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Redneck Bank...

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Anonymous
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Redneck Bank...

I had to do it... I found it, and had to get a checking account... just because. They're the online division of All America Bank, and FDIC insured, so they're quite legit.

They don't seem like a real "bidniss" though. That's all aesthetics, however. For those who actually use debit cards (or at least utilize the system) their perks don't seem half bad. Right off the top, if you make 10 debit transactions a month (no direct deposit or such like other banks) you get 3.00% APY on up to 10k in your checking. Pretty impressive for a checking account. They also refund up to $25/mo ATM fees. Although as always, read the fine print.

I'm not advocating for them, everyone should find the bank that suits them. I just figured I'd toss it out there for anyone looking. It's pretty much a just because account for me, Charles Schwab is still my main bank, I just figured why not and if I can get 3% on the small amount I keep there? Bonus.

Edit: Forgot to mention, if you don't meet the required 10 debit transactions, you still get 0.25% which is decent for a checking, especially compared to common big banks.
Message 1 of 26
25 REPLIES 25
Anonymous
Not applicable

Re: Redneck Bank...

I always felt like these were too much work. 

 

I guess if you could go to a grocery store and scan & pay for 10 <$1 items individually, you could come out ahead.

Message 2 of 26
Anonymous
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Re: Redneck Bank...


@Anonymous wrote:

I always felt like these were too much work. 

 

I guess if you could go to a grocery store and scan & pay for 10 <$1 items individually, you could come out ahead.


I just use Google pay to transfer money between accounts. It's technically a purchase to the bank. Even my Discover cashback debit earns 1% on money I simply transfer out of it via Google Pay to my main checking, zero loss. Plus it's pretty much instant instead of waiting days for ach. So just transfer an arbitrary amount to redneck, then transfer 10 random amounts back out via google pay. Should trigger it.

Message 3 of 26
DaveInAZ
Senior Contributor

Re: Redneck Bank...


@Anonymous wrote:

I just use Google pay to transfer money between accounts. It's technically a purchase to the bank. Even my Discover cashback debit earns 1% on money I simply transfer out of it via Google Pay to my main checking, zero loss. Plus it's pretty much instant instead of waiting days for ach. So just transfer an arbitrary amount to redneck, then transfer 10 random amounts back out via google pay. Should trigger it.


Yep, I also use Google Pay with debit cards to transfer money between accounts, works great and pretty much instant, and should work to meet the debit use requirement. But that's the only way I use debit cards. Redneck Bank has a "cute" website & marketing, but I might do 10 debit transactions once to meet a bonus, but not monthly just to get a little higher intertest.

Message 4 of 26
Anonymous
Not applicable

Re: Redneck Bank...

Yeah, not really gonna be a monthly thing for me unless I've got nothing better to do. Reason I bank around with the banks I do is to keep from having local bank hoops and loops. Also another reason I did get an account is a co-worker (actual redneckish person) really wanted an account because it seems better than the hoops he goes through with his current bank, BoA. (He also thinks it's hilarious and fits his lifestyle) He's a debit person, doesn't trust credit card companies, so it'll work for him. He asked me to test them (test a bank?) Since I "know all that financial stuff"... Not really, but no harm, can close it later. The biggest drawback I see is the initial $500 deposit to open. Otherwise, it's still a good chuckle to have in the wallet.
Message 5 of 26
DaveInAZ
Senior Contributor

Re: Redneck Bank...

I tend to "bank around" as well, I just counted them and I currently have 17 banking accounts. Smiley Embarassed

 

Well, actually I'm an incorrigible bank account SUB chaser, so Wells Fargo gets canned after payday this Friday (good riddance!), and then 3 accounts between Chase & HSBC get the can early August. I normally have around 10 accounts, all good to have for different reasons.

Message 6 of 26
Anonymous
Not applicable

Re: Redneck Bank...


@Anonymous wrote:

I always felt like these were too much work. 

 

I guess if you could go to a grocery store and scan & pay for 10 <$1 items individually, you could come out ahead.


Vending machines my friend! My go to for meeting a transaction minimum on a debit card.

Message 7 of 26
DaveInAZ
Senior Contributor

Re: Redneck Bank...


@Anonymous wrote:

@Anonymous wrote:

I always felt like these were too much work. 

 

I guess if you could go to a grocery store and scan & pay for 10 <$1 items individually, you could come out ahead.


Vending machines my friend! My go to for meeting a transaction minimum on a debit card.


Huh, guess I need to get out more often, Smiley LOL I didn't know vending machines took CCs. Everyone usually says to do the Amazon gift card reload, but I rarely buy from Amazon.

Message 8 of 26
Anonymous
Not applicable

Re: Redneck Bank...

I tend to use Google pay + USBank Cash+ on vending machines... They count under the fast food cat, though this quarter I'm instead using Discover, 5% + cashback match. Smiley Tongue
Message 9 of 26
calyx
Super Contributor

Re: Redneck Bank...


@Anonymous wrote:
I tend to use Google pay + USBank Cash+ on vending machines... They count under the fast food cat, though this quarter I'm instead using Discover, 5% + cashback match. Smiley Tongue

I use Samsung Pay + CSP - Mine code as restaurant, so I get the bonus points there.

Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 10 of 26
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