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 have been with Redneck Bank for the past two years and have been very pleased. Their online site seems to work well and allows money transfers within the bank and to linked accounts outside the bank. I have called their customer service and have always been treated politely. I am a happy customer of Redneck Bank.
|FDIC Certificate #||20093|
|Return on Assets - YTD||1.64%|
|Return on Equity - YTD||16.18%|
|Annual Interest Income||$12.4MM|
|Assets and Liabilities|
|Assets||Q2 2019vs Q2 2018||$442.2MM$414.4MM|
|Loans||Q2 2019vs Q2 2018||$365.5MM$334.1MM|
|Deposits||Q2 2019vs Q2 2018||$396.7MM$345.4MM|
|Equity Capital||Q2 2019vs Q2 2018||$44.7MM$43.3MM|
|Loan Loss Allowance||Q2 2019vs Q2 2018||$3.6MM$3.1MM|
|Unbacked Noncurrent Loans||Q2 2019vs Q2 2018||$4.6MM$2.4MM|
|Real Estate Owned||Q2 2019vs Q2 2018||$559.00K$3.1MM|
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Rates for Redneck Bank are currently being reviewed.
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