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.

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Mikey
Mikey

As I expressed in an email to William Charles the rates effective 5/21/2021 are as follows:

Rewards Checking ($10K max, requires 10 debits) 0.6%

Mega Money Market ($50K max, 6 withdrawals/mo)
0.4%

Bob
Bob

Their rate will drop again on Oct. 21, 2020 to .6%

MCT
MCT

The site has been down for 24 hours. I called and CS said they are working on it. There is no mention on Twitter or Facebook of the site being down. Did they get hacked? It seems like some kind of cover-up.

Fred
Fred

I just logged in a few minutes ago (first time I logged in in a few days). If they were working on it, maybe try incognito mode or clearing your cookies.

MCT
MCT

I tried that. They are aware of a problem with their site. It’s not just me.

storm
storm

Only the main website is down. Account access still works. The login page is here: https://online.securebankcentral.com/AllAmericaBankOnline/Uux.aspx#/login

MCT
MCT

Thanks, really it’s All America’s responsibility to let their customers know this information. Poor communication on their part.

Tomtoo
Tomtoo

Just dropped to .85% today. Pathetic 😟

Eric
Eric

Yeah, I saw this earlier today. Very disappointing. Even Sallie Mae is higher than AA now.

Tom
Tom

Time to finally ditch these guys.

Eric
Eric

I’m still going to keep the account open as I have checks, they have good CS and they have 1 day transfers. However, I agree it’s not worth keeping much money in there anymore.

Eric
Eric

William Charles, the rate is dropping all the way to 1.1% on 6/22 per their website.

AJ
AJ

Anyone else not able to access the website for both All America Bank and Redneck bank as well as the app for the past 20 days?

Heat Mizer
Heat Mizer

I use Redneck Bank and it is working fine for me on Chrome. Just logged in no issues. Maybe try clearing your cache/cookies or try a different browser.

Bob
Bob

Their rate drops again, to 1.35% on May 21

Bob
Bob

The rate will drop again, on March 21, to 1.5%

Richard G
Richard G

Was expecting worse

Chimmiejoe
Chimmiejoe

Wow awesome, two months after i join rates have dropped .5%.

Anybody have a bank that keeps semi high rates for a while?

Eric
Eric

I just checked and the rate is only 1.75% now.