All America Bank (and its online “country cousin” division, Redneck Bank) raised the rate on its Mega Money Market (1.50% APY) by 25 bps yesterday. While the Mega Money Market has no minimum balance requirement, the 1.50% APY is capped at $35k; balances of $35k+ earn 0.50% APY.
|1.50*%||-||$35k||All America Bank||Mega Money Market|
|OTHER TIERS: 0.50% → $35k+|
All America Bank has been offering the Mega Money Market since 2009, with an initial rate of 2.00% APY that lasted for more than a year. Since being added to the product line, there have been five rate changes, including a low of 0.90% APY lasting from September 2013 until October 2015.
The Mega Money Market has no monthly maintenance fee or minimum balance requirement. There is a limit of one Mega Money Market 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.
All America Bank and Redneck Bank also raised the rates of their rewards checking accounts (from 1.50% to 2.00% APY for balances up to $10k). Unlike Kasasa Saver accounts that are linked to Kasasa Cash accounts, the Mega Money Market does not require the rewards checking account. The Mega Money Market is a standalone account that does not have any monthly activity requirements.
Thanks to DA reader, Carpline, for his Forum post about this rate increase.
Headquartered in Oklahoma City, All America Bank offers its product line nationwide to U.S. citizens and resident aliens with a valid Social Security Number or Individual Tax Identification Number.
All America Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.46% (excellent) based on March 31, 2017 data. In the past year, All America Bank decreased its total non-brokered deposits by $79k, an average annual growth rate of -0.02%. Please refer to our financial overview of All America 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 43rd largest bank, with assets in excess of $378 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 170 Money Market Accounts tracked by DepositAccounts.com that require a similar minimum balance and are available nationwide, All America Bank's Mega Money Market APYs currently ranks first.
The above rates are accurate as of 6/22/2017.
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.