All America Bank & Redneck Bank have increased the interest rate on their money market accounts from 1.25% to 1.5% APY. This makes them the best option for a basic high yield savings account and brings them in line with the rates of Ally on their no penalty CD and MemoryBank on their first year offer. All America & Redneck have a limit of $35,000, after that you’ll earn at a rate of 0.5% APY.
Personally I don’t see a lot of value in this basic savings accounts when there are other accounts offering 5% APY with little to no work. That being said it’s nice to have options and this should create some upwards pressure for those 5% banks to increase their rates in the medium term as well.
