Update 11/17/22: Rate increased to 4% APY.
Update 8/24/22: Rate increased to 2.25%
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.
Tip- with this bank for transfers in its best to initiate it on their website as the apply the funds that same day. But, when transferring out its best ti do that at the other barn. Why? Because many outbound transfers need to be manually approved by all America with you calling in.
Statement posted and received 4.5% APY interest on the checking account
Highly recommend avoiding, their people are incompetent and/or lazy. I applied and they asked for a utility bill to verify my address. Since I had just moved, I uploaded my rental agreement instead with the new address and didn’t hear anything back for 8 days. I called them back and they said that because their people didn’t review that document the system had deleted my application and that Id have to reapply. I said no thanks and you guys lost a customer. I guess this is what you get when a bank is a proud redneck.
I had opposite experience. I recommend them.
Initial funding has to be via Plaid linked bank (NO THANKS), or mail in a check (yuck…). Also have to upload a DL photo/scan. Looks like they manually review each application and decide to approve or deny.
10 debit transaction for reward checking is required per calendar month? or per statement cycle (after 20th)?
this reward checking is triky. No transparency at all, since the 0.25% interest rate never changed, even if it meets the requirements.
The majority of rewards checks do that. It would be nice if they all had a tracker like LMCU & Liberty do.
I don’t have that account but I am sure that the transactions need to be done every statement cycle.
Per statement cycle.
I know there is a $5K daily limit if ACH is initiated from AAB. How quick is the ACH though and is there is a cut-off time?
I used debit card to pay TMobile bills for 10 times. Does it count? on the detail tab, it is still shown interest as 0.25% in reward checking
You’ll only find out on statement closing day, on 20th. But if it was your first month, you are auto qualified and will receive 4.5% anyway:)
0.25% doesn’t change.
Just looked; 4.5% APY as of 9 Jan 2023.
… for the Rewards Checking.
Do existing customers get the higher rate when they raise it? It doesn’t look like it was raised in my accounts.
Customer since 2016. Yes, on the details tab, it shows my Mega Money Market is earning 4.17% interest which is 4.25% APY.
New customer here and my MM rate was raised to 4.17% interest.
Has anyone else noticed that the website has been down for about two days. I’m not sure what’s that about, and I’m a bit worried since I can’t log into online banking. Is anyone else having this same issue?
Website is working fine this morning.
I found out that it’s because I’ve been travelling in the UK. It seems that one is not able to access the site abroad without a VPN. So the issue was on my part.
It’s been working fine for me, never noticed any problems using the All America Bank site
Me too.
The issue was on my side. I cannot access account outside the US and I’ve been in the UK.