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.
View Comments (457)
@2,
Can you update both the APY and the limit that I bolded in the quote below that I pulled from AAB's site?
"Our Mega Money Market® personal checking account offers a high yield of 4.25% APY* on up to $100,000."
https://www.allamerica.bank/personal/banking/checking/mega-money-market-checking
Sure
Money market now 4.25% APY Checking 4.50% APY.
@guest_1621305 @guest_1917560
In case you are not aware, there is a separate post on the AAB Rewards Checking account here: https://www.doctorofcredit.com/america-bank-ultimate-rewards-checking-2-apy-soon-2-25/.
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 @guest_1434516'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 @6% 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.
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.
@chucksithe Not sure why the above message has your name in it. I didn't do it but maybe because I put Origin in it? Should have put Origin Bank?
Cash App $1-ish transaction works for me.