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.
Related Posts
3/21 - Redneck/AllAmerica Bank Raise Rates To 4.80 APY And 4.55% APY
12/21 - Redneck Bank Posts A New .25% Increase For Their Mega Money Market Account
11/18 - Mega Money Market Rate Increases To 4.01%
9/21 - Redneck/Allamerica Bank Just Increased Their Rate To 2.5% And 2.90% APY
8/26 - Redneck/All America Bank Raises Rates To 2.6% APY And 2.25% APY On Rewards Checking And MMMA
7/9 - Rate Drop Effective 7/21/20
6/13 - Rate Drop Effective June 22, 2020
5/21 - Rate Drop 5/20/20
3/6 - Rate Drop Effective 3/21/20 (You Won’t Like It)
11/11/19 - Rate Drop To 2.5%/2.0% Effective 11/21/2019
1/23/19 - Redneck/All America Going Up To 2.50% Tomorrow
2/24/14 - AmericaNet, Redneck and Evantage Banks Cutting Reward Checking Rates - Still Worthwhile?
12/14/12 - AmericaNet, Redneck and Evantage Banks Reopen Their Reward Checking Accounts
11/2/12 - Mega Money Market Rate Increasing Later This Month
10/20/11 - Redneck Bank Lowers Rate Effective 11/17/11 (2.50% From 3.00%)
2/23/11 - Redneck Bank Cuts Rate On Rewards Checking From 3.75% To 3.25% APY
2/6/11 - AmericaNet's Mega Money Market & Rewards Checking are Sold Out
6/3/10 - Update on the Huckabay's Internet Banks and Their Top Rates
3/11/10 - Savings Accounts Remain Competitive at Redneck Bank and its Two Sister Banks
1/21/10 - Savings Accounts Being Added to Some Reward Checking Accounts
4/22/09 - Rate Cuts at Redneck Bank and Its Sister Banks
4/22/09 - 3.10% Internet Savings Account at Redneck Bank - Nationally Available
4/22/09 - 4.00% Reward Checking Account at Bank of the Wichitas (Redneck Bank)
4/10/09 - Redneck Bank Stops Accepting New Applications
3/12/09 - News and Updates for Redneck Bank and Its Two Sister Banks
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
Great Bank And Service!
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!
5/22/23 **NOTE** Rate Increase To 5.05/5.3%
Yahoo! Now you’re talkin’!
Rewards checking: 5.3% ($15K max, 10 debits)
Mega Money Mkt:5.05% ($100K cap)
Note that besides rate increase the balance caps are higher.
Per website.
Horrible Customer Service
When I first tried to open an account at this online bank the website gave me a pending approval notice. It said to wait 48 hours for approval. I waited 3 days and nothing. I called the customer service number and they said to fax over my drivers license and social security card to verify my identity. I did that and waited 3 more days. Not a word from Redneck Bank. I called the customer service department back and they had no record of having received my documents. They told me to resend them via fax. I resent the documents and the next day I was approved for a free checking account. I signed up for direct deposit at my place of employment and my next paycheck was supposed to be deposited to Redneck Bank. Well, my money was not there on the payday Friday and I called Redneck Bank and was told that my direct deposit was rejected due to a name mismatch error. Everything looked ok on the website and my employer had my name right. Long story short is that I had to get my employer to cut me a paper check and the money never posted to Redneck Bank. Horrible customer service and I would not advise anyone to bank with this company.
Data as of Q1 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 20093 |
| Year Established | 1969 |
| Employees | 120 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.09% |
| Return on Equity - YTD | 12.96% |
| Annual Interest Income | $8.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $575.0MM$475.5MM |
| Loans | Q1 2023vs Q1 2022 | $483.7MM$391.9MM |
| Deposits | Q1 2023vs Q1 2022 | $527.7MM$412.8MM |
| Equity Capital | Q1 2023vs Q1 2022 | $46.2MM$47.2MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $6.3MM$6.0MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $4.6MM$5.3MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $246.00K$299.00K |