All America Bank/Redneck Bank Boosts Mega MMA to 2.25% APY
The latest banks to raise their Money Market Account rates are the Oklahoma-based, All America Bank and its online “country cousin” division, Redneck Bank. Their Mega Money Market (MMM) accounts now earn 2.25% APY on balances up to $50k, with balances over $50k continuing to earn 0.50% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.25*% | - | $50k | All America Bank | Mega Money Market Account | |
| OTHER TIERS: 0.50% → $50k+ | |||||
| 2.25*% | - | $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 doing the same thing 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 lasted 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. June saw another rate increase to 2.00% APY.
Both accounts have no monthly maintenance fees or minimum balance requirements. The minimum opening deposit is $500, with a limit of one account per individual. 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 have also been increased to 2.75% APY on qualifying balances up to $10k. Qualifying balances over $10k earning 0.50% APY, with non-qualifying balances earning 0.25% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.75*% | - | $10k | All America Bank | Ultimate Rewards Checking | |
| OTHER TIERS: 0.50% → $10k+ | |||||
| 2.75*% | - | $10k | Redneck Bank | Redneck Rewards Checking - Qualifying | |
| OTHER TIERS: 0.50% → $10k+ | |||||
There were many comments (mostly complimentary) on my June blog post on All America Bank, including two from DA reader, deplorable1. As deplorable1 pointed out,
What is really great about All America/Redneck bank is that they keep hiking their rate so you don't need to close the account and open a new one to get the higher rate! Also you are not limited to linking only one external account for ACH transfers like most of the high yield offerings of late. They let you link as many accounts as you want. I have had nothing but good English speaking customer service from them. The only thing they could improve on is lifting the $5,000 cap on ACH transfers without having to call. This is by far my favorite online bank.
An individual can open the MMM account at both All America Bank and Redneck Bank which effectively doubles the cap to $100k per individual. In response to another comment concerning the $50k balance cap, delplorable1 stated,
real limit is $100,000 per SS# and $200,000 for a couple. You don't even need to set up another username and password both accounts show up on the home screen when you login and you get an additional 6 withdrawals per month.
Has your experience(s) with All America Bank and/or Redneck Bank met your expectations? Let us know!
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 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
All America Bank/Redneck Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 11.86% (above average) based on June 30, 2018 data. In the past year, the Bank increased its total non-brokered deposits by $9.17 million, an excellent annual growth rate of 2.9%. 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 42nd largest bank, with assets in excess of $414 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 186 Money Market Accounts tracked by DepositAccounts.com that are available nationwide, All America Bank/Redneck Bank’s Mega Money Market APYs share the top spot with MemoryBank’s Online Money Market Account APY.
| Interest Rate | Account Name | Credit Union/Bank |
|---|---|---|
| 2.25% APY | Mega Money Market (no min/$50k max) | Redneck Bank |
| 2.25% APY | Mega Money Market Checking (no min/$50k max) | All America Bank |
| 2.12% APY | Money Market (no min/no max) | Sallie Mae Bank |
| 2.07% APY | High Rate Online Money Market ($5k min/$1m max) | Bank 7 |
The above rates are accurate as of 10/18/2019.
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.
Their website is very basic and you cannot even do simple things like change the amount or date of a transfer. You must cancel & replace.
The $50k limit also applies for the 2.25% rate which does not make it good for larger amounts. The good news is they seem to raise the rate every so often to remain somewhat competitive.(It has consistently had one of the top checking/money market accounts)
Why not pick one username & stick with it?
Of course, I said yes, so today I've got the same original accounts (still use the same routing and account numbers, too), all earning the improved APY. Customer service has been good the few times I've needed to call to fix some titling inconsistencies from when I originally opened the accounts.
Naturally, the complainers are the noisier ones here. Those of us who've not had any issues with the bank (after all, how hard is it to **** up an online bank account), have been sitting here quietly earning an above market APY for years.