All America Bank/Redneck Bank Ups Mega Money Market to 2.50% APY

Oklahoma-based All America Bank and its online “country cousin” division, Redneck Bank, made a note-worthy move in the rates race this morning. The Mega Money Market (MMM) accounts now earn 2.50% APY on balances up to $50k; balances over $50k continue to earn 0.50% APY.

Thanks to DA reader, RJM, for the Forum post about this latest rate hike.

A Brief Account History

All America Bank and Redneck Bank first launched the MMM, along with the Rewards Checking Account, in 2008. Redneck Bank stopped accepting new customers in 2009, with All America Bank doing the same thing in 2011. Both Banks reopened their MMM accounts in 2012, and from that point on, the rates mirrored each other. Beginning in September 2013, the MMM experienced its lowest APY (0.90%), which lasted for more than two years. The yield increased to 1.25% in October 2015 and to 1.50% in June 2017, with a balance cap of $35k. This past February, the rate was raised to 1.75% APY and the balance cap increased from $35k to $50k. June and October saw two rate increases, boosting the APY to 2.25%.

Account Details

Both accounts have no monthly maintenance fees or minimum balance requirements. The minimum opening deposit is $500, with a limit of one account per individual. A $5 fee will be charged for each additional withdrawal beyond the six free withdrawals per monthly cycle. There is a $3 monthly charge for paper statements, with eStatements available at no charge. Ten free Online Bill Pay transactions are allowed each month, with a 50¢ charge per transaction beyond the ten free transactions.

Concerns

My October 2018 blog post elicited several comments about ACH transfer limits and hard/soft pulls. I spoke with an All America Bank CSR this morning and was told the following:

• ACH transfers are limited to $5k per day, but a larger limit for a specific transfer can be requested by calling the Bank.
• There is no monthly dollar limit on ACH transfers.
• Opening a Mega Money Account will incur a soft pull, not a hard pull.

While the relatively low balance cap on the Mega Money Account may be a deterrent for some, DA reader, deplorable1, summed it up this way in a comment from the October blog post.

Obviously these accounts are best suited as a hub for moving around smaller amounts of cash for paying bills or doing bank bonuses rather than large amounts for opening CD's etc. I have 4 accounts 2 for me and 2 for the wife so I don't run into the caps very often.

Had an experience with All America Bank and/or Redneck Bank you would like to share? Comment below

Rewards Checking Accounts

The rates on All America Bank’s Ultimate Rewards Checking and Redneck Bank’s Redneck Rewards Checking have also been increased to 3.00% APY on qualifying balances up to $10k. Qualifying balances over $10k earning 0.50% APY, with non-qualifying balances earning 0.25% APY.

Qualification Requirements

• At least ten debit card transactions per monthly statement cycle.
• Receive statements electronically.

Availability

Headquartered in Oklahoma City, All America Bank/Redneck Bank’s product lines are available to all U.S. citizens and resident aliens with a valid Social Security Number or Individual Tax Identification Number.

Opening a Mega Money Market and/or Ultimate Rewards Checking account at All America Bank can be done online, or at any of seven Oklahoma branches located in Cache, Elgin, Medicine Park, Mustang, Oklahoma City, Sentinel, and Snyder.

Opening a Redneck Bank Mega Money Market and/or Redneck Rewards Checking account can only be done online.

Bank Overview

All America Bank/Redneck Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.88% (excellent) based on September 30, 2018 data. In the past year, the Bank increased its total non-brokered deposits by $21.51 million, an excellent annual growth rate of 6.58%. Please refer to our financial overview of All America Bank/Redneck Bank (FDIC Certificate # 20093) for more details.

Originally established in 1969 as The First Mustang State Bank, All America Bank is the latest chapter in the Huckabay family banking legacy. Straight out of a Horatio Alger novel, young T.C. Huckabay,

began our enterprise in 1927 in Mountain Park, Oklahoma. He was just a kid, even by today’s standards, a young strapping guy of 19. He started his career as the proof operator, teller and janitor. Through decades of hard work and good luck, he became the owner of two banks eventually known as Bank of the Wichitas® and Southwest State Bank.

Redneck Bank used to operate as a division of Bank of the Wichitas®, which merged into All America Bank in June 2015. Southwest State Bank, which operated Evantage Bank, also merged into All America Bank at the same time.

All America Bank is currently Oklahoma’s 41^st largest bank, with assets in excess of $422 million, and remains a community bank run by the second and third generations of “the banking Huckabays.”

How the Mega Money Market Compares

When compared to 182 Money Market Accounts tracked by DepositAccounts.com that are available nationwide and do not require a large minimum balance, All America Bank/Redneck Bank’s Mega Money Market APYs currently rank first.

The above rates are accurate as of 1/23/2019.

To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.