Redneck/All American Bank

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Oak&Elm
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Redneck/All American Bank

Postby Oak&Elm » Tue Mar 14, 2017 4:41 pm

I keep looking at this bank trying to see the downside... other than the name. I could stash $35k for the Mrs and another $35k in my own separate account and earn 1.25% and the funds would be totally liquid in the event an investment opportunity comes along. This seems more advantageous than a one year CD paying the same rate. Is anyone else using this bank with the same strategy?
Last edited by Oak&Elm on Tue Mar 14, 2017 5:10 pm, edited 1 time in total.

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Pranav
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Re: Redneck/All American Bank

Postby Pranav » Tue Mar 14, 2017 4:46 pm

Yes, my parents have that money market account at All America Bank. Currenttly, there are compatible with Mint, but not Personal Capital.
Last edited by Pranav on Tue Mar 14, 2017 4:49 pm, edited 1 time in total.
Pranav

arizonaslim
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Re: Redneck/All American Bank

Postby arizonaslim » Tue Mar 14, 2017 4:47 pm

Yep. This really is a bank. Here's yer link:

https://redneck.bank/

EJC74
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Re: Redneck/All American Bank

Postby EJC74 » Wed Mar 15, 2017 7:38 am

Redneck Bank....so bad it's fantastic!

Jack FFR1846
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Re: Redneck/All American Bank

Postby Jack FFR1846 » Wed Mar 15, 2017 7:42 am

Where Bankin's funner! I've got about $10k there. If you need something more buttoned down and business like, avoid Redneck and Ally. Both of their website's front pages are too fun. If you want more interest, then open yerself a Megamoney account.
Bogle: Smart Beta is stupid

jjface
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Re: Redneck/All American Bank

Postby jjface » Wed Mar 15, 2017 7:56 am

Plenty of less questionable banks paying 1-1.05%'

The bigger issue is what you mean by 'investment opportunity comes along'. For bogleheads the total stock market is the investment opportunity that is always available.

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jhfenton
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Re: Redneck/All American Bank

Postby jhfenton » Wed Mar 15, 2017 8:06 am

jjface wrote:Plenty of less questionable banks paying 1-1.05%'

The bigger issue is what you mean by 'investment opportunity comes along'. For bogleheads the total stock market is the investment opportunity that is always available.

The same bank and rate are available at their more traditional looking All America Bank web page. It's a solid-looking FDIC-insured bank in Oklahoma. Unless there are customer service issues, I don't see any reason not to consider them for up to $35,000.

In fact, I am going to consider it.

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nisiprius
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Re: Redneck/All American Bank

Postby nisiprius » Wed Mar 15, 2017 8:06 am

jjface wrote:Plenty of less questionable banks paying 1-1.05%...
What's "questionable" about it? It looks fine to me. Note: according to their website, the correct spelling of their "real" name is "All America Bank" (America, without the "n" at the end).

They say they're FDIC-insured.

If you're worried that they might have cut-and-pasted the FDIC logo:
The FDIC says they're FDIC-insured.

Image

Bankrate gives them four out of five stars for financial strength. (I wouldn't personally raise an eyebrow unless there were less than three stars). $300+ million in deposits.

Source
Image

(If I were really going to invest myself I guess I'd drill down a bit more just to make 100% certain these are all the same bank... Mustang, OK is part of the Oklahoma City metropolitan statistical area, so I don't think there's any discrepancy there...)

At first glance, just as they say, "Yep, we're a real bank."
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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T-Wrench
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Re: Redneck/All American Bank

Postby T-Wrench » Wed Mar 15, 2017 8:32 am

Guardyourheart wrote:I keep looking at this bank trying to see the downside... other than the name. I could stash $35k for the Mrs and another $35k in my own separate account and earn 1.25% and the funds would be totally liquid in the event an investment opportunity comes along. This seems more advantageous than a one year CD paying the same rate. Is anyone else using this bank with the same strategy?


