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Tired of earning low 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 right for you.
| Main takeaway: Redneck Bank stands out for its high fees and low fees, but its online-only platform and limited account options may not be 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 has been around since 1969. Redneck Bank was created in the 2000s to help All America Bank compete with larger banks that offer online account.
The bank’s unconventional name was created as a way to stand out in a traditionally serious industry and inject some humor into the banking experience.
As an online bank, Redneck Bank does not 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 since they don’t have the overhead costs that come with maintaining brick and mortar locations.
This also means that customers must be comfortable with the technology to use the bank’s services.
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Redneck Bank Accounts
As an online bank, Redneck Bank does not offer the full suite of banking products that 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 benefits you won’t find at most other banks, including no fees or balance requirements and free access to ATMs worldwide.
Redneck Bank Checking Account
Redneck Bank offers a single checking account option – the Redneck Rewards Checking 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 above that amount will earn 0.50% APY.
To put that in perspective, the average interest rate on a checking account in April 2024 is just 0.08% APY, according to the Federal Reserve. That 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 income on their everyday funds.
Other Redneck Rewards signup account features include:
- Free online banking
- Free Apple Pay, Samsung Pay and Google Pay
- Online bill payment
- Free transfers from bank to bank
- Free Mastercard® Debit Card
- Up to $25 in foreign ATM fee refunds per statement period
While there is no ongoing minimum balance requirement, you will need at least $500 to open an account. This initial deposit is higher than other online banks, but the potential interest earnings can make up for it.
Redneck Bank Money Market Account
Redneck Bank’s Mega Money Market Account is the bank’s only savings offering. This account pays an impressive 4.90% APY on balances up to $100,000. There is no minimum balance requirement after the initial deposit of $500 to open the account.
Keep in mind that free withdrawals are limited to six per month. After that, you will pay a $5 withdrawal fee.
The Mega Money Market account has similar features to 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 the minimal fee structure. Here are some of the more common fees you may encounter:
- Monthly maintenance fees: $0
- Statement on paper: $3 per statement cycle (e-statements are free)
- ATM fees: Redneck Bank does not 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 payment: Free for first transactions, then $0.50 per transaction
- withdrawals: Mega Money Market account is limited to six per month. After six transactions, there is a $5 withdrawal fee.
This list is not exhaustive and fees may apply for some transactions such as foreign purchases, bank transfers or stop payments.
But compared to many traditional banks, Redneck Bank’s fee structure is quite advantageous, with no monthly maintenance fees and minimal fees for basic services like ATM withdrawals and online bill payments.
Redneck Bank online and mobile banking features
Despite the limited account offerings, Redneck Bank offers a variety 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 of funds: Move money between your accounts at Redneck Bank or transfer funds between your account and an external bank.
- View transaction history: Log in to the website to review all transactions posted to your account.
- Deposit checks via mobile: Deposit checks using your mobile device’s camera through the Redneck Bank app.
- They pay the bills: Make up to 10 monthly payments for free, with a $0.50 fee for each additional payment. You can set payment frequencies and save 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 especially 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, 8:00 AM to 5:00 PM CT. You can also reach customer service by sending a secure message through the online platform. The bank does not offer email, live chat or social media support.
While Redneck Bank does not have a Trustpilot profile, it does have a 5-star review on the Better Business Bureau (along with All America Bank). However, the business is not currently accredited by the BBB.
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 glitches, crashes and difficulty making deposits on mobile. However, many reviews praise the bank’s helpful customer service, even as they express dissatisfaction with the mobile app.
While 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 applications.
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
- You are comfortable with online and mobile banking and do not require personal customer service
- You have relatively simple banking needs that do not require a wide variety of account types
- Infuse some personality and non-traditional branding into their banking experience
If you fit into one or more of these categories, Redneck Bank may be a great fit for your banking needs. High rates on both checking and money market accounts are a big draw, especially for those who carry 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.
After all
While Redneck Bank’s unconventional brand and impressive interest rates are certainly appealing, it’s important to consider your individual banking needs before making the switch.
If you think this online bank matches your financial situation and preferences, why not give it a try? You may find yourself shouting “Yes!” to the bank.
The opinions expressed are solely those of the author, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, endorsed or otherwise approved by any of the entities involved in the post.