All America Bank/Redneck Bank Ups Mega Money Market APY and Balance Cap

Last week, Oklahoma-based All America Bank and its online “country cousin” division, Redneck Bank, began offering a higher rate and a larger balance cap on its Mega Money Market (MMM) accounts. Following the addition of 25 bps, the Mega Money Market (MMM) accounts currently earn 5.05% APY on balances up to $100k (previously $75k); balances over $100k earn 0.50% APY.

Thanks to DA reader, blueskies, for the Forum post about this latest rate hike and the increased balance cap.

A Little History

The MMM accounts, along with the Rewards Checking Accounts, were introduced in 2008. At that time, there were three Oklahoma banks that operated Redneck Bank and two additional internet banking divisions. All three of these internet banking divisions offered the MMM accounts and Reward Checking Accounts.

Redneck Bank proved to be the most popular internet banking division, and it’s the only one that’s still in operation. In 2015, the three Oklahoma banks consolidated into one bank, All America Bank, and now Redneck Bank operates as an internet banking division of All America Bank.

Both Redneck Bank and All America Bank offer the MMM accounts and Rewards Checking Accounts with the same rates and features. In the history of the MMM, its rates have occasionally been competitive. Top rates in the past were tempered by balance caps. Early in its history, the cap was $35k and was subsequently increased to $50k. In 2019, the APY peaked at 2.50%, which was above the online savings account average peak (2.23%). Its rates were well below this average in late 2021 and early 2022 when its APY bottomed out at 0.30% while the average online savings account bottomed out at 0.45%. Beginning in February 2022, a series of rate hikes pushed the MMM accounts closer to those nationally available money market accounts at the top of the rates peloton.

Account Details

The following information was obtained from CSR and apply to both All America Bank and Redneck Bank MMMs.

• No monthly maintenance fees.
• No minimum balance requirements
• $500 minimum opening deposit.
• Limit of two MMM accounts per Social Security.
• $5 excess transaction fee for each additional withdrawal beyond the six free per monthly cycle.
• $3 monthly charge for paper statements; eStatements available at no charge.
• Ten free Online Bill Pay transactions allowed each month; 50¢ charge per transaction beyond the ten free transactions.

ACH Concerns

In the past, DA readers have voiced concerns with All America Bank’s ACH transfer limits and hard/soft pulls. According to CSR:

• ACH transfers initiated by All America Bank 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.

In November 2022, DA reader, deplorable1, explained his strategy to deal with the relatively low balance cap on the Mega Money Account in a comment to Forum post by DA reader, steve_okc. As deplorable1’s comment was based on a $75k balance cap (and there’s math involved in the comment), the following is a synopsis using the new $100k balance cap and having an MMM account at both All America Bank and Redneck Bank.

• Two MMM accounts (All America Bank/Redneck Bank) = $200k per SS#.
• Two MMM accounts = 12 withdrawals per month (six at each account).
• With a Spouse/SO = $400k cap and 24 transactions per month.

Rewards Checking Accounts

The rates on All America Bank’s Ultimate Rewards Checking and Redneck Bank’s Redneck Rewards Checking have also been increased, with qualifying balances up to $15k currently earning 5.30% APY. Qualifying balances over $15k continue to earn 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 "B+" at DepositAccounts.com, with a Texas Ratio of 10.44% (excellent) based on December 31, 2022 data. In the past year, the Bank has increased its total non-brokered deposits by $39.81 million, an excellent annual growth rate of 9.56%. 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 43^rd largest bank, with deposits in excess of $523 million and nearly 25,000 customer accounts. All America Bank remains a community bank and continues to be run by the second and third generations of “the banking Huckabays.”

How the Mega Money Market Account Compares

When compared to the Money Market Accounts and Savings Accounts tracked by DepositAccounts.com that are available nationwide and do not require large balances, direct deposit, or have small balance caps, the All America Bank Mega Money Market Account APY currently ranks third.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

How the Ultimate Rewards Checking Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationally available and have maximum qualifying balances of at least $15k, the All America Bank Ultimate Rewards Checking APY currently ranks first.

To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

The above rates are accurate as of 5/23/2023.