Not a bad strategy, but if you're chasing interest rates, CapitalOne 360 is offering a 1-year CD at 1.30%. Capital One 360 CD Rates

Edit: Just did the math. For you, opening 10k in the checking (1.5%) and 25k in the savings (1.25%) yields an overall interest rate of 1.32%, narrowly beating out the CD.

fantasytensai
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Re: Redneck/All American Bank

Postby fantasytensai » Wed Mar 15, 2017 2:12 pm

T-Wrench wrote:
Guardyourheart wrote:I keep looking at this bank trying to see the downside... other than the name. I could stash $35k for the Mrs and another $35k in my own separate account and earn 1.25% and the funds would be totally liquid in the event an investment opportunity comes along. This seems more advantageous than a one year CD paying the same rate. Is anyone else using this bank with the same strategy?


Not a bad strategy, but if you're chasing interest rates, CapitalOne 360 is offering a 1-year CD at 1.30%. Capital One 360 CD Rates

Edit: Just did the math. For you, opening 10k in the checking (1.5%) and 25k in the savings (1.25%) yields an overall interest rate of 1.32%, narrowly beating out the CD.


And liquidity.

Jack FFR1846
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Re: Redneck/All American Bank

Postby Jack FFR1846 » Wed Mar 15, 2017 2:26 pm

The Redneck 1.5% checking requires 10 debit card uses in a month. That's too much hoop jumpin' fer me. I actually opened a checkin' account, thought about it and then closed it up. I'll take the 1.25% from my Megamoney and just sit around doin' nuthin', thanks very much.
Bogle: Smart Beta is stupid

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jhfenton
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Re: Redneck/All American Bank

Postby jhfenton » Wed Mar 15, 2017 2:41 pm

Jack FFR1846 wrote:The Redneck 1.5% checking requires 10 debit card uses in a month. That's too much hoop jumpin' fer me. I actually opened a checkin' account, thought about it and then closed it up. I'll take the 1.25% from my Megamoney and just sit around doin' nuthin', thanks very much.

Yeah. I wouldn't be interested in the checking at 1.5% with 10 debit card uses. But savings/money market at 1.25% for doing nothing is competitive. It's not market busting, but it's at the high end.

patrick
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Re: Redneck/All American Bank

Postby patrick » Wed Mar 15, 2017 6:06 pm

I use this bank and not only is it a real bank, it really has a picture of a horse on the debit card!

Miriam2
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Re: Redneck/All American Bank

Postby Miriam2 » Wed Mar 15, 2017 9:28 pm

I used the online Redneck Bank as a threat to my daughter, that if she kept raiding her Ally Bank savings account, I would close it and re-open her account at Redneck Bank - she looked it up and was appalled :D

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whodidntante
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Re: Redneck/All American Bank

Postby whodidntante » Wed Mar 15, 2017 11:46 pm

I currently have 25k in mine, but only as a staging area for my next round of new account promos. It's be down to a hundred bucks or so soon. The horse debit cards works well for stuffy occasions. Do you accept horse card?

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akblizzard
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Re: Redneck/All American Bank

Postby akblizzard » Thu Mar 16, 2017 9:58 am

Guardyourheart wrote:I keep looking at this bank trying to see the downside... other than the name.


Hey! Don't get me riled up.

jjface
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Re: Redneck/All American Bank

Postby jjface » Mon Mar 20, 2017 4:18 pm

nisiprius wrote:
jjface wrote:Plenty of less questionable banks paying 1-1.05%...
What's "questionable" about it? It looks fine to me.


Okay you just lost all credibility in my eyes if you think it looks fine :shock:

It may be fine but it certainly doesn't shout out professional and trustworthy. But you can do what you like with your money. Put it into an odd bank if you want to for an extra 0.2%.
Last edited by jjface on Mon Mar 20, 2017 4:23 pm, edited 1 time in total.

tj
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Re: Redneck/All American Bank

Postby tj » Mon Mar 20, 2017 4:23 pm

I'll use it when it goes back to 3%.


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