Update 11/17/22: Rate increased to 4% APY.
Update 8/24/22: Rate increased to 2.25%
Update 5/19/21: Rate now 0.6%
Update 7/29/20: Rate now 1.1%
Update 12/23/19: Rate now 1.75%
Update 12/20/19: Rate now 2%
Update 10/23/19: Rate has now been reduced.
Update 10/3/19: Effect 10/22/19 rate will be reduced to 2.25% APY. Best high interest accounts can be found here.
Update 6/23/19: Rate has been reduced to 2.4%, for a list of the best high interest accounts click here.
Update 5/26/19: Rate will be decreased to 2.4% APY on June 21st, 2019
Update 1/23/19: Rate has been increased to 2.5% APY (up from 2.25% APY). Hat tip to reader Mikey
All America Bank offers a Mega Money Market personal checking account. This account earns 2.5% APY on balances of up to $50,000. Let’s take a quick look at it.
The Basics
- Earns 2.5% APY on balances of up to $50,000
- Earns 0.5% APY on balances over $50,000
- Limit of one account per individual
- No monthly maintenance fees
- Free debit card (first 6 withdrawals per monthly statement cycle are free and then $5 fee)
- Minimum opening amount is $500
- Soft pull to open account
- Cannot be funded with a credit card
- They do pull ChexSystems
- Initial funding by ACH, minimum is $10 and maximum is $1,000
- When using their ACH (both in & out) you’re limited to a maximum of $5,000 per day. If you use another banks ACH to transfer in (or do an ACH pull out) there is no limit.
Interest Rate History
- Update 10/19/18: Rate has been increased to 2.25%. One thing I like about All America Bank is that they frequently have one of the highest rates available and raise rates for existing customers automatically – unlike some other unethical financial institutions. Rate on rewards checking has also been increased to 2.75% APY.
- Update 06/22/18: Rate has been increased to 2% (from 1.75). Hat ip to reader Phil. & Eric
- Update 02/21/18: Rate has been increased to 1.75% (from 1.5%), maximum balance increased to $50,000 (from $35,000). Hat tip to reader Deymond L
Our Verdict
This looks to be the same account that is offered by Red Neck Bank, I’m not sure if you can have an account with both. This is the best basic savings account interest rate out there currently. If you have any experiences with this bank then please let us know in the comments below.
Thanks to reader John for letting us know.
Money market now 4.4% APY and Checking 4.65% APY
Although website shows the MMM at 4.75%, my last interest posted at 4.65% on 07/19/2024.
4.75% is the APY, which is accurate for the APR, which is 4.65%.
My mistake. Thank you, Eric.
Rates have dropped.
Ultimate Rewards Checking: 5.00%
Money Market: 4.75%
Rates dropped again, 5.00%/4.75%
I just tried to login and received the below error. Have any of you been able to successfully login lately?
This online.securebankcentral.com page can’t be foundNo webpage was found for the web address: https://online.securebankcentral.com/AllAmericaBankOnline/Uux.aspxHTTP ERROR 404
I’m able to login normally.
Rates have dropped to 5.15%/4.90%
I wonder why? Didn’t the Fed just say they are holding steady?
They probably have more in deposits than they need.
Hmm.I didn’t think banks would ever not want more deposits.
Not true. They only want enough that they can lend out plus have enough on hand for depositors to withdraw. Otherwise, they will lose money.
Where do you get this from? They can (and will) simply invest in e.g. gov’t bonds (which, coincidentally overinvesting in long-term issues of gov’t bonds is part of what led to the SVB collapse, because they ran into liquidity problems).
Exactly. SVB collapsed (ie lost money) because they invested too much in deposits in long term bonds.
My main point was to counter
Ixo’s argument that FIs want unlimited deposits. Do you disagree with me on that point?
Pls delete.
I need a checking account that pays the highest interest—How easy is it to do the 10 transactions per statement? Paying atmos, insurance etc @ $1.00 a time work? Getting ready to close down the 4% element checking account and their requirements are so easy–the easiest I’ve ever found. I am currently using Origin but
Chuck% I don’t want to use that for my spending and want to keep it maxed at 40K. Origin does come with 16 POS requirements but simple to do.
Cash App $1-ish transaction works for me.
I reload an amazon giftcard @ 50cents 10 times. Has been working fine for me. Have read some complaints of purchasing them too fast (I think the term was rapid fire) resulting in amazon accounts being put on hold…I just manually reload it only takes a few extra minutes.
My wife wants me to move our funds out of Marcus due to the intense headache of getting our $100 sign-up bonus. Other than the $100k cap, does anyone have any complaints about Redneck / All-American? We’re getting 5.25 APY with the 1% bonus + the .1% AARP. So it’d be a slight decrease, but she’s very pissed about Marcus.
We have used the savings account for years and never had an issue. The only thing to remember is that if you use redneck to pull or push it is a $5k per day limit. If you push/pull from Marcus or any other external bank you can do as much as you want.
Marcus SOOO screwed up with the $100 promo. I am sticking with them to see how they do with next years promo, but after last year I left a couple of grand with them. I pulled all but $1 this year.
You can call and have the $5k daily push/pull limit temporarily raised for that day, no problem. Very good customer service.
To add to
Tomtoo’s DP, I once asked a CS rep if there was a limit of times that we could call in to request this and I was told that there is not.
When I went to tag you in my last comment, there were 3 different user accounts with your name. Do you use 3 different email addresses?
Not that I am aware of. Been here so long maybe I have used another in the past.
They also had an offshoot bank called Evantage Bank about a decade ago which they consolidated with All America. Just FYI