All America Bank Review – Rate Reduced To 0.6% APY With No Requirements (Up To $50,000)

Update 5/19/21: Rate now 0.6%

Update 7/29/20: Rate now 1.1%

Update 12/23/19: Rate now 1.75%

Update 12/20/19: Rate now 2%

Update 10/23/19: Rate has now been reduced.

Update 10/3/19: Effect 10/22/19 rate will be reduced to 2.25% APY. Best high interest accounts can be found here.

Update 6/23/19: Rate has been reduced to 2.4%, for a list of the best high interest accounts click here.

Update 5/26/19: Rate will be decreased to 2.4% APY on June 21st, 2019

Update 1/23/19: Rate has been increased to 2.5% APY (up from 2.25% APY). Hat tip to reader Mikey

All America Bank offers a Mega Money Market personal checking account. This account earns 2.5% APY on balances of up to $50,000. Let’s take a quick look at it.

The Basics

• Earns 2.5% APY on balances of up to $50,000
• Earns 0.5% APY on balances over $50,000
• Limit of one account per individual
• No monthly maintenance fees
• Free debit card (first 6 withdrawals per monthly statement cycle are free and then $5 fee)
• Minimum opening amount is $500
• Soft pull to open account
• Cannot be funded with a credit card
• They do pull ChexSystems
• Initial funding by ACH, minimum is $10 and maximum is $1,000
• When using their ACH (both in & out) you’re limited to a maximum of $5,000 per day. If you use another banks ACH to transfer in (or do an ACH pull out) there is no limit.

Interest Rate History

• Update 10/19/18: Rate has been increased to 2.25%. One thing I like about All America Bank is that they frequently have one of the highest rates available and raise rates for existing customers automatically – unlike some other unethical financial institutions. Rate on rewards checking has also been increased to 2.75% APY.
• Update 06/22/18: Rate has been increased to 2% (from 1.75). Hat ip to reader Phil. & Eric
• Update 02/21/18: Rate has been increased to 1.75% (from 1.5%), maximum balance increased to $50,000 (from $35,000).  Hat tip to reader Deymond L

Our Verdict

This looks to be the same account that is offered by Red Neck Bank, I’m not sure if you can have an account with both. This is the best basic savings account interest rate out there currently. If you have any experiences with this bank then please let us know in the comments below.

Thanks to reader John for letting us know.