Posted by William Charles on January 24, 2019
Savings Accounts

Published on January 24th, 2019 | by William Charles

48

All America Bank – Ultimate Rewards Checking 3% APY – Direct Deposit Not Required ($10,000 Limit)

Offer at a glance

  • Interest Rate: 3%
  • Minimum Balance: $50 opening requirement
  • Maximum Balance: $10,000 (balances over this earn 0.5% APY)
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional requirements: 10 debit card transactions & eStatements
  • Hard/soft pull: Soft
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • All America Bank offers the Ultimate Rewards Checking account, this currently offers 3% APY when the following requirements are met:

 

 

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
  • Our monthly statement cycle ends on the 20th of each month. If the 20th falls on a Saturday, the cycle will end on Friday the 19th. If the 20th falls on a Sunday, the cycle will end on Monday the 21st. There are no rollover transactions.
  • Qualifying VISA debit card sales transactions include each time you use your VISA debit card to make a purchase from a vendor or merchant. These transactions must post and clear your account during the payment cycle. ATM and ACH transactions do not qualify.

Avoiding Fees

This account doesn’t have any monthly fees to worry about.

Rate History

  • 1/23/19: Rate increased to 3% APY
  • 11/17/18: Rate increased to 2.75%

Our Verdict

This account is in an interesting spot, most rewards checking accounts offer a much higher APY (up to 5%) but they also require a direct deposit or have other difficult to meet requirements. This account is only slightly above the best rate you can get with a basic savings account, but the requirements won’t be that difficult to meet for most people (depending on how strict the debit card transaction requirement is). Personally I’d probably either invest the time into getting a higher rate, or just avoid the hassle and stick to a basic rate.

 



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Vic
Vic

Actually sounds like a good deal to me if debit card transactions can be fully automated.

I generally don’t like recurring DD requirements because my funds fluctuates too much that it’s difficult to create a DD loop. (Ok I’m just lazy)

10 debit is easy enough, hopefully they won’t shut me down for fixed amount repetitive transactions.

Mike L
Mike L

Granted PNC’s rate is a bit less, but I currently do just that and have never had an issue. I just login to Comcast and make 5 (lower requirement) $1.00 payments towards my cable/internet bill.

Mike
Mike

Consumers CU at 3.09% up to 10K is better.

Roy
Roy

I thought CCU would be great too, but they do not honor Walmart purchases no matter how much you spend. Walmart is where I spend the most in my small town. CCU did do a hard pull. And to be very honest when I was applying the lady said she didn’t think Walmart purchases would work. Next time I will heed the warning. I love Lake Michigan CU. They are on my side. 🙂 All American Bank is also great to me.

Mike
Mike

Do you mean the debit card doesn’t work at walmart? I’m confused.
I just pay 12 one cent payments to a utility bill each month to meet the 12 debit requirements. I don’t use their card other than that and I get 3.09% each month.

Radster
Radster

FYI – Walmart frequently processes small debit card transactions as debit (even if you select ‘credit’ and don’t enter your PIN).

Anyway, CCU doesn’t count such transactions as valid for meeting their monthly reqmts. Must run as ‘credit’.

Pretty FI for a White Guy
Pretty FI for a White Guy

Orion’s doing 4% for similar terms.

Mike L
Mike L

Hmm “Ultimate Rewards” checking? I’ll bet Chase is pleased…

Jason
Jason

So that’s close to $200 per year before tax

Norm
Norm

I’ve had this account for several months with no issues. My impression has been that the AA/Redneck staff wants you to be a satisfied customer and qualify for the higher rate. Yet some customers wait until the end of the statement cycle to complete the 10 debit requirement and unfortunately 1 or 2 transactions don’t post in time, reducing the rate earned to only 0.25%. I strongly recommend getting those debits out of the way as early in the cycle as possible. And then, simply call customer service to verify.

Fred
Fred

Norm, have you had any issues with any types of purchases not qualifying with this account?

Norm
Norm

Fred, I’ve had no issues with purchases not qualifying. But I haven’t been “automating” or doing anything online. Instead, I’ll use the card for individual debits at the market. And if there is any excess over $10K after I’ve completed my 10 debits I transfer it out.

Yev
Yev

I’ve been doing 10 x $0.50 Amazon Balance Reloads for months, and it’s been working with no issues.

brian
brian

The awesome thing is you are open two bank accounts if you have 20k to spare to get the 2 percent!

Chris
Chris

2 accounts from the same bank?

Billy Bob
Billy Bob

Plus 20 little charges per month.

Greg N
Greg N

Per the website, Redneck Bank, (sister bank? to All America )is going up to 2.25% on February 21st too. Their money market is also going up to 1.75%.

NinjaX
NinjaX

chase being sneaky…

Calvin

Just a heads up: the rate is 2.50% now.

Dragunov
Dragunov

One of the things I do when considering a bank is to review the consumer privacy notice. This bank is great on that front as it shares no info except to service your account.

William Charles although it’s not really churning related it would be nice if you could do a quick assessment of the privacy notices too. I mention it as you’ve shown concern about security/privacy issues in the some posts.

Mikey
Mikey

One benefit of this account: if they raise their rate your rate goes up with it automatically. Several other banks paying higher than average rates often refuse (citing “new customers only”), which means you have to close and then reopen OR require you to monitor rates frequently and if needed call for a manual adjustment.

Judy Jones
Judy Jones

I have their same account from Redneck bank and i have had no problems, it also works great with funding all those Netspend 5% accounts and the auto $1 deposits to them to avoid fees.

Anonymous
Anonymous

All America Bank pulls ChexSystems. Showed up as an inquirer on my ChexSystems report.

bax
bax

Do they reimburse domestic ATM fees? Their page only mentions foreign ATM fees up to $25 per month.

bax
bax

Looks like there’s a $0.75 “foreign ATM fee” even for domestic ATM usage, in addition to whatever the ATM owner charges. Will both be reimbursed, in lump sum, at the end of the statement cycle?

Snorlax
Snorlax

If I want to close the account one day, can I do it online?

PoorChurner
PoorChurner

I had their Redneck Bank rewards checking account and cancelled it via secure message.

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