet division of Bank of the Wichitas. All three of these banks are owned by the Huckabay family as was described in a 2009 Oklahoman news article. This explains why all three offer very similar products. However, only Evantage Bank has re-opened its money market account. It appeared Redneck Bank had also re-opened it, but the link to its application points to the Evantage Bank application.
Redneck Bank became the most popular one, and it was the first one of the three to stop accepting new customers in 2009. The other two stopped accepting new customers in early 2011. I think there's a good chance Evantage Bank will keep its Mega Money Market account opened for a while. Since there are several internet banks offering savings and money market accounts with yields of 1.00% or higher, Evantage Bank shouldn't see too much demand for its account.