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.
Was going to try to use cashapp to meet the 10 debit card transaction per month. When I tried to add my redneck debit and cashapp says its an invalid card number. Anyone able to add redneck to cashapp?
Where can I find the account number for Redneck bank? Opened account and funded but can’t find the account number anywhere in my online banking account.
Both Redneck and their “parent” bank AA offer a rewards account paying 2% which you shouldn’t confuse with the account reviewed here. You may open both at both banks for a total of 4 accounts. The account paying 2.0% has a lower maximum of $10K, and there is a debit activity requirement during the statement cycle of the 21st-20th. If you open all 4 accounts (which I did) your goal is to obviously max out the $10K balance at each bank first and then distribute the residual up to a maximum of $35K each for the accounts described in this post.
Thanks for the heads up! So far it’s definitely funner. Yes, you can have one mega account at each, so that’s a total of up to 70K (split 35/35) that earns the 1.5%. Relatively simple approval and account setup. Statements close around the 21st, not a calendar month cycle. Pull and push from your external account due to low in and out limits initiated at either AA or RN. Cheers.
Statements always close on the 20th of every month unless it falls on a weekend/holiday.
They seem to allow unlimited external accounts for transfers.
The only negative things I’ve found are that that you can only initiate up to $5K outgoing plus incoming from AA’s site per day and that they only have 6 free withdrawals per statement.
The debit card that comes with the Rewards Checking account has a talking horse on it saying “where bankin’s funner!”
Now I’ve seem everything…
lol hahah
really?
redneck is the name?
Can this account be used for online bill payments? I.e. ACH pulls from credit card’s website?
I think so. It’s an ordinary checking account.
It’s treated like a savings account, so you’re limited to the standard 6 withdrawals per month (any additional withdrawals will incur a fee). Other than that, you can ACH money to and from freely.
Yes. I have this account. They won’t let you push money out of it for the first 30 days, but I’ve not had any issues pulling.
This is a real name for a bank?
It is. You should check out their website: https://redneck.bank
Sure is, I guess that’s why the have the All America Bank brand as well.
Where bankin’s funner!