All America Bank's Mega Money Market Now Earns 1.50% APY ($35k Max)
All America Bank (and its online “country cousin” division, Redneck Bank) raised the rate on its Mega Money Market (1.50% APY) by 25 bps yesterday. While the Mega Money Market has no minimum balance requirement, the 1.50% APY is capped at $35k; balances of $35k+ earn 0.50% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.50*% | - | $35k | All America Bank | Mega Money Market | |
| OTHER TIERS: 0.50% → $35k+ | |||||
All America Bank has been offering the Mega Money Market since 2009, with an initial rate of 2.00% APY that lasted for more than a year. Since being added to the product line, there have been five rate changes, including a low of 0.90% APY lasting from September 2013 until October 2015.
The Mega Money Market has no monthly maintenance fee or minimum balance requirement. There is a limit of one Mega Money Market 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.
All America Bank and Redneck Bank also raised the rates of their rewards checking accounts (from 1.50% to 2.00% APY for balances up to $10k). Unlike Kasasa Saver accounts that are linked to Kasasa Cash accounts, the Mega Money Market does not require the rewards checking account. The Mega Money Market is a standalone account that does not have any monthly activity requirements.
Thanks to DA reader, Carpline, for his Forum post about this rate increase.
Availability
Headquartered in Oklahoma City, All America 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 Mega Money Market account can be done online, or at any of seven Oklahoma branches located in Cache, Elgin, Medicine Park, Mustang, Oklahoma City, Sentinel, and Snyder.
Bank Overview
All America Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.46% (excellent) based on March 31, 2017 data. In the past year, All America Bank decreased its total non-brokered deposits by $79k, an average annual growth rate of -0.02%. Please refer to our financial overview of All America 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 43rd largest bank, with assets in excess of $378 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 170 Money Market Accounts tracked by DepositAccounts.com that require a similar minimum balance and are available nationwide, All America Bank's Mega Money Market APYs currently ranks first.
The above rates are accurate as of 6/22/2017.
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.
I hope they get so inundated with applications that they have to close it to new investors. That way I don't have to continually see this stupid rate pop up as the highest on the Internet.
But not this time...I caught the $35K cap in the headline.
Next time I Google "Highest Savings Rate", I may not be so lucky.
What happens to my 35K when this banks lowers the rates in few month or next day?
By then, Ally 11 month CD may not be available and the 35K will be floating in an unknown interest rate (most likely down).
I've been using this bank as a checking account for several years now. They do well, somewhat technologically challenged, but it meets my needs. I have CDs at various other banks intended for investing.
When I have more than $35K to invest, I will certainly not consider this bank. Nonetheless, the post is knowledgeable and informative. Let's not discourage Ken and his team from mentioning rates that don't fit everyone's needs or won't be popular with the majority of its readers. This site has never placed limits like that on it's content. I ask the haters to follow that policy. Check out the next post, please. But have a great day while you do it. Live nicely!