Yesterday, All America Bank and its online “country cousin” division, Redneck Bank, raised the rates on their Mega Money Market (MMM) accounts to 2.00% APY on balances up to $50k; balances over $50k continue to earn 0.50% APY.
|2.00*%||-||$50k||All America Bank||Mega Money Market Account (Online only)|
|OTHER TIERS: 0.50% → $50k+|
|2.00*%||-||$50k||Redneck Bank||Mega Money Market Account|
|OTHER TIERS: 0.50% → $50k+|
All America Bank and Redneck Bank first launched the MMM, along with the Rewards Checking Account, in 2008. Redneck Bank stopped accepting new customers in 2009, with All America Bank following suit in 2011. Both Banks reopened their MMM accounts in 2012, and from that point on, the rates mirrored each other. Beginning in September 2013, the MMM experienced its lowest APY (0.90%), which was in effect for more than two years. The yield increased to 1.25% in October 2015 and to 1.50% in June 2017. Throughout this entire time, the balance cap was $35k. This past February, the rate was raised to 1.75% APY, with the balance cap increased from $35k to $50k.
Both accounts have no monthly maintenance fees or minimum balance requirements, with a limit of one account per individual. The minimum opening deposit has been increased from $50 to $500. A $5 fee will be charged for each additional withdrawal beyond the six free withdrawals per monthly cycle. There is a $3 monthly charge for paper statements, with eStatements available at no charge. Ten free Online Bill Pay transactions are allowed each month, with a 50¢ charge per transaction beyond the ten free transactions.
Rewards Checking Accounts
The rates on All America Bank’s Ultimate Rewards Checking and Redneck Bank’s Redneck Rewards Checking also increased yesterday. The new rate is 2.50% APY on qualifying balances up to $10k. Qualifying balances over $10k earning 0.50% APY, with non-qualifying balances earning 0.25% APY.
|2.50*%||$10k||-||All America Bank||Ultimate Rewards Checking|
|OTHER TIERS: 0.25% → Up to $10k|
|2.50*%||-||$10k||Redneck Bank||Redneck Rewards Checking - Qualifying|
|OTHER TIERS: 0.50% → $10k+|
Headquartered in Oklahoma City, All America Bank/Redneck Bank offers its product line to all 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.
All America Bank/Redneck Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 12.65% (above average) based on March 31, 2018 data. In the past year, the Bank increased its total non-brokered deposits by $19.72 million, an excellent annual growth rate of 6.22%. 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 44th largest bank, with assets in excess of $408 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 183 Money Market Accounts tracked by DepositAccounts.com that are available nationwide, All America Bank/Redneck Bank’s Mega Money Market APYs currently rank second, but just by a single basis point.
The above rates are accurate as of 6/22/2018.
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.