All America Bank Review: Checking, Savings, CDs

Rates are competitive for checking and money market accounts, but have limits. Opening minimums and overdraft fees are high.
Spencer Tierney
By Spencer Tierney 

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Overall bank rating

All America Bank
  • Checking

  • Savings

  • CD rates

  • Banking experience

  • Overdraft fees

4.0

NerdWallet rating 

The bottom line:

High checking rates and live customer support are two features that the Oklahoma City-based All America Bank highlights on its website. Established in 1969, All America Bank has a focus on community banking, especially its financing for farmers, and offers both an all-digital banking experience as well as in-person banking at a half-dozen branches in central and southwestern Oklahoma.

The bank’s rewards checking has an eye-catching rate but requires a minimum number of monthly debit card transactions and opting into e-statements. The rate only applies to balances up to $15,000; higher balances receive a lower rate. There’s also an online money market checking account with a stellar rate, but it limits free monthly withdrawals to six.

Best for: Digital banking customers nationwide focused on high-yield checking accounts who don’t mind a few hoops to earn the high rate and Oklahoma residents who want the same accounts plus branch access.

Pros

  • No monthly fee on rewards checking.
  • High rate on rewards checking, if two requirements are met.
  • Up to $25 ATM fee refunds monthly, if rewards checking requirements are met.

Cons

  • High overdraft fees.
  • Average mobile app ratings.
  • Lackluster rates on savings and certificates of deposit.

Full review

All America Bank Ultimate Rewards Checking
All America Bank Ultimate Rewards Checking

Checking

Member FDIC

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
4.50%
With $0 min. balance for APY

Free rewards account. The bank’s rewards checking has a trifecta of benefits: no monthly fee, up to $25 in monthly ATM fee refunds and a stunning rate of 4.50% annual percentage yield. The rate applies to balances of up to $15,000; amounts over that receive 0.50% APY.

But rewards require debit card usage. The high rate of 4.50% and the ATM fee refunds only apply if you meet two requirements: You have to make at least 10 debit card purchases monthly and receive online bank statements. Otherwise, the rate for all balances is 0.25% APY and the bank charges $0.75 for out-of-network ATM withdrawal fees.

High online opening minimum. There’s no ongoing minimum balance requirement, but a new Ultimate Rewards Checking requires at least $500 to open online, or $50 at a branch.

Small ATM network apart from ATM refunds. The bank has a handful of ATMs alongside its Oklahoma branches, but for out-of-state residents or those far from a branch, fulfilling the checking requirements is the way to have effectively free access to ATMs nationwide.

» See more options: Best checking accounts

All America Bank Regular Savings
All America Bank Regular Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
1.00%
With $25 min. balance for APY

Non-competitive rate, low opening minimum. The bank’s standard savings account doesn’t stand out when compared with the rewards checking, but it has some features to consider. The rate of 1.00% is higher than the national average for savings accounts, though far lower than the best savings account rates you can find. You only need a $50 deposit to open the account.

Two fees, but they’re easy to avoid. The savings account has a $5 monthly fee that can be waived if you maintain an average daily balance of at least $25. In addition, there’s a $1 fee if you make more than six withdrawals or online transfers per month.

An unusual but possibly better place for savings might be All America Bank’s Mega Money Market Checking. It’s marketed as a checking account and it has a debit card, but the account has an eye-popping rate of 4.25% APY on balances up to $75,000, higher than the rewards checking account’s maximum. There’s no monthly fee or minimum balance, and the account must be opened online. Similar to the regular savings account, though, you’re limited to six free withdrawals or transfers per month; after the sixth debit, a $5 fee per transaction is charged.

All America Bank CD
All America Bank CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
1-year APY
2.60%
3-year APY
2.60%
5-year APY
2.75%
Minimum deposit
$500

Solid range of terms, low minimum. The bank’s set of CDs has terms ranging from six months to five years, and the minimum opening requirement of $500 is low for a CD.

Non-competitive rates. For a bank with a strong online experience, the CD rates are rather low compared to online banks and credit unions, which tend to have some of the best CD rates.

Banking experience

3.0

NerdWallet rating 

Some info is hard to find. The website highlights rates well, but various fees and requirements to earn rewards are almost exclusively in small-font footnotes and disclosures, which can make it hard to find all relevant costs. The two accounts that you can open online are the Ultimate Rewards Checking and the Mega Money Checking; other accounts may be opened either by phone or at a branch.

Customer support channels are limited but accessible. The phone hours for support are 8 a.m. to 5 p.m. CT on weekdays only. There’s no live chat option on the website, which is a common option at online-focused banks.

Overdraft fees

2.5

NerdWallet rating 

High fees. The main overdraft fee is $25 if a transaction would put your checking balance negative, and it can be charged up to eight times per day. This fee is not as high as what some banks charge, but it’s still steep. There’s also a $25 extended overdraft fee, which occurs on balances that stay overdrawn for 10 consecutive days.

Free overdraft alternative. There are fee-free transfers from a linked savings account to a checking account in cases where an overdraft would occur.

All America Bank Ultimate Rewards Checking
All America Bank Ultimate Rewards Checking

Checking

Member FDIC

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
4.50%
With $0 min. balance for APY

Free rewards account. The bank’s rewards checking has a trifecta of benefits: no monthly fee, up to $25 in monthly ATM fee refunds and a stunning rate of 4.50% annual percentage yield. The rate applies to balances of up to $15,000; amounts over that receive 0.50% APY.

But rewards require debit card usage. The high rate of 4.50% and the ATM fee refunds only apply if you meet two requirements: You have to make at least 10 debit card purchases monthly and receive online bank statements. Otherwise, the rate for all balances is 0.25% APY and the bank charges $0.75 for out-of-network ATM withdrawal fees.

High online opening minimum. There’s no ongoing minimum balance requirement, but a new Ultimate Rewards Checking requires at least $500 to open online, or $50 at a branch.

Small ATM network apart from ATM refunds. The bank has a handful of ATMs alongside its Oklahoma branches, but for out-of-state residents or those far from a branch, fulfilling the checking requirements is the way to have effectively free access to ATMs nationwide.

» See more options: Best checking accounts

Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.