An Oklahoma-based community bank and its online division offer the nation’s best money market account rate.
At All America Bank and Redneck Bank (yes, that’s its real name), savers can earn 1.50 percent APY by opening a Mega Money Market account. That’s a quarter percentage point higher than the previous yield. It’s also 20 basis points higher than the top money market account rate offered by ableBanking.
Under the heading “Yep, we’re a real bank” on the Redneck Bank website, the bank says “there’s nothin’ more serious than money and with today’s financial climate, there ain’t no jokin’ about it” before noting how some of its customers are concerned about increased food, utility and gas costs.
“We thought, ‘Let’s inject a little fun into the seriousness of all this bankin’ business.'”
|Institution||APY||Minimum balance for APY|
|Live Oak Bank (Savings)||1.25%||$0|
|Goldman Sachs Bank (Savings)||1.20%||$1|
There’s just one caveat: The interest rate applies to daily balances of up to $35,000. Beyond that, you’ll only earn 0.50 percent APY.
That shouldn’t bother new investors. But those with a lot of extra cash in their wallets may want to stash their savings elsewhere. High rollers should compare high-yield CD rates.
Like many money market accounts, the one provided by Redneck and All America Banks offer limited check writing. Savings accounts do not.
The Mega Money Market account also comes with a debit card, giving savers easy access to their funds.
Customers can make up to six free withdrawals each monthly statement cycle. After that, each additional transaction triggers a $5 fee. There are no minimum balance requirements or monthly service charges.
How to open a money market account
Applicants can open a Mega Money Market account online at either bank’s website. You can also visit an All America Bank branch in Oklahoma. Account holders must:
- Be at least 18 years old
- Be a U.S. citizen or permanent resident (or someone with a non-immigrant visa if you’re applying at All America Bank)
- Have a Social Security number
- Have a valid ID issued by the U.S. government (such as a passport or driver’s license)
The minimum deposit is $50. You can fund your new account by wiring money into it or mailing in a check. Incoming domestic wire transfers are free at both banks, according to their deposit account agreements. You can also make a mobile deposit or transfer money from an outside checking or savings account.
Once you’ve opened and deposited money into your account, your debit card should arrive in five to 10 business days. Note that there’s a 75-cent fee each time you use your card to withdraw cash from an out-of-network ATM.
About All America Bank and Redneck Bank
All America Bank has seven branches and is headquartered in Oklahoma City. The FDIC-insured institution was established in 1969. All America Bank earned four out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.