AmericaNet's Mega Money Market & Rewards Checking are Sold Out

POSTED ON BY

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25*%-$35kAll America BankMega Money Market (Online Only)
Accounts mentioned in this post. Rates as of December 7, 2016.

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.

Comments
Anonymous
Anonymous   |     |   Comment #1
I have accounts with all three banks, and they are the best
mrvirgo
mrvirgo   |     |   Comment #2
I opened an Evantage Money Market account today (2/7/2011) before they sell out too. The process was fast and effortless. I know not to let the account go dormant or I'll be dinged $10 until I add money. I also think, from what I've read, it's best to use other banks to transfer money in and out of Evantage as they ACH system is very slow.  If any one can give me some further tips I'd be thankful.
Skireta
Skireta   |     |   Comment #3
Coulee Bank is a great bank to use to transfer $ to other banks to use as ACH etc.  They have a decent rate of 3.33 for their rewards checking.  They are in LaCross, WI.
tightwad
tightwad   |     |   Comment #4
Looks like Evantage is now sold out.
Top Money Market Rate Continues at AmericaNet Bank and Evantage Bank

If you want 2% on a savings or money market account, there are not many choices in today's interest rate environment. There continues to be four banks that offer 2%+ on their nationwide accounts as of 8/06/2010. All four have balance caps which limit the amount that will qualify for the 2%. There are also other conditions. EverBank's 2.25% is only a promo rate that lasts for 3 months (see review). SmartyPig's 2.15% APY requires setting up goals. For the other two banks, Evantage Bank and AmericaNet Bank, there are...

Continue Reading
4.00% Reward Checking Account at Evantage Internet Bank
Update 4/22/09: The top rate is scheduled to fall to 4.00% APY starting 5/5/09.

Evantage Bank is an internet banking division of Southwest State Bank. It offers a reward checking account and a high yield savings account. The rewards checking account pays 4.00% APY on balances up to $10,000 (1.00% for above) and refunds ATM fees worldwide if the following monthly requirements are met:
  • 10 check card purchases
  • receive electronic statements
If these are not met, the rate falls to 0.25%. There are no minimum balance requirements and no monthly maintenance fees. Minimum initial...


Continue Reading
Rate Cuts at Redneck Bank and Its Sister Banks
It's yet another unfortunate example of high-yield accounts becoming overloaded with deposits. Redneck Bank and its two sister banks (AmericaNet and Evantage) sent out emails today informing their customers of rate cuts scheduled to take effect on 5/05/2009. These banks had been offering leading rates for both their reward checking accounts and online savings accounts.

Here's a copy of the email sent to Evantage customers. I've seen readers post similar emails for AmericaNet and Redneck Bank.

It was only in March that these banks put in place new tiers which limited...



Continue Reading
4.00% Reward Checking Account at AmericaNet Bank - Nationally Available
Update 4/22/09: The top rate is scheduled to fall to 4.00% APY starting 5/5/09.

AmericaNet Bank is offering a reward checking account and a high yield savings account. The rewards checking account pays 4.00% APY on balances up to $10,000 (1.00% for above) and refunds ATM fees worldwide if the following monthly requirements are met:
  • 10 check card purchases
  • receive electronic statements
If these are not met, the rate falls to 0.25%. There are no minimum balance requirements and no monthly maintenance fees. Minimum initial deposit is $1.

Online Savings Account

Update 4/22/09: Starting 5/05/09, the...






Continue Reading
5.25% Reward Checking Account at an Oklahoma Bank (All America)
Update 3/17/09: The balance cap has fallen to $10,000.

All America Bank is offering a reward checking account called Ultimate Reward Checking that pays 5.25% APY on balances up to $10,000 (2.25% for above) and refunds ATM fees if the following two monthly requirements are met: 1) 10 check card transactions and 2) receive electronic statements. If these are not met, no interest is paid. There are no minimum balance requirements. One nice perk is that they offer free checks.

One thing I noticed from the bank's FAQs is that they allow...



Continue Reading