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 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.
I am very pleased with this bank and the product they offer. The Mega Money Market product is outstanding and the interest rate just increased from 2.25% to 2.50%, one of the highest in the nation.
I've only been a customer since Nov. 2018, but I hope to have a long relationship with them. The name is very catchy, the website really strengthens the branding, and customer service is excellent (the few times I needed to contact them about my initial account set-up). Overall, this reminds me of our local, home town bank that sold many years ago.
I'm also ok with the fact that there are not a lot of different products to choose from at the online platform. It's pretty easy to mix and match options with multiple banks. Fidelity Investments is very competitive on their CD rates, so I will probably go that route.
Keep up the great work, Redneck!
|FDIC Certificate #||20093|
|Return on Assets - YTD||1.76%|
|Return on Equity - YTD||16.9%|
|Annual Interest Income||$22.5MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$438.5MM$410.3MM|
|Loans||Q4 2018vs Q4 2017||$365.7MM$327.2MM|
|Deposits||Q4 2018vs Q4 2017||$361.7MM$337.4MM|
|Equity Capital||Q4 2018vs Q4 2017||$44.2MM$43.1MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$3.1MM$3.0MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$4.1MM$5.7MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$539.00K$308.00K|
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