Redneck Bank Mega Money Market Account 2024 Review
Redneck Bank, the Internet division of All America Bank, offers the Mega Money Market account for people who want to earn a great rate on savings balances. There are no minimum balance requirements after meeting the opening deposit requirement, and no monthly maintenance fees.
Redneck Bank has a silly name but there's no joking about the Mega Money Market account. This account features an exceptional APY on balances up to $100,000 and it includes the convenience of a debit card.
This money market account could be a good fit if you:
- Have $500 or more to open an account
- Typically maintain a minimum balance of <$100,000 in savings
- Are comfortable with an online money market account
- Would like to have multiple ways to access your money
You can open the Mega Money Market account along with the Redneck Bank Rewards Checkin' account if you'd like to keep all your money in the same place. You'll just need to meet the $500 minimum opening deposit requirement for each account.
Redneck Bank Mega Money Market Account Pros & Cons
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Compared to Other Online Savings Accounts
Ally Bank Money Market Account
The Ally Bank Money Market account earns a slightly lower APY than the Mega Money Market account, but there are no balance tiers or caps on interest earnings. Ally doesn't charge monthly maintenance fees and you can access your savings at more than 75,000 fee-free ATMs. If you're charged a foreign ATM fee, Ally will reimburse you up to $10 per statement cycle.
Read our full editorial review of the Ally Bank Money Market account
Quontic Bank Money Market Account
Quontic Bank pays one of the highest APYs for any online market account, with no monthly fees. You'll need $100 to open an account and you'll get the benefit of both a debit card and check-writing privileges. Quontic also offers high-interest checking, rewards checking, and high-yield savings accounts.
Read our full editorial review of the Quontic Bank Money Market account
Brilliant Bank Surge Money Market Account
Brilliant Bank's Surge Money Market account pays a generous APY, with no monthly maintenance fees. You can open your account online and the minimum deposit requirement is $1,000. Unlike some money market accounts, this one doesn't offer a debit card, ATM card, or paper checks.
Read our full editorial review of the Brilliant Bank Surge Money Market account
CFG Bank Money Market Account
CFG Bank's money market account is worth a look if you want to earn one of the highest rates possible on savings. There's a $1,000 minimum opening deposit requirement and you'll need a $1,000 minimum balance to earn the advertised APY. You can deposit funds at any time but you won't get a debit card or paper checks with this account.
Read our full editorial review of the CFG Bank Money Market account
Interest Rates
Interest rates are a top consideration when opening a new money market account. You want to get a great rate for your money to make it grow.
Redneck Bank offers an outstanding rate with the Mega Money Market account. But, it's not the highest APY you can earn.
Is that a dealbreaker? Not necessarily.
Some banks may pay higher rates but require a larger opening deposit or expect you to keep a certain amount of money in your account to earn interest. You may prefer a money market account that comes with as few strings as possible.
If you're looking for a higher rate, you could get that with the Redneck Bank Rewards Checkin' account. However, the advertised APY only applies to balances up to $15,000.
Fees
Online money market accounts may come with fewer fees. In general, online banks tend to be more fee-friendly than traditional banks or credit unions.
Here's what you can expect to pay with Redneck Bank.
Other Service Fees - Redneck Bank Mega Money Market Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Foreign ATM fee | $0.00 |
| Paper statements | $3.00 |
| Overdraft | $25.00 |
| Returned payments | $25.00 |
| Stop payment | $25.00 |
| Dormant account fee | $10 |
| Bill pay | $0 for the first 10 transactions; then $0.50 per transaction |
| Excess withdrawal | $5 per transaction over six |
Redneck Bank doesn't charge foreign ATM fees. If you use another bank's ATM and are charged a fee, you can get reimbursed. Redneck Bank pays you back up to $25 in foreign ATM surcharges per month.
ATM Access
You can use your Redneck Bank debit card to withdraw cash at virtually any ATM. If you need to find an ATM near you, you can use the locator tool on the Redneck Bank website or in the mobile app.
Keep in mind that other money market accounts don't offer ATM access. Debit cards and ATM cards, as well as paper checks, are nice benefits to have even if you don't plan on making withdrawals that often.
As you're comparing money market accounts, look at the size of the ATM network if one is available. Specifically, you want to know where you can withdraw cash fee-free and whether you'll be able to get any ATM surcharges refunded.
Account Management
Redneck Bank gives you multiple ways to manage your account, including online banking, mobile banking, and ATMs.
Deposit options include:
- ACH transfers
- Wire transfers
- Mobile check deposit
- Direct deposit
You can pay bills from your account, with one stipulation. The first 10 bill pay transactions each month are free. After that, a fee applies.
Wallet-style checks are available. You can make up to six withdrawals per month without a fee. For each withdrawal over six, a $5 fee applies.
Redneck Bank doesn't offer Zelle through the app or online banking. If you want to use Zelle to send and receive payments, you can link your Redneck Bank money market account to your Zelle account.
You can also link your account to Apple Pay, Google Pay, and Samsung Pay for added convenience.
FDIC Insurance
FDIC insurance protects depositors when a bank fails. If an FDIC-insured bank goes under for any reason, your money is covered up to $250,000.
Redneck Bank is insured through All America Bank, which is based in Oklahoma City, Oklahoma. So you have reassurance in the extremely rare event that the bank fails.
What to Look for in a Savings Account
Money market accounts can help you grow savings but they aren't all alike. Some have more features and benefits than others, and there may be differences in the fees you pay.
Here are some things to consider as you compare accounts.
- Does the bank have branches or is it online-only?
- What's the minimum opening deposit requirement?
- Are there ongoing minimum balance requirements?
- What APY will you earn?
- Are rates tiered or does the same APY apply to all balances?
- Will you get paper checks or a debit card/ATM card?
- How large is the ATM network?
- Does the bank refund foreign ATM fees?
- What options do you have for depositing funds?
- What options do you have for making withdrawals?
- Are there limits on deposits or withdrawals?
- Is there an excess withdrawal fee?
- Is there a monthly maintenance fee?
- What other fees does the bank charge?
- Can you deposit cash?
- How can you get in touch with customer support?
- What's the bank's reputation like?
Looking at money market accounts from online banks is a good place to start. You can branch out your search to include money market accounts at traditional banks or credit unions to see how they stack up.
Frequently Asked Questions
Is Redneck Bank a real bank?
Redneck Bank is a real bank and it's the Internet banking division of All America Bank, a member FDIC financial institution. The bank offers a rewards checking account and a high-yield money market account online.
What's the best money market account?
The best money market account for you is one that offers the features and benefits you need, with the lowest fees possible. Good features to have in a money market account include a competitive APY that applies to all balances, no monthly maintenance fees, and access to your funds via an ATM card, debit card, or paper checks. Comparing money market accounts at online banks can help you find the best savings option for your needs.
Are a money market account and a money market fund the same thing?
A money market account is not the same thing as a money market fund. Money market accounts are deposit accounts offered at banks and credit unions. Money market funds are investment products that allow you to earn interest but they have some risk, as they're not covered by FDIC insurance.
