RedNeck/AllAmerica Bank 1.5%/1.75%

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JoMoney
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Joined: Tue Jul 23, 2013 5:31 am

RedNeck/AllAmerica Bank 1.5%/1.75%

Post by JoMoney »

Any Bogleheads using the high-yield accounts offered through RedNeck/AllAmerica Bank?

They have a 1.5% High-Yield (FDIC MM Account) on up to $50k deposit, which appears to offer ATM, Check-Writing, & Bill-Pay (limited to RegZ 6 withdrawals per statement cycle)
https://allamerica.bank/personal/bankin ... t-checking
https://redneck.bank/accounts/mega-money-market

They also have a 1.75% "Reward Checking" on up to $10k (requires 10 Visa debit purchases each month), and refunds up to $25 of ATM fees
https://allamerica.bank/personal/bankin ... s-checking
https://redneck.bank/accounts/redneck-r ... in-account


I was vaguely 'aware' of this bank in the past, never used them, and they stopped showing up on some of the bank/deposit-rate web sites i check regularly. Anybody have any bad 'gotcha' experiences with them?
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Jack FFR1846
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Joined: Tue Dec 31, 2013 7:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: RedNeck/AllAmerica Bank 1.5%/1.75%

Post by Jack FFR1846 »

I use their MegaMoney 1.5% account. The checking has too many flaming hoops for me to bother with. It's been good for the few years I've used them. I heard about them here. They are a funner bank.
Bogle: Smart Beta is stupid
patrick
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Joined: Fri Sep 04, 2009 3:39 am
Location: Mega-City One

Re: RedNeck/AllAmerica Bank 1.5%/1.75%

Post by patrick »

I used them in the past without much trouble, but I left for better interest rates elsewhere.

For plain savings accounts, you can get 1.75% from First Foundation without a balance cap.

There are better reward checking options too. I currently use Elements Financial which pays 2% on balances up to $20K. Elements requires 15 transactions per month but they count not only debit cards but other things like online bill pay as well. If you are willing to use an account that specifically requires lots of debit card purchases, Signature FCU pays 3% on $20K for 10 purchases a month, and Evansville Teachers FCU pays 3.3% on $20K for 15 purchases a month.
Carl53
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Joined: Sun Mar 07, 2010 8:26 pm

Re: RedNeck/AllAmerica Bank 1.5%/1.75%

Post by Carl53 »

Used the MM account for over 10 years. Never used the debit card. A few years ago they raised the max from I think $35k to $50k above which the interest rate drops to much lower. I often fill it up and ignore it for an extended period. I use it to park cash to pay off various rewards CC which I place on autopay out of the RNB account. I figure that if something keeps me from filling it up like we are out of the country for an extended period or laid up, there may be enough funds to pay of the CC for a year or better. Recently one of the CCs started giving me a message of concern about the RNB routing number which is different from the All America Bank version. The CC said it would no longer pull the payment in May unless I changed the routing number for RNB. I called RNB and was assured that there was no new routing number. Looked at the CC the other day and they pulled the payment anyway.

They generally have been within 1/4 % of the best rates. Decided I liked not having to keep chasing rates for those funds.
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