I had a heckuva time opening my account. Got denied first two times. The provider they use for ID check questions was buggy- for someone else's identity. That was in 2019. Finally I unfroze my credit files at Experian and TU and was approved on the third application.
Cust service by secure messaging or phone is very friendly and prompt. One of the best things about this bank!
Money Market with free checking, no min balance, and high Interest rates.
They do allow you to name a beneficiary.
Web interface is good! Fast, can upload secure attachments, access disclosures, and link up to 20 external accounts via trial deposits.
If you open an account at All America bank and one at Redneck you do not need to reapply. Also you will see both accounts in the same portal.
Monthly compounding, not daily.
"Dormant":if 12 months pass by with no customer initiated activity. Fee is$10/mo!
You have to pay for your own paper checks including even a few starter checks.
I couldn't set up direct inbound wire from Fidelity. They use an intermediary bank, which is fine, but the account number in their wire form on their paper wire form is too short and doesnt seem to indicate the actual subaccount number. Cust svc doesn't know the full subaccount number or seem to understand what I'm talking about. So, no web-based wires. You could still use a paper form each time you want to wire to them.
Great bank, but where I live, the brand name is not funny. It's shameful and backwards sounding in these times. I don't want my CPA or others thinking I'm racist.
Before you sign up, it says you need a social security card as well as one government-issued ID. They said I'm fine with a passport and bank statement, so I sent those in. Then they change it and say they need a bank statement that shows my mailing address, not my physical address. So I send them a credit card statement, because I don't have any bank statements for my mailing address. Then they tell me they need a driver's license, but I don't have one and don't drive. So they tell me they need a non-driver's license state-issued ID. I tell them my state doesn't require me to have one (which is true), and all I have is a passport and social security card and that works everywhere and the IRS takes it, but they refuse to take it. So it looks like I can't get a bank account with them. I think it's discrimination against people who don't drive or who don't bother to get a state-issued ID. I've called into them many, many times, and nothing but issues. Even at the 2.25% interest, they're offering, do I really want to put my money in a bank that keeps changing the rules even though I do everything they say and get them every document they need to the best of my ability (my time to do all of this stuff isn't worth the 2.25% interest limited 10k, meaning once over 10k you lose that rate). I'm not going to apply for a driver's license to join this bank and I'm not going to get a state-issued ID when I don't need one. The Public Holdings app offers 2.5% interest in a cash account, so I think that's better. Redneck bank needs to fix their policy.
Website is barebones. Transfers initiated from AA have low limits. (Maybe $5k?) But you can pull or push from an external account for any amount. And customer service can give you authorization for a larger transfer if you ask them first. (each time)
The 2 small transfer outside link set up process comes with 2 small withdrawals which can use up 33% of your 6 at an external bank or credit union.
(Others combine them and pull the total in one transaction)
I got free checks when I opened mine but some say they are extra now. Their billpay is below average and steals a few days worth of interest with most transactions. Except for when they send a paper check, it's the opposite, the money does not come out until the check clears.
They have raised their rate several times since I opened my account. It appears they want to remain at or near the highest rate for similar accounts. The $50k limit for the good rate is a bummer but they will let you open 2 accounts. I have not done that yet.
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.
I have a redneck rewards checking account and you don't need direct deposit to meet the requirements like most other banks. All you need is to make 10 debit transactions and receive your statements electronically, that's it! No hoops to get the 2.0%
No minimum balance required either. The 2.0% is paid up to a $10,000 balance, amounts after that only make .50%. If the balance were a little higher this account would be perfect.
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.
We have banked with RNB for several years and have been happy with the experience. Initially we found them doing a search for a high yield money market rate. We like the crazy name and the antics and are pleased with the professional service. Like any bank, the account set up and transferring of funds is a process.
Over the years, anytime we had a question, a phone call was always received by a real person and although we have not visited the brick and mortar bank locations, the service is personal, helpful and professional. It feels very much like a "small town" bank where you know the people that work there.
In a world where big banks and institutions are trying to rule the financial world, it is refreshing finding a small bank that offers the same products and is even beating these massive establishments at their own game. We recommend you take a close look at this bank and sign up with them. We think you will be glad you did.
Oh yea, we still have the keychain they sent us for opening an account and because of the bank's name, it makes for a great conversation piece!
