AmericaNet's Mega Money Market & Rewards Checking are Sold Out
AmericaNet Bank has stopped accepting new applications for its Mega Money Market account and its Rewards Checking account. The bank has "sold out" notices on its website. Its sister bank, Evantage Bank is still accepting applications for these accounts. The other sister bank, Redneck Bank stopped accepting applications for these accounts many months ago.
So now the only option for these accounts is Evantage Bank. Even with a recent rate cuts, these accounts remain good deals. As of 2/6/2011, the Mega Money Market pays 1.75% APY on balances up to $35K. Unlike some savings accounts that are linked to a reward checking account, this account does not require you to have the reward checking account. The Rewards Checking account pays 3.75% APY on balances up to $10K if certain monthly requirements are met (10 debit card purchases a month and receive e-statements). Both accounts have no minimum balance requirements and no monthly fees. However, the Mega Money Market has a monthly fee after 6 months of inactivity.
Evantage, AmericaNet and Redneck Bank are internet divisions of three Oklahoma banks which are all owned by one family (the Huckabay family). In 2009 I reported on an Oklahoma news article about Wade Huckabay and how he came up with the name Redneck Bank. He wanted it to stand out from the other internet banks, and it worked. Redneck Bank was the first of the three to close the accounts to new customers. I remember the article mentioned that they chose AmericaNet for its patriotic theme and Evantage for its high-tech theme. I guess the patriotic theme pulled in more customers than the high-tech theme.
One thing to note is that all three banks are small. Evantage Bank's parent, Southwest State Bank, is actually smaller than AmericaNet's parent, All America Bank. Southwest Bank has $78 million in deposits vs. $85 million at All America Bank. So my guess is that Evantage will follow AmericaNet with sold out signs before too long. To reduce demand banks often just lower their rates. Stopping new applications is definitely better for existing customers.
