Yes, Redneck Bank is a real bank. In fact, it is the (purposefully lighthearted and humorously named) online banking division of All America Bank, which was established in 1969 as The First Mustang State Bank. Headquartered in Oklahoma City, Oklahoma, Redneck Bank is fully insured by the Federal Deposit Insurance Corporation (FDIC). The bank traces its history back to multiple Oklahoma banks owned by the Huckabay family.
To keep things simple, Redneck Bank limits its personal depository banking products to checking accounts and money market accounts. Both the checking account and money market account have very low minimum initial deposits. However, neither account has a minimum balance requirement. Both accounts also feature free online banking and a free VISA debit card. At the time of this writing, the Annual Percentage Yield (APY) of the money market account – which is a variable interest rate account – decreases once the balance exceeds $35,000. Statements for both checking and money market accounts are available electronically.
In addition to these personal deposit accounts, Redneck Bank offers various services, including free online bill pay and free bank-to-bank transfers. The bank also provides educational resources about online banking – including a series of video tutorials and an electronic guide.
I've had the MEGA money market with both Redneck and their sister company, All American since 2017 - now approaching 2.5 years. (Yes, you can have an account at each up to the maximum stated for each bank.) The interest rate has varied but it has consistently stayed at the very top when compared to other institutions. When I called the bank early on when opening the account the staff were friendly and helpful. Simple website and I can transfer money in from my other banks. I give them an A+ for their always consistent high rates!
Don't let the name scare you. This is an AWESOME bank with the best no hassle checking interest I can find. They ALWAYS pick up the phone within 3 rings, are very polite and accommodating. To top it off they send me a birthday card every year with all the customers service reps signatures on it!
I had a heckuva time opening my account. Got denied first two times. The provider they use for ID check questions was buggy- for someone else's identity. That was in 2019. Finally I unfroze my credit files at Experian and TU and was approved on the third application.
Cust service by secure messaging or phone is very friendly and prompt. One of the best things about this bank!
Money Market with free checking, no min balance, and high Interest rates.
They do allow you to name a beneficiary.
Web interface is good! Fast, can upload secure attachments, access disclosures, and link up to 20 external accounts via trial deposits.
If you open an account at All America bank and one at Redneck you do not need to reapply. Also you will see both accounts in the same portal.
Monthly compounding, not daily.
"Dormant":if 12 months pass by with no customer initiated activity. Fee is$10/mo!
You have to pay for your own paper checks including even a few starter checks.
I couldn't set up direct inbound wire from Fidelity. They use an intermediary bank, which is fine, but the account number in their wire form on their paper wire form is too short and doesnt seem to indicate the actual subaccount number. Cust svc doesn't know the full subaccount number or seem to understand what I'm talking about. So, no web-based wires. You could still use a paper form each time you want to wire to them.
Great bank, but where I live, the brand name is not funny. It's shameful and backwards sounding in these times. I don't want my CPA or others thinking I'm racist.
|FDIC Certificate #||20093|
|Return on Assets - YTD||1.5%|
|Return on Equity - YTD||15.43%|
|Annual Interest Income||$6.2MM|
|Assets and Liabilities|
|Assets||Q1 2020vs Q1 2019||$453.2MM$432.4MM|
|Loans||Q1 2020vs Q1 2019||$365.1MM$366.2MM|
|Deposits||Q1 2020vs Q1 2019||$407.7MM$382.2MM|
|Equity Capital||Q1 2020vs Q1 2019||$45.0MM$44.5MM|
|Loan Loss Allowance||Q1 2020vs Q1 2019||$4.3MM$3.4MM|
|Unbacked Noncurrent Loans||Q1 2020vs Q1 2019||$4.8MM$5.5MM|
|Real Estate Owned||Q1 2020vs Q1 2019||$207.00K$598.00K|
Always verify rates and promotions with the bank or credit union. We are not Redneck Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.85%*||-||$50k||Mega Money Market Account|
|OTHER TIERS: 0.25% → $50k+|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.10%*||-||$10k||Redneck Rewards Checking - Qualifying|
|OTHER TIERS: 0.25% → $10k+|
Redneck Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 200 South Rockwell Avenue - Oklahoma City, OK 73128