Any experience with Redneck Money Market? (1.5%)

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sunny_socal
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Any experience with Redneck Money Market? (1.5%)

Post by sunny_socal » Tue Dec 12, 2017 2:13 pm

Is this a legit bank? Anyone try their MM account? It's currently at 1.5% :P

https://redneck.bank/mega-money-market/

Seems like a great place to start sending spare change

Thanks

ermcgrat
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Joined: Tue Aug 09, 2016 8:57 am

Re: Any experience with Redneck Money Market? (1.5%)

Post by ermcgrat » Tue Dec 12, 2017 2:19 pm

I have not used them, but yes it is legit. You could also check out Discover, at 1.3%

https://www.discover.com/online-banking ... s-account/

ermcgrat
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Re: Any experience with Redneck Money Market? (1.5%)

Post by ermcgrat » Tue Dec 12, 2017 2:20 pm

Forgot to mention, if you are planning on having more than $35k in the account, then Discover will be more appealing. This is because the Redneck account only gives 0.5% apr above $35k.

Carl53
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Re: Any experience with Redneck Money Market? (1.5%)

Post by Carl53 » Tue Dec 12, 2017 2:23 pm

Had it for a number of years without any problems. Once upon a time it paid 3%. Eventually it drifted down to about 1% and is now back up to 1.5%. Balances above 35k only pay 0.5%. Personally, I use it primarily to autopay off CC bills and replenish it every few months.

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HomerJ
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Re: Any experience with Redneck Money Market? (1.5%)

Post by HomerJ » Tue Dec 12, 2017 2:38 pm

Am I the only one who feels more comfortable with a bank name like "First Federal Trust and Reserve" instead of "Joe's Bank"?

"Hi, I'm Joe! I own a bank!"

ermcgrat
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Re: Any experience with Redneck Money Market? (1.5%)

Post by ermcgrat » Tue Dec 12, 2017 2:51 pm

What's yer problem with Redneck bank, partner? That's where bankin's funner.

Jack FFR1846
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Re: Any experience with Redneck Money Market? (1.5%)

Post by Jack FFR1846 » Tue Dec 12, 2017 2:58 pm

Eye bin wit Redneck Bank for maybe a year. Heard about it right here an the Bugle Heads online forum. Eye reely like the 1.5% they give me. I keep exactly $35k there and every 20th of the month yank out the interest. It's like they just give me money every month.

If you don't like the crazyness of the website, then go ahead and say "no" to more money, but I think more money is funner.
Bogle: Smart Beta is stupid

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triceratop
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Re: Any experience with Redneck Money Market? (1.5%)

Post by triceratop » Tue Dec 12, 2017 3:00 pm

Judgin' Faynanshul institutions based on the name and not the FDIC protection (not on the MM but the 2% savings account); seems like a Bee-Hay-vorial err.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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