REDNECK BANK Rewards Checking 2.75% APY on $10K balance w/ Ten transactions per month, free ATM/online bill pay, etc.

Grabbing my popcorn to wait for the comments.

Meh, $10k cap and then only 0.5% on anything over that. And 10 purchases a month where you don't get to leverage the cash back on a credit card...

This isn't bad but there are some savings accounts that are getting close to this % without going through the hoops of debit cards. At least this one looks like there isn't a Auto deposit requirement. I have a checking account that's been paying 3.01% APY for the past several years and I pay my utility bills online to get the debits each month. I do it in small amounts--- 1.01, 1.02 etc and that account does require an ACH debit or credit every month. I pay my other credit cards that earn rewards (from the credit card site so it's an ACH). These accounts have worked well for me for the past 8 or 9 years. Hoping the interest rates will increase again---I was getting 7% on most of my accounts before and yes it was interesting trying to do 12 debits for about 6 to 8 accounts.

The bank that is paying 3.01% APY up to 15K is Southern Bank, but you have to be a resident of Ark, Mo and there is one other state maybe Iowa. I was able to open the accounts when it was open nationally. I have been 100% happy with this bank and their online banking system. I've never visited the bank personally. Love the closing at the end of the month vs in the middle of the month like some of my previous accounts. This bank also held the rate of 3.01 all these years when most other banks dropped to the 1% or lower. They were at 7% and then dropped to 3.01 and held it--now waiting and hoping they will go up but haven't heard anything about an increase.

Thank Op for posting this account--it will be of value to some people

Quote from hunterr83 : Meh, $10k cap and then only 0.5% on anything over that. And 10 purchases a month where you don't get to leverage the cash back on a credit card...

buy $1 items at fast food chains, $1 store, pay bill online with $1 from this card.

so on $10 a month, you're losing what? 25c-50c tops on a cashback card?

versus earning $275 a year in interest on the $10K which is liquid. ($22.50 ish a month in interest)

Quote from SUCHaDEAL : buy $1 items at fast food chains, $1 store, pay bill online with $1 from this card. so on $10 a month, you're losing what? 25c-50c tops on a cashback card? versus earning $275 a year in interest on the $10K which is liquid. ($22.50 ish a month in interest)

They have regular checking account without spending requirements at 2.25% up to $50,000.

For $10,000 at 2.75%, it's only $50 more you're earning.
If you do, $1 purchases you'd be spending more to cover the difference.
Even if you do $0.50 Amazon gift card purchases, you are still spending more than the difference.

I'm not sure if your time is worth the extra $50 per year or $4.17 per month.

BTW, LMCU bank has 3.00% interest up to $15,000 with 10 transaction requirement which is a better deal than this.

Does the name of the bank not bother anyone. I have nothing against Redneck's..... just not sure they represent the image of a trusted financial institution in my mind. I'm just saying. I'll pass.

I heard Crackhead National Bank was offering 4.75% with no spending requirements.

Quote from bill1118 : Does the name of the bank not bother anyone. I have nothing against Redneck's..... just not sure they represent the image of a trusted financial institution in my mind. I'm just saying. I'll pass.

They are an online presence only and are owned by All American Bank, which is a physical brick and mortar. I thinks it's hilarious, so I signed up about a year ago for a money market account. Great rates

I'm sure they're legitimate but I take my money seriously and can do without humor. That's just me.

Earn 2.75% APY when you have up to $10,000 in your account. Amounts