Redneck Bank's Mega Money Market: A Solid 3.85% APY on Up to $100K

Looking for a place to park your cash and earn a decent return without locking it away in a CD? You might want to cast a line toward Redneck Bank's Mega Money Market account. With a rate that still beats many big-name online banks, it's a straightforward option for your emergency fund or savings goals. Let's dig into what makes this account tick and whether its unique branding hides a genuinely good deal.

What You're Actually Signing Up For

First things first: Redneck Bank is the online arm of All America Bank, a real brick-and-mortar institution in Oklahoma that's been around since 1969. Your money is FDIC-insured, so the quirky name doesn't mean it's a fly-by-night operation. The Mega Money Market is their flagship savings-like account that comes with a Visa debit card and check-writing capabilities, which is a bit more flexibility than a standard savings account.

The Fine Print You Don't Want to Miss

The headline rate is attractive, but as with any account, the details determine if it's right for you. Here are the key rules and potential costs to keep in mind.

• You're limited to two of these accounts per Social Security number.
• Make more than six withdrawals in a statement cycle? Each extra one will cost you $5.
• Want paper statements? That's a $3 monthly charge. E-statements are free.
• They offer online bill pay, but you only get ten free transactions per month. After that, it's 50 cents each.
• The standard ACH transfer limit is $5,000 per day, but you can call and request an increase to $50,000 daily.

Who This Account Is a Good Fit For

This account shines for someone with a sizable chunk of cash—say, between $10,000 and $100,000—that they want to keep liquid and accessible. The debit card is a nice perk if you need occasional access to the funds without planning a transfer days in advance. It's also a solid choice if you prefer an online experience but appreciate that the bank behind it has a long physical history.

Just be honest with yourself about your withdrawal habits. If you're constantly moving money in and out, the transaction fees could nibble away at your interest earnings. This is better for a "set it and mostly forget it" savings pot.

How to Get Started and Fund the Account

Opening the account is a standard online process. You'll need your personal details, Social Security number, and $500 ready to fund it. You can transfer the money electronically from an external bank account. Once it's open, managing everything happens through their online platform or mobile app.

• Have your driver's license and SSN handy for the application.
• Decide which external bank account you'll use to fund the initial $500.
• Set up e-statements during sign-up to avoid the monthly paper fee.
• Remember, the rate is variable and can change at any time, though it's been historically competitive.

Bottom Line

• A strong, nationally available rate of 3.85% APY on balances up to $100k.
• More flexible than a pure savings account, thanks to the included debit card and checks.
• Watch out for fees on excessive withdrawals and paper statements.
• Best for medium-to-large cash reserves you want to keep liquid but earning interest.

Common Questions