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Redneck Bank increasing rates!

Regular Contributor

Redneck Bank increasing rates!

I'm excited as I have their money market. Starting Feb 21 the rates will be 2.25% for checking and 1.75% for money market.

 

https://redneck.bank/accounts/redneck-rewards-checkin-account

https://redneck.bank/accounts/mega-money-market

Chase Hyatt | Chase Freedom | Amex ED | Discover IT Miles | Amex SPG
Message 1 of 13
12 REPLIES
Community Leader
Super Contributor

Re: Redneck Bank increasing rates!

Ive never heard of this Bank! The name itself makes me want to have an account there, LOL!! Thanks for the info thoughSmiley Wink
(BK7 d/c-08/2013/FICO-400's) ~ Current scores....Your guess is as good as mine! ???
Scores being held down by tons of INQ/New acts Smiley Wink
Message 2 of 13
Community Leader
Valued Contributor

Re: Redneck Bank increasing rates!


@pizza1wrote:
Ive never heard of this Bank! The name itself makes me want to have an account there, LOL!! Thanks for the info thoughSmiley Wink

I love the name, too, and love how the link for "checking" is "checkin". I'll have to check it out. My local CU, Vantage West, pays zilch for checkin, and I closed my Penfed checkin because it required a direct deposit or balance of $500 to avoid fees, and paid a whopping .20%. But hey, at least their savings pay a whopping .05%! The credit union difference!

 

 

 


Fico 08: 720/721/719 TU/EX/EQ
Message 3 of 13
Regular Contributor

Re: Redneck Bank increasing rates!


@pizza1wrote:
Ive never heard of this Bank! The name itself makes me want to have an account there, LOL!! Thanks for the info thoughSmiley Wink

It's a silly concept but it stands out. They're real and plenty of good reviews on it. The debit card they sent me with opening the money market matches it all too. The account app/website is clunky and bare bones but I'm just there collecting interest. I was about to reduce my balance and send it Live Oak Bank but found out the higher rate.

Chase Hyatt | Chase Freedom | Amex ED | Discover IT Miles | Amex SPG
Message 4 of 13
Highlighted
Community Leader
Valued Contributor

Re: Redneck Bank increasing rates!


@SkyCommanderwrote:

It's a silly concept but it stands out. They're real and plenty of good reviews on it. The debit card they sent me with opening the money market matches it all too. The account app/website is clunky and bare bones but I'm just there collecting interest. I was about to reduce my balance and send it Live Oak Bank but found out the higher rate.


Have you used the Redneck debit card to move money around? I use Goggle Wallet to more quickly move money between accounts. You need 2 Google gmail accounts, load 1 account with the debit card on the account you want to take money from and send the money to 2nd Google account loaded with the debit card from the account you want the money to go to. With most banks & CUs the withdrawal & deposit show up in minutes, much, much faster than ACH.


Fico 08: 720/721/719 TU/EX/EQ
Message 5 of 13
Regular Contributor

Re: Redneck Bank increasing rates!

I haven't tried anything with the debit card. I have it SD. For transferring money into the account that can be useful but you're limited to 6 withdrawals out of it because it's a money market.

Chase Hyatt | Chase Freedom | Amex ED | Discover IT Miles | Amex SPG
Message 6 of 13
Community Leader
Valued Contributor

Re: Redneck Bank increasing rates!

Ah yes, same as a savings account. One last question: Can opening a new account be funded with a credit card?

Fico 08: 720/721/719 TU/EX/EQ
Message 7 of 13
Super Contributor

Re: Redneck Bank increasing rates!


@pizza1wrote:
Ive never heard of this Bank! The name itself makes me want to have an account there, LOL!! Thanks for the info thoughSmiley Wink

Well that’s something new I learned ms  pizza is a redneck lol 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 8 of 13
Valued Contributor

Re: Redneck Bank increasing rates!

I heard you can redeem your interest earned for moonshine.
Message 9 of 13
Regular Contributor

Re: Redneck Bank increasing rates!


@DaveInAZwrote:
Ah yes, same as a savings account. One last question: Can opening a new account be funded with a credit card?

No go on credit card funding. I did ACH $100 from Chase checking to fund it. They have $50 minimum opening deposit.

Chase Hyatt | Chase Freedom | Amex ED | Discover IT Miles | Amex SPG
Message 10 of 13