Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Redneck Bank is a good option if you're looking for a high-yield checking account or money market account with competitive interest rates. The main downside is its tiered rate system, which sees your APY drop if your account goes above a certain balance threshold. You may be eligible for the best rates if you keep $15,000 or less in checking, and $100,000 or less in the money market account.
Redneck Bank Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Checking | 3.5 |
| Money market account | 3.75 |
| Trustworthiness | 3 |
| Total | 3.5 |
Redneck Bank Pros and Cons
| Pros | Cons |
|
|
About Redneck Bank
Redneck Bank is the online banking division of All America Bank, which is based in Mustang, Oklahoma.
Redneck Bank has no physical locations and offers limited products — an interest-earning checking account and a money market account. Customers can use ATMs worldwide, and Redneck Bank will refund domestic and foreign ATM fees, up to $25 total each month. (The website has a tool you can use to locate both free and out-of-network ATMs in your area.)
The Redneck Bank mobile app has 3.8 out of 5 stars in the Apple store and 2.9 out of 5 stars in the Google Play store. Customer support is available via phone Monday through Friday from 8 a.m. to 5 p.m. CT. There is also a secure messaging feature within the customer dashboard.
Deposits at Redneck Bank are insured by the FDIC for up to $250,000 for solo accounts or $500,000 for joint accounts.
Is Redneck Bank Trustworthy?
At Personal Finance Insider, we usually look at Better Business Bureau ratings to see how a bank interacts with customers. But Redneck Bank and its parent company, All America Bank, have an NR (No Rating) from the BBB because the bureau doesn't have enough information to rate either company yet.
Neither Redneck Bank nor All America Bank have any recent public controversies.
Redneck Bank FAQs
Redneck Bank is good if you're comfortable banking online, and if you're looking for a high-yield checking or money market account. But if you want to bank in person or open CDs, you'll need to look elsewhere.
Redneck Bank offers two products: a high-yield checking account and a money market account, both of which pay competitive interest rates.
Yes, Redneck Bank is a legitimate bank and is the online division of All America Bank, which is based in Mustang, Oklahoma. Redneck Bank is FDIC-insured, protecting your money up to $250,000 (in solo accounts) and $500,000 (in joint accounts).
Yes, deposits at Redneck Bank are FDIC-insured for up to $250,000 for an individual account, or $500,000 for a joint account. This means that if Redneck Bank shuts down, your insured money is still safe.
Redneck Bank has two deposit accounts. The Redneck Bank Rewards Checkin' Account pays up to 4.65% APY, and the Redneck Bank Money Market Account pays up to 4.40% APY.
No, there is no monthly bank maintenance fee on either Redneck Bank's checking or money market account.
Redneck Bank has no physical locations. It's the online banking division of All America Bank, headquartered in Mustang, Oklahoma.
Redneck Bank Account Reviews
Redneck Bank Rewards Checkin' Account
no monthly service fee
up to 4.65%
$500
- High bonus interest rate on account balances up to $15,000
- Up to $25 per month in ATM fee refunds if you qualify for the bonus rate
- No monthly service fees
- Overdraft protection available
- $500 minimum opening deposit
- $25 overdraft fee
Redneck Bank is a good option if you're looking for a high-yield checking account or money market account with competitive interest rates. The main downside is its tiered rate system, which sees your APY drop if your account goes above a certain balance threshold. You may be eligible for the best rates if you keep $15,000 or less in checking, and $100,000 or less in the money market account.
- Bonus interest rate of 4.65% APY on account balances up to $15,000 and 0.50% APY for amounts over $15,000
- Standard interest rate of 0.25% APY
- To earn the bonus interest rate, make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements
- If you qualify for the bonus interest rate, you may also be eligible for up to $25 in ATM fee refunds per month
- Limite of two Redneck Rewards account per person
- Member FDIC
The Redneck Bank Rewards Checkin' Account is an interest-earning online checking account. Its current rate is up to 4.65% APY — much higher than the national rate of just 0.07% APY. To open an account, you'll need a minimum opening deposit of $500, though there's no minimum balance or monthly fees required after that.
You'll earn the highest APY by maintaining a balance of $15,000 or less and keeping your account active. Your account is "active" each statement period that you log at least 10 transactions — excluding ATM withdrawals. Your rate goes down on balances over $15,000. If you fail to have 10 transactions in a given period, your interest rate drops even lower for that month. Interest is compounded and credited to your account monthly.
While account holders can technically use ATMs worldwide, machines not owned by All America Bank are subject to fees. Redneck Bank will refund up to $25 (in total) of these fees each month.
Compare Today's Banking Offers
Redneck Bank Money Market Account
no monthly service fee
up to 4.40%
$500
- Earn a high interest rate on balances up to $100,000
- $500 minimum opening deposit
- Includes a debit card (and paper checks upon request)
- No monthly service fee
- Interest rate drops on balances over $100,000
- Interest compounds monthly, not daily
Redneck Bank is a good option if you're looking for a high-yield checking account or money market account with competitive interest rates. The main downside is its tiered rate system, which sees your APY drop if your account goes above a certain balance threshold.
- Interest rate of 4.40% APY on account balances up to $100,000 and 0.50% APY for amounts over $100,000
- Limit of one Redneck Mega Money Market account per person
- Interest is compounded and paid monthly
- Member FDIC
Redneck Bank also offers a money market account, which pays up to 4.40% APY. You'll earn the highest rate on balances up to $100,000.
There are no monthly service fee or minimum balances requirements, though you do need an initial deposit of at least $500. You can also make up to six free transactions per month; after that, transfers and transactions cost $5 each.
As with Redneck Bank's rewards checking account, interest is compounded and credited to your account monthly.
How Redneck Bank Compares
Redneck Bank vs. Axos Bank
Redneck Bank and Axos Bank both offer high-yield checking accounts. Like Redneck, Axos Bank' account comes with no monthly service fees and no balance minimums.
The big difference between the two lies in the interest rates. Redneck pays a higher rate on its checking account, and a significantly higher rate on its money market account.
Redneck Bank vs. First Internet Bank of Indiana
Like Redneck Bank, First Internet Bank of Indiana also offers a high-yield money market account. The bank pays 4.42% APY on balances over $1 million and 3.61% APY on balances of $1 million or less.
First Internet Bank of Indiana also charges a $5 monthly service fee on its money market account. You can waive the fee if you maintain a $4,000 balance.
First Internet Bank of Indiana Review
Why You Should Trust Us: How We Reviewed Redneck Bank
To review Redneck Bank, we rated its checking and money market accounts using Personal Finance Insider's bank account methodology.
We rate bank accounts on a scale from one to five stars. In general, we look at ethics, security, miscellaneous features, customer support, and mobile apps when rating an institution. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts and interest rates on money market accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
