All America Bank/Redneck Bank's MMA Rate Jumps
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 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.
Availability
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 an All American Bank Mega Money Market Checking 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 account can only be done online.
Bank Overview
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.
Im unclear if the limit is $35k or $50k too.
the first batch they will send you is of 120 checks.... and yes, they are FREE.
BTW, you can reach this bank easily at 888-210-2028.
They don't have any good CD rates either.
So, I like the 1.75% but I wish I could get that on higher amounts. Because $50k is not going to solve my problem of getting my Ally account totals below the FDIC limit.
I have a discover account but they are not competitive at 1.40%.
I broke one last week to open the 11 month for 2.25 at Nasa. Thinking about more there as it was relatively easy. But I have other low rate CDs coming due in the next few months too.
They are at 1.4-1.45%.
I think I found a local rewards checking at 3% that I may or may not do. I have one at LMCU at 3%. Still have $15k in one at 2%. That's not really enough reward to fool with anymore.
I might call & ask for an exception to the $50k limit because I can just open an account at Redneck, right ? Then why not allow me $100k and save the extra work?
5%? Dang. I wish.
I think I have one at Penfed at 5%.
Does not mention they will be sending checks, only that I enabled them.
Nowhere does it say checks are free, in fact they go out of their way to indicate otherwise. Or at least discourage their use.
I like the billpay feature. 10 per month is plenty.
I gave them a username but its not going to be used to sign in with later on?
Apparently I am unable to log in or send additional money for now.
Why couldn't I open it with the $50k ?
I went with All America Bank because it sounds better than Redneck. And I don't think I want to willingly sign up for anything with redneck in the name.
I passed on the 2.25% checking account because its the same rate I get with no hoops for an 11 month CD.
Carpet Bagger ??
Well, I was 11 when my dad moved south for a job. So I guess so.
The epithet originally referred to an unwelcome stranger coming, with no more property than he could carry in a satchel (carpetbag), to exploit or dominate a region against the wishes of some or all of its inhabitants.
Free online banking Free VISA debit card
Free customer service Free email notification if overdrawn
Free electronic monthly statements Access to ATMs worldwide
No minimum balance
(Does NOT say Free checks)
------------
This account includes:
Six free withdrawals or transfers in person or at ATMs**
Bank-to-bank transfers
Person-to-person transfers
Overdraft privilege
Visa debit card
Direct deposit
Mobile deposit
(Does NOT say checks or even mention check writing)
----------
When applying the only mention was check here to enable checks. Did not say they were sending me any.
I understand that checks are outdated and all that but there are a few times a year where I need them or prefer them.
I still remember my internet and phone getting cutoff and I had to go down to a grocery store and pay my bill. It was a very small amount, not even 2 full months. I must have missed a bill and forgot about it. That was embarrassing. I mean having to go to the grocery store to pay my bill. But they had me back on by the time I got home.
Do you get 1 1099 or 2 every year? I guess the question is, is Redneck and All America the same or different banks?
One of my objectives in recent years is limiting the number of 1099s. But its getting to where Im just going to have to add to them. Or buy a ton more of stocks than I am comfortable with.
I also don't know of any other online Hi-yield Money Market acct. applications that generate a separate confirm that your checkbook is in process.
Maybe this bank should be also be providing free Fed-Ex/UPS labels for over-nighting deposits? That'll really keep the rate competitive!
What about the $1000 maximum? Why?
They are a couple days slow to even reflect my deposit. I asked for checks but they cant send them because the deposit hasn't showed up yet. It wouldn't let me enroll in billpay. Just said FAILED.
It does not email me to let me know they responded to my messages and I tried to link another bank and got the trial deposits yet there is no place to enter them.
Wondering if this learning curve is worth it for a $50k max?
I recently opened a 3% rewards checking at a very small local CU and I guess we should not be surprised they aren't as good as the big boys when it comes to websites.
The reason I opened this was to get below the limit at Ally and to have a high rate without limitations like so many transactions per month.
I forgot that every time you link a new account, it eats up 2 of your 6 transactions per month.
I am still pondering more 2.25% 11 month CDs at NASA. Wondering what other offers the next 3-4 weeks may bring.
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If I were to open a 2nd account with redneck bank, could I use the same login info ?
I had them turn off the transfer to allow a $24k transfer so I will soon have $30k with them.
Closed my large 1.75% no penalty at Ally. Still have 2 small ones. Put the bulk of that in NASAs 2.25% 11 month. So I hope I don't regret that. Short term rates are not going up a half % in a year are they?
For now, Im still under the limit at around $30k but I have more money coming from CDs in a month and 2+ months so I might have to open another.
I also put $30k back in 2 local 2% reward checking accts that I intended to stop using unless or until they raise the rate. And when the weather was nice, I went out & knocked out the 24 extra transactions at gas pumps. But longer term, I have to get away from them when the premium is only .25%.
I have no problem logging in. And I called and asked for an exception to move in more, she asked how much, I told her $24k and then she went away & came back and said to log out and then try it. I did not get the impression that it was permanently gone. just a one time thing. And now that its linked at Ally, I can always pull from there if I need to. Oh and they are sending checks too.
Twice I did try to set up billpays and got shot down trying to register for it. Now they have sent 2 emails telling me to do it. So I will try that again I guess.
I have a couple of credit cards set to pull payments from AA later when they are due.
Have you ever accidentally went over the 6 and did they waive the fee?
Ive done that once at Ally & Discover and both waived the fee when I asked. As long as its not an every month thing.
Does AA go by the calander month?
Discover does. But Ally for me starts a new month on the 26th of every month.
So when you opened your 2nd account, how did you do it, from a different page or what? Just need to know in case I do decide to open another one.
Im single so I was thinking i just go to Redneck for my 2nd one, right?
Or it that the same for everyone?
Im probably going to try and set up the billpay in the coming weeks. I got the checks today.
I may or may not open a 2nd account depending on the other rates available next month and later when more CDs expire. But I will be maxing this one out probably.
I have 3-4 external accounts linked up and they don't really give me anything except the account number which is a bit of a pain. (Does not say Ally or Discover or whatever)
I opened a local 3% checking and it has a non activity fee for not using billpay I think.
And I cant recall if I signed up for it or not. Need to find out and then cancel it I guess. The billpay, not the account.
In a perfect world, I would have billpay,checks and unlimited transfers and a high rate with no max. And SOMEONE could offer that, they just do not. Yet.
As competition heats up. Someone will. In fact, competition may make this account obsolete if they don't go up when rates do. Hopefully they will. Because I want the fewest 1099s as possible every year.
I guess I am ready to try a 2nd acct at Redneck.
Can you tell me what to do or not do? I wont talk to customer service. Just go to Redneck and open another one? And then wait & see what happens?
I have a CD expiring on 4/5 so I want to be all set to be able to transfer it to Redneck by then.
And to clarify, all my prior links should automatically be set for my 2nd account, right?
Everyone is allowed 2 money market and 2 reward checkings at AA. One with AA & One with Redneck. So its policy, not an oversight. I did not tell them you were doing it, I asked if they had limits on both and they offered the details.
I am considering doing 2 of the reward checkings also. But I may wait until the 21st to do them. The first month, the 10 transactions are not required. So I might as well take full advantage. The good news is I can add $70k in more money here at 1.75-2.25%. Without breaking any rules, I can have 50+10 in both banks.
I was also able to nickname my external accounts. something I could not figure out on my own.
This should not happen and its pitiful that it has.