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 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!
I really enjoy this banking experience. Redneckbank.com's proposition to me, as the customer, is to "inject a little fun into the seriousness of the banking business" by theming the online site with a country theme. My interactions with the site and the staff have always been excellent.
I like the idea and the theme. I think more banks should make an effort to make me feel at home. I think the banking experience is good and the online banking solution is quality, I have never experienced significant issues or outages. The DDA and SAV products I use work as expected and really do not add feature beyond any other institution.
I have had to call the call center to get my password unlocked. The customer service representative was friendly and was quick to solve my issues. I think it is important to continue to add a human touch to these interactions, as I do not have the benefit of a brick-and-mortar institution to visit. I think that this bank balanced a theme with a good customer experience.
|FDIC Certificate #||20093|
|Return on Assets - YTD||1.77%|
|Return on Equity - YTD||16.93%|
|Annual Interest Income||$16.5MM|
|Assets and Liabilities|
|Assets||Q3 2018vs Q3 2017||$422.3MM$404.3MM|
|Loans||Q3 2018vs Q3 2017||$349.9MM$318.5MM|
|Deposits||Q3 2018vs Q3 2017||$358.4MM$348.3MM|
|Equity Capital||Q3 2018vs Q3 2017||$44.1MM$43.2MM|
|Loan Loss Allowance||Q3 2018vs Q3 2017||$3.3MM$2.8MM|
|Unbacked Noncurrent Loans||Q3 2018vs Q3 2017||$4.0MM$6.8MM|
|Real Estate Owned||Q3 2018vs Q3 2017||$219.00K$459.00K|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
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|
|2.50%*||-||$50k||Mega Money Market Account|
|OTHER TIERS: 0.50% → $50k+|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|3.00%*||-||$10k||Redneck Rewards Checking - Qualifying|
|OTHER TIERS: 0.50% → $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