Its 1.25% is America's best, but after opening an account with a small initial deposit, the next time I tried to log in (to transfer a substantial amount) my web browser denied access because Redneck's "https" site has an invalid security certificate and/or its encryption in inadequate for privacy and security.
I called Redneck to make sure it's a legit bank and was given an FDIC number so I could verify that independently. FDIC.gov doesn't recognize the bank! I called Redneck again and was told it's "under All America Bank."
I asked to talk to a supervisor or a VP, and I've been waiting a few hours for a response. This is unacceptable, and that's why I give Redneck only a one-(1)-star rating.
I'll close my new account if nothing is done to reassure me. Maybe I'll open an All America Bank account, since that is recognized on the FDIC site.
In general, both Redneck and All America are not shown on bankrate.com and most other interest-rate comparison websites. (I found out about All America in "Bottom Line - PersonaI" newsletter.) I guess they don't pay fees to be listed, sort of like Southwest Airlines not being on many airfare comparison sites!
"Be careful out there."
When I first heard of Redneck Bank from a friend I honestly assumed it was just a joke. But let me tell you, after being a member for over a year I am more satisfied with this bank than any other bank. Even brick and mortar. They are extremely personal on the phone if you have any needs. I even received a free gift when I joined! It is nice to see that you can still have a sense of humor with banking; all while managing a traditional and professional business model.
While the bank seems like a joke it is actually quite legitimate. They offer the same services as other banks. you can pay bills online, they have insurance on your deposits from the FDIC, online security, protection against fraud and stolen cards. In a world where all banks tend to blur together it is refreshing to have something original. That being said it does seem to be a bit offensive. It dumbs their material so far down that it almost expects their customers to be complete idiots. While they have all the services of a regular bank the customers might be put off by the offensive marketing tactics. They also may not have faith in the company because it doesn't seem legitimate. It is a fun entertaining idea but I would not put my money here.
Banking can be a pretty mundane task, but Redneck Bank puts a unique twist on the system. Due to the funny nature of the company it really provides an awesome atmosphere for all my banking needs. I showed my friends about it and they quickly signed up. It is a strictly online bank but it works like every other bank except you don't go to a branch. I have never had any problems or difficulties while banking, but if I did, the customer service tab is easily accessible. I have banked for a few months now and I will surely continue with the company. The fees are competitive and website is easily navigable. A+!
I fell upon Redneck bank while online and I was hooked. I appreciate a sense of humor.....who says banking cant be fun and still a good bank! I opened a free checking. I received my bankcard and other documents very quickly! God love them, they sent me cute little key chain and cozie. Which might not seem like much but no other bank has ever given me anything for being their customer! I found it to be a sweet little gesture. The best part is that they answer the phone! I mean to say a human being, usually female from my experience with awesome manners and super customer service skills. This bank reminds me of an 'old school' small town bank where everyone knows everyone else. Even though it is online, it feels intimate! I just love this bank and I will do all my banking through them! More power to the little guy!!!
I signed up for Redneck Bank a couple years ago when they were touting the best interest rate. There was a limited window for signing up with them and I was very happy with getting an extra 1/2% higher than anywhere else. Another benefit was having a check card that pulled from my savings account.
I will be cancelling my account with them within the next couple days for a couple of reasons. One major beef I've had with them is the antiquated and non-user friendly website. Honestly, their website is almost unusable. I figured out how to set up a couple recurring transfers and they have faithfully been coming out of my main account. My problem now is that there is no way to cancel these recurring transactions, either on the website or on their customer service. They are not even showing up under future transactions. I asked about just cancelling my account and they said I couldn't as long as there were pending transfers. But I will always have a pending transfer since something comes out every week. Since they can't cancel my transfers and I can't cancel my transfers I don't know how I can even cancel the account.
While initially I was happy with this bank, this has proven frustrating enough to take my business elsewhere.
Who can resist the smiling horse on RNB website and checking card? ;-)
It was the reason I opened a RNB reward checking account almost 2 years ago, beside the 4% interest rate. The application process was easy. There was a real person answering your phone call (after 5 rings max). It was a great customer service after getting used to answering machine at other banks hotline.
Unfortunately, RNB limits the balance to $10K, which leave it less interesting to savers.