All America Bank/Redneck Bank Up Money Market Rate and Balance Cap
About a week ago, 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 95 bps, the Mega Money Market (MMM) accounts now earn 4.00% APY on balances up to $75k (previously $50k); balances over $75k earn 0.50% APY.
Thanks to DA reader, steve_okc, for his Forum post about this latest rate hike.
A Brief Account 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. That was 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 few years, 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.
While the relatively low balance cap on the Mega Money Account may be a deterrent for some, DA reader, deplorable1, explained his strategy in a comment in response to steve_okc’s Forum post.
The max is pretty high now they will bump it to $75,000 for the Mega Money Market account tomorrow 11/22/22 and you can have 2 of them one at Redneck and one at All America so that's $150,000 per SS# and that means 12 withdrawals per month 6 at each account. With spouse/SO it's $300,000 cap and 24 transactions 6 per account. I have always had 4 of these since day one. Also one username and password for both accounts so it's pretty simple. You can still go over the 6 per account for a $5 fee they won't close the account like some banks.
Rewards Checking Accounts
The rates on All America Bank’s Ultimate Rewards Checking and Redneck Bank’s Redneck Rewards Checking have also been increased to 4.25% APY on qualifying balances up to $15k (increased from $10k). Qualifying balances over $15k earning 0.50% APY, with non-qualifying balances earning 0.25% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.80% | - | $15k | All America Bank | Ultimate Rewards Checking | |
| 4.80*% | - | $15k | Redneck Bank | Redneck Rewards Checking - Online Only | |
| OTHER TIERS: 0.50% → $15k+ | |||||
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 11.03% (excellent) based on June 30, 2022 data. The Bank has an above average capitalization level (10.74%.), the result of holding $493.66 million in assets with $53.01 million in equity. 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 45st largest bank, with deposits in excess of $415 million and more than 23,500 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 within the market area and do not require large balances, direct deposit, or have small balance caps, the All America Bank Mega Money Market Account APY currently ranks second.
The above information and rates are accurate as of 11/29/2022.
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.
It is a bit complicated, but essentially states that when money market mutual funds rate fall, short-term rates will also fall. This may seem counter-intuitive, but in fact works, because money market mutual funds, invest in short-term fixed-income.
So, watch the Bozo Indicator!
Bozo referred me to this site, and I am so grateful to all the good friends he and I have made!
Nice bank and always been friendly in my limited contact. They even send out birthday cards!
So when comparing this account interest rate wise it would be useful to compare it to other HUB accounts such as Ally for example. When you do you will quickly realize that this account has maintained a much higher yield over time when compared to other HUB type accounts. That is where Redneck bank really stands out from the competition.
CB also has no limit on number of linked accounts.
Howeverr, CB's savings rate is only 3.05%, but with no cap.
It can be inconvenient at times, but it will help protect you from any kind of fraud which requires a hard inquiry which can potentially be catastrophic.
It is a good idea to wait for a few days if you lift the freeze before assuming a hard inquiry will be successful because it does not always thaw immediately. The credit lift should generally not be necessary for a soft inquiry but if a management level person told you that it was in their case, not following their advice could lead to a problem.
In my view maintaining credit freezes is a critical part of asset protection protocol. I think it's especially applicable for people here who tend to share their critical private ID and financial data with more financial institutions and people than the average person does. I think that increases their risk of being victims of fraud. It's a risk related to the kind of institution shopping that is a main topic on this site but it is rarely mentioned.
The real issue is that we have this stupid system of confirming identity, starting with the neanderthal social security number system. The whole thing should be scrapped and replaced with modern technology. Identity theft is entirely unnecessary. The system is hopelessly outdated.
Correct. A credit freeze doesn't protect you against every kind of fraud. Neither does anything else.
https://www.bbb.org/us/fl/saint-petersburg/profile/identity-theft-protection/lifelock-0653-90215289
Unlike financial institutions they are unregulated. So there is no oversight of their security systems. That coupled with there unethical business practices makes it a no way for me free or not free.