UPDATE 2/22/18: The new rates and balance cap took effect yesterday, as scheduled. The second tier rates did not change and information on those have been added to this post.
As scheduled, All America Bank and its online “country cousin” division Redneck Bank raised the rate on their Mega Money Market Accounts yesterday to 1.75%, with the $35k balance cap increased to $50k. Balances over $50k will earn 0.50% APY.
There’s no official word yet on what the APY for balances of $50k+ will be. I will updating this blog post as more information is made available.
The rates listed below are the current rates.
|1.75*%||-||$50k||All America Bank||Mega Money Market|
|OTHER TIERS: 0.50% → $50k+|
|1.75*%||-||$50k||Redneck Bank||Mega Money Market Account|
|OTHER TIERS: 0.50% → $50k+|
All America Bank and Redneck Bank first launched the Mega Money Market, along with the Rewards Checking Account, in 2008. Redneck Bank stopped accepting new customers in 2009, and All America Bank did the same in 2011. The Banks started to accept new customers again in 2012.
From the time in 2012 when both Banks reopened the Mega Money Market Accounts, they have been earning the same rate. The low point was from September 2013 to October 2015 when the yield was 0.90%. The yield increased to 1.25% in October 2015 and to 1.50% in June 2017. During this entire time, the balance cap was $35k.
Both accounts have no monthly maintenance fees or minimum balance requirements. There is a limit of one account per individual, with a minimum opening deposit of $50. A $5 fee will be charged for each additional withdrawal beyond the six free withdrawals per monthly cycle.
Rewards Checking Accounts
The rates on All America Bank’s Ultimate Rewards Checking and Redneck Bank’s Redneck Rewards Checking are also scheduled to be increased to 2.25% APY (on qualifying balances up to $10k) on February 21. According to the promo page, "Any amount over $10,000 will earn 0.50% APY."
There is no information on either website concerning any changes to the qualifying requirements. I will update this blog post as soon as I know more.
Thanks to the DA reader who emailed me with this exciting news.
Headquartered in Oklahoma City, All America Bank/Redneck Bank offers its product line nationwide to U.S. citizens and resident aliens with a valid Social Security Number or Individual Tax Identification Number.
Opening a Redneck Bank Mega Money Market account can only be done online.
Redneck Bank used to be under Bank of the Wichitas, which was a separate bank with its own FDIC certificate. In June 2015, Bank of the Wichitas merged into All America Bank. Southwest State Bank, which operated Evantage Bank, was also merged into All America Bank at this time.
All America Bank/Redneck Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 15.88% (above average) based on September 30, 2017 data. In the past year, the Bank increased its total non-brokered deposits by $31.58 million, an excellent annual growth rate of 10.7%. 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.
All America Bank is currently Oklahoma’s 40th largest bank, with assets in excess of $404 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 the 173 Money Market Accounts tracked by DepositAccounts.com that are available nationwide, All America Bank/Redneck Bank’s Mega Money Market APYs will own the top spot on February 21, barring any rate increases by other banks.
The above rates are accurate as of 2/9/2019.
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.