Published on August 30th, 2016 | by William Charles21
All America Bank Review – 1.5% APY Account With No Requirements (Up To $35,000)
All America Bank offers a Mega Money Market personal checking account. This account earns 1.5% APY on balances of up to $35,000. Let’s take a quick look at it.
- Earns 1.5% APY on balances of up to $35,000
- Earns 0.5% APY on balances over $35,000
- 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 $50
- Soft pull to open account
- Cannot be funded with a credit card
- Unsure on if they 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.
Does It Make Sense To Open This Account?
Let’s assume you don’t want to bother with rewards checking accounts or high interest prepaid cards due to the hassle. We will also assume you have access to a 1% APY account and can put the full $35,000 into this account. You’d basically be earning an additional 0.5% APY on $35,000, that would net you $175 in a year. You’d probably be better off opening a different bank account with a sign up bonus instead.
That being said, this would be a good option if they keep this account’s APY long term and also if you don’t already have a 1% APY account.
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, but some other banks offer slightly lower rates (up to 1.3%) on balances up to $250,000. If you have any experiences with this bank, including credit card funding and if they pull ChexSystems then please let us know in the comments below.
Thanks to reader John for letting us know.