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Are you tired of earning measly interest rates from your boring, old bank? Well, saddle up, partner, because Redneck Bank is here to shake things up. Despite the unconventional name, Redneck Bank is a real bank with very competitive rates on its accounts.
But before you go all-in on this unusual bank, let’s take a closer look at what Redneck Bank has to offer and determine if it’s the right fit for you.
| Key takeaway: Redneck Bank stands out for its high rates and low fees, but its online-only platform and limited account options may not be right for everyone. |
What is Redneck Bank?
Redneck Bank is the online banking division of All America Bank, an FDIC-insured bank based in Oklahoma that’s been around since 1969. Redneck Bank was created in the 2000s to help All America Bank compete with larger banks offering online accounts.
The bank’s unconventional name was created as a way to stand out in a traditionally serious industry and inject a bit of humor into the banking experience.
As an online bank, Redneck Bank doesn’t have any physical branches. All banking must be done through the website or mobile app. This approach allows Redneck Bank to offer high rates and minimal fees, as they don’t have the overhead costs that come with maintaining brick-and-mortar locations.
It also means customers must be comfortable with technology to utilize the bank’s services.
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Redneck Bank accounts
As an online bank, Redneck Bank doesn’t offer the full suite of banking products you would normally get with traditional banks. It currently only offers a checking account and a money market account.
But both accounts pay a very high APY if you meet the right conditions. Plus, Redneck Bank offers perks you won’t find in most other banks, including a lack of fees or balance requirements and free ATM access worldwide.
Redneck Bank checking account
Redneck Bank offers a single checking account option — the Redneck Rewards Checkin’ Account. This account boasts an impressive 5.15% APY on balances up to $15,000, making it one of the highest-yielding checking accounts available. Balances over that amount will earn 0.50% APY.
To put this in perspective, the average rate for an interest checking account in April 2024 is a mere 0.08% APY, according to the Federal Reserve. This means Redneck Bank’s checking account offers more than 60 times the average rate, making it an attractive option for those looking to maximize their earnings on their everyday funds.
Other features of the Redneck Rewards Checkin’ Account include:
- Free online banking
- Free Apple Pay, Samsung Pay, and Google Pay
- Online bill pay
- Free bank-to-bank transfers
- Free Mastercard® Debit Card
- Up to $25 in foreign ATM fee reimbursements each statement period
While there is no ongoing minimum balance requirement, you’ll need at least $500 to open an account. This initial deposit is higher than other online banks, but the potential interest earnings could more than make up for it.
Redneck Bank money market account
Redneck Bank’s Mega Money Market account is the bank’s sole savings offering. This account pays an impressive 4.90% APY on balances up to $100,000. There’s no minimum balance requirement after the initial $500 deposit to open the account.
Keep in mind that free withdrawals are restricted to six per month. After that, you’ll pay a $5 fee per withdrawal.
The Mega Money Market account has similar features as its checking account, including a free debit card, ATM access, and mobile wallet services. These features make it easy to access your money while still enjoying the high interest rates that come with a savings account.
Redneck Bank fees
One of the advantages of banking with Redneck Bank is its minimal fee structure. Here are some of the most common fees you may encounter:
- Monthly maintenance charges: $0
- Paper statements: $3 per statement cycle (e-statements are free)
- ATM fees: Redneck Bank doesn’t charge ATM fees, but you may incur fees from the ATM owner. The bank refunds up to $25 in foreign ATM fees per statement cycle
- Overdraft/returned item fee: $25 per item, with a maximum of $200 per day
- Online bill pay: Free for the first transactions, then $0.50 per transaction
- Withdrawals: The Mega Money Market account is limited to six per month. After six transactions, there is a $5 fee per withdrawal.
This list isn’t exhaustive, and fees may apply for certain transactions like foreign purchases, wire transfers, or stop payments.
But compared to many traditional banks, Redneck Bank’s fee structure is quite beneficial, with no monthly maintenance charges and minimal fees for basic services like ATM withdrawals and online bill pay.
Redneck Bank online and mobile banking features
Despite its limited account offerings, Redneck Bank offers a set of online features to help customers manage their money. Their online platform allows you to:
- Check balances: Use the mobile app to check your account balances anytime.
- Transfer funds: Move money between your Redneck Bank accounts or transfer funds between your account and an external bank.
- View transaction history: Log in to the website to review all posted transactions on your account.
- Deposit checks via mobile: Deposit checks using your mobile device’s camera through the Redneck Bank app.
- Pay bills: Make up to 10 monthly bill payments for free, with a $0.50 charge for each additional payment. You can set payment frequencies and store payment information for future use.
These features make it easy to manage your money on the go, whether at home, work, or traveling. The mobile check deposit feature is particularly useful, as it allows you to deposit checks without visiting a physical bank branch or ATM.
Redneck Bank customer service
Redneck Bank’s customer support options are somewhat limited compared to larger banks. You can reach customer service by calling (888) 210-1256. Customer service is available Monday through Friday, 8 a.m. to 5 p.m. CT. You can also reach customer service by sending a secure message via the online platform. The bank doesn’t offer email, live chat, or social media support.
While Redneck Bank doesn’t have a Trustpilot profile, it does have one 5-star review on the Better Business Bureau (together with All America Bank). However, the business is not currently BBB-accredited.
The bank’s mobile apps, available on Android and iOS, have received mixed reviews. The app has a 2.9/5 rating on Google Play and a slightly better 3.9/5 rating on the App Store.
Users have reported issues with glitches, crashes, and difficulties making mobile deposits. However, many reviews praise the bank’s helpful customer service, even when expressing dissatisfaction with the mobile app.
While the limited customer support options and mixed app reviews may be a concern for some, it’s important to keep in mind that these issues are not unique to Redneck Bank. Many online banks face similar challenges in providing customer support and developing user-friendly mobile apps.
Is Redneck Bank right for you?
Redneck Bank is an excellent choice for customers who:
- Prioritize earning high interest rates on their checking and savings balances
- Are comfortable with online and mobile banking and don’t require in-person customer service
- Have relatively simple banking needs and don’t require a wide variety of account types
- Appreciate a bit of personality and non-traditional branding in their banking experience
If you fit into one or more of these categories, Redneck Bank could be a great fit for your banking needs. The high rates on both its checking and money market accounts are a major draw, especially for those who maintain significant account balances.
However, if you prefer in-person banking, want a wider range of account types (such as CDs or money market accounts), or rely heavily on mobile app functionality, Redneck Bank may not be the best choice for you.
The bottom line
While Redneck Bank’s unconventional branding and impressive interest rates are certainly appealing, it’s essential to consider your individual banking needs before making the switch.
If you think this online bank aligns with your financial situation and preferences, why not give it a shot? You might just find yourself yelling “Yeehaw!” all the way to the bank.
Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.