Redneck Bank Review: Checking and Money Market

Redneck Bank has checking and money market options that offer competitive rates and various perks, but there are some odd fees as well.

Margarette BurnetteSeptember 23, 2020

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Overall bank rating

Redneck Bank
  • Checking

    Checking

  • Money market

    Money market

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

3.5

NerdWallet rating 

The bottom line: Redneck Bank may have an unusual name, but it offers real bank accounts with competitive rates and various perks. There are no monthly service charges, but there are other fees you will want to avoid. The bank is the online division of All America Bank, which is based in Oklahoma City.

Pros

  • No monthly fees.

  • ATM fee reimbursements available.

  • Strong rates.

Cons

  • High minimum opening deposits.

  • Monthly transaction requirements to earn checking rewards and higher APY.

  • Excess transaction fees.

Full review

Redneck Bank Rewards Checkin' Account

Redneck Bank Rewards Checkin' Account

4.5

NerdWallet rating 
Monthly Fee

$0

APY

1.00%

With $0 minimum balance

The Rewards Checking account offers a 1.00% APY on balances up to $10,000, but there’s a catch. You have to make 10 qualifying debit card transactions a month, and you must sign up for e-statements. For any months the requirements aren't met, the interest rate is 0.25% APY. The rate on amounts above $10,000 is also 0.25% APY, regardless of activity level.

If you do meet the activity requirements, you also get up to $25 in ATM fee reimbursements each month. That’s important because Redneck Bank charges 75 cents for each out-of-network ATM transaction, and All America Bank operates only a handful of in-network ATMs, primarily in the Oklahoma City area. This fee is in addition to whatever fee the ATM owner charges.

You will need at least $500 to open a Rewards Checking account, but there is no monthly fee. However, if you make more than 10 online bill pay transactions a month, there is a 50-cent charge for each transaction over that limit. Many checking accounts don’t charge online bill pay fees.

Redneck Bank Mega Money Market

Redneck Bank Mega Money Market

4.0

NerdWallet rating 
APY

0.80%

With $0 minimum balance

The Mega Money Market is a deposit account that earns 0.80% APY on balances up to $50,000. Amounts over $50,000 earn 0.25% APY. Customers receive a debit card, but there is a limit of six free withdrawals or transfers per month. Go above that limit, and there is a $5 fee for each withdrawal or transfer during the monthly statement cycle. In addition, there’s a limit of 10 free online bill pay transactions each month, with a fee of 50 cents for each excess transaction.

The minimum opening deposit for a Mega Money Market is $500, though there is no monthly fee.

Banking experience

3.0

NerdWallet rating 

Redneck Bank offers mobile check deposit and online access via its mobile apps and website, though the app ratings aren't the highest. Customer service is available by phone Monday through Friday from 8 a.m. to 5 p.m. Central Time. To compare, many online banks have extended weekday hours well into the evening, and availability over the weekend. Redneck Bank doesn't have a Twitter presence.

Overdraft fees

2.5

NerdWallet rating 

Redneck Bank charges a $25 fee for each overdraft or returned item, up to eight times a day. To compare, the average overdraft fee at large banks is $35, but many institutions keep the number of charges to four or fewer per day. With a maximum of eight, it means Redneck Bank could charge up to $200 in one day for overdrawn transactions. In addition, the bank charges an extra $25 for every 10 calendar days that an account remains in the red. Not every bank charges these types of extended overdraft fees.

You can set up email, phone or text alerts to warn you of a low balance. There is also an option to set up an automatic transfer to cover overdrafts.

Redneck Bank Rewards Checkin' Account

Redneck Bank Rewards Checkin' Account

4.5

NerdWallet rating 
Monthly Fee

$0

APY

1.00%

With $0 minimum balance

The Rewards Checking account offers a 1.00% APY on balances up to $10,000, but there’s a catch. You have to make 10 qualifying debit card transactions a month, and you must sign up for e-statements. For any months the requirements aren't met, the interest rate is 0.25% APY. The rate on amounts above $10,000 is also 0.25% APY, regardless of activity level.

If you do meet the activity requirements, you also get up to $25 in ATM fee reimbursements each month. That’s important because Redneck Bank charges 75 cents for each out-of-network ATM transaction, and All America Bank operates only a handful of in-network ATMs, primarily in the Oklahoma City area. This fee is in addition to whatever fee the ATM owner charges.

You will need at least $500 to open a Rewards Checking account, but there is no monthly fee. However, if you make more than 10 online bill pay transactions a month, there is a 50-cent charge for each transaction over that limit. Many checking accounts don’t charge online bill pay fees.

How does Redneck Bank compare?

Deposits are FDIC Insured

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Monthly Fee

$0

Monthly Fee

$0

Monthly Fee

$0

APY

N/A

APY

1.25%

With $0 minimum balance

APY

0.10%

With $2,500 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

RATING 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.