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.
Interest Rates Lowered
APY for reward checking and money market have just dropped to 5.15 and 4.90 respectively, which are drops of 0.15 from previously.
Redneck Bank 4.50% Checking & Money Market 4.25%
Megan and Brittney are the best! I have been a Redneck Bank and All America Bank client for a while now. They have now raised their rates 4.50% on checking and 4.25% on the money market. I will continue being a loyal client of both All America and Redneck Banks. Both Megan and Brittney expedited me opening a second rewards checking and they are the best!
Keep up the good work!
Thanks,
Richard
OVERDRAFT NIGHTMARE, RUN!
Embodies everything I've come to despise about banks.
I opened an account with Redneck and deposited some money for safekeeping.
Never spent a dime. In fact, I forgot about it.
Meanwhile, unbeknownst to me, they were charging me fees until my deposit dwindled to $0. OK. But the fees kept coming until the account was -$300. But they NEVER informed me about it.
Eventually, they sent the account to collections and it was only when the collections agency sent me a letter that I finally learned about these charges!
Now my credit rating has dropped significantly.
I mean it when I say run far, run fast from this scam of a bank.
Data as of Q4 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 20093 |
| Year Established | 1969 |
| Employees | 119 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.75% |
| Return on Equity - YTD | 7.52% |
| Annual Interest Income | $39.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $595.4MM$614MM |
| Loans | Q4 2024vs Q4 2023 | $485.4MM$514MM |
| Deposits | Q4 2024vs Q4 2023 | $531.2MM$552.4MM |
| Equity Capital | Q4 2024vs Q4 2023 | $61.6MM$60.4MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $6.2MM$5.8MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $17.7MM$8.6MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $1.1MM$1.1MM |