Posted by William Charles on August 30, 2016
Checking Accounts

Published on August 30th, 2016 | by William Charles


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.


The Basics

  • 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.

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, 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.

21 Responses to All America Bank Review – 1.5% APY Account With No Requirements (Up To $35,000)

  1. DSP says:

    Wow… that link to redneck bank. I am speechless but entertained.

  2. Chris says:

    This one actually seems to make sense for my particular needs. Interested to see data on credit card funding and other people’s experiences.

  3. Jesse says:

    Ha, Ha, now that website is good for a laugh.

  4. Jason says:

    No credit card funding. Initial funding is either check or ACH pull, min. $50, max. $1000.

    Looks like it will pull Chex System as their processing system is similar to Tech CU. But I didn’t continue to test that as long as I found out no credit card funding.

  5. Albrecht says:

    I had the redneck back (just a different face to the same horse) for several years now.
    They’ve been consistently at the top with their offered APY.
    One convenient feature that I’ve used a few times is that this savings account can be used to pay bills.

  6. Lrdx says:

    Redneck is All America’s online branch, read the footnote 🙂

  7. Ken says:

    They now require 10 debit transaction to have 1.25%, otherwise only .25% is granted.

  8. Ken says:

    Combine this with the Redneck bank and that’s half my phone bill in interest 🙂 I already have a 5% Insight card so this is the next down on the list for me.

  9. Tomtoo says:

    CSR told me customer initiated ACH transfer limit is $1000 for first 30 days, then I have to call in to get it raised to $5000. Strange thing though, when I called in to have a second and third account transfer limit raised after 30 days, the CSR said they were already at the $5000 limit.

    You can have one account at AAB, one at RB, and be joint on one other account at each bank with your spouse (or ?) as primary. So between you and your spouse, you can have four accounts total between you, either as individually owned or joint, for a potential $140,000 in savings @1.25%.

    Another strange thing, when adding the second and third account, even though we set them up individually with their own user ID and password, each time I log in to my initial account, I get access to all three accounts, and one of them is an individual account, not joint! Not too good if you don’t want your spouse getting into that private account. I would complain, except I didn’t do the individual account to keep my spouse out (it was for other reasons) and, well, it’s just so darn convenient!

    BTW, when calling a CSR, I have yet to be put on hold (after the initial menu) more than a minute, and usually don’t get put on hold at all.

  10. SDVeteran says:

    I recently deposited an amount in both accounts and couldn’t be more pleased with their customer service. Friendly, helpful, and no problems at all. A happy customer these first couple of months!

  11. Tomtoo says:

    Will, perhaps you could also change the title to 1.5%?

  12. zjts says:

    any referral bonus for allamerica or redneck?

Leave a reply

Your email address will not be published. Required fields are marked *. Please do not share your referral links/codes unless the post specifically states it's allowed. If the post states it is allowed please follow the rules carefully. If you'd like an image next to your comments please create a gravatar. Most of all please be kind and respectful to each other. 

Last Posts

Back to Top ↑