All America Bank Review – Rate Increased To 4% APY With No Requirements (Up To $75,000)

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.

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Count de Monet
Count de Monet (@guest_1817782)
March 21, 2024 11:15

Rates have dropped to 5.15%/4.90%

Ixo
Ixo (@guest_1818000)
March 21, 2024 17:41

I wonder why? Didn’t the Fed just say they are holding steady?

Eric 🔗
Eric 🔗 (@guest_1818032)
March 21, 2024 18:58

They probably have more in deposits than they need.

Ixo
Ixo (@guest_1818034)
March 21, 2024 19:02

Hmm.I didn’t think banks would ever not want more deposits.

Eric 🔗
Eric 🔗 (@guest_1818037)
March 21, 2024 19:08

Not true. They only want enough that they can lend out plus have enough on hand for depositors to withdraw. Otherwise, they will lose money.

KE
KE (@guest_1819243)
March 24, 2024 20:07

Where do you get this from? They can (and will) simply invest in e.g. gov’t bonds (which, coincidentally overinvesting in long-term issues of gov’t bonds is part of what led to the SVB collapse, because they ran into liquidity problems).

Eric 🔗
Eric 🔗 (@guest_1819364)
March 25, 2024 06:50
  KE

Exactly. SVB collapsed (ie lost money) because they invested too much in deposits in long term bonds.

My main point was to counter Ixo’s argument that FIs want unlimited deposits. Do you disagree with me on that point?

jz
jz (@guest_1695574)
September 16, 2023 14:59

Pls delete.

SV
SV (@guest_1639957)
June 22, 2023 16:53

I need a checking account that pays the highest interest—How easy is it to do the 10 transactions per statement? Paying atmos, insurance etc @ $1.00 a time work? Getting ready to close down the 4% element checking account and their requirements are so easy–the easiest I’ve ever found. I am currently using Origin but  Chuck% I don’t want to use that for my spending and want to keep it maxed at 40K. Origin does come with 16 POS requirements but simple to do.

Eric
Eric (@guest_1640178)
June 23, 2023 04:21
  SV

Cash App $1-ish transaction works for me.

SV
SV (@guest_1644304)
June 29, 2023 21:16
  SV

 Chuck Not sure why the above message has your name in it. I didn’t do it but maybe because I put Origin in it? Should have put Origin Bank?

Sara
Sara (@guest_1648260)
July 6, 2023 12:10
  SV

I reload an amazon giftcard @ 50cents 10 times. Has been working fine for me. Have read some complaints of purchasing them too fast (I think the term was rapid fire) resulting in amazon accounts being put on hold…I just manually reload it only takes a few extra minutes.

Shawn
Shawn (@guest_1629695)
June 6, 2023 10:16

My wife wants me to move our funds out of Marcus due to the intense headache of getting our $100 sign-up bonus. Other than the $100k cap, does anyone have any complaints about Redneck / All-American? We’re getting 5.25 APY with the 1% bonus + the .1% AARP. So it’d be a slight decrease, but she’s very pissed about Marcus.

Greg
Greg (@guest_1632203)
June 10, 2023 10:37

We have used the savings account for years and never had an issue. The only thing to remember is that if you use redneck to pull or push it is a $5k per day limit. If you push/pull from Marcus or any other external bank you can do as much as you want.

Marcus SOOO screwed up with the $100 promo. I am sticking with them to see how they do with next years promo, but after last year I left a couple of grand with them. I pulled all but $1 this year.

Tomtoo
Tomtoo (@guest_1812115)
March 11, 2024 17:51

You can call and have the $5k daily push/pull limit temporarily raised for that day, no problem. Very good customer service.

Eric 🔗
Eric 🔗 (@guest_1812181)
March 11, 2024 19:43

To add to Tomtoo’s DP, I once asked a CS rep if there was a limit of times that we could call in to request this and I was told that there is not.

Eric 🔗
Eric 🔗 (@guest_1812182)
March 11, 2024 19:43

Tomtoo,

When I went to tag you in my last comment, there were 3 different user accounts with your name. Do you use 3 different email addresses?

Tomtoo
Tomtoo (@guest_1812323)
March 12, 2024 01:09

Not that I am aware of. Been here so long maybe I have used another in the past.

JK
JK (@guest_1624540)
May 26, 2023 18:39

They also had an offshoot bank called Evantage Bank about a decade ago which they consolidated with All America. Just FYI

David
David (@guest_1621968)
May 22, 2023 11:31

Does cash app work for satisfying the rewards account requirements?

JoeZ
JoeZ (@guest_1621305)
May 20, 2023 13:04

All America & RedNeck Bank now 5.05% APY up to $100K!

Daniel
Daniel (@guest_1621403)
May 20, 2023 17:11

And rewards at 5.3

scott
scott (@guest_1618426)
May 15, 2023 16:18

I’ve had an account with them since Dec. I called recently with a question about the interest and dealt with an extremely rude customer service rep. That’s my only experience actually speaking with someone at this bank. But I haven’t had any issues with my savings account so far.

JoeZ
JoeZ (@guest_1623173)
May 24, 2023 13:44

I’ve had accounts with them since 2009, never had any issues with them at all. Rude, my experience is the exact opposite, plus they answer the phone right away and are very helpful. I did close my accounts in 2021 just because of low interest and max was only $50K.
Now I have new account’s that pay 5.05% apy!

Red
Red (@guest_1624263)
May 26, 2023 08:07

Its called red neck for a reason

crowderd
crowderd (@guest_1607933)
April 28, 2023 14:29

I called AAB recently to ask about the maximum 10 bill pays per month. 2 things to note: (1) The “ month” is a CALENDAR month (e. g. Jan1 – Jan 31), not “their” month that ends on the 20th each month, and (2) They do not send out any notification that you are near or have totally exhausted the 10 BP’s. There is a $.50 per transaction fee for any transactions over 10.

Hth.

Alan Smithee
Alan Smithee (@guest_1608166)
April 28, 2023 20:33

I feel that the .50 cent fee (over 10) is not even that bad and quite friendly.

Count de Monet
Count de Monet (@guest_1603356)
April 21, 2023 11:02

Rates have increased again. Mega money market is 4.8% and Ultimate rewards checking is 5.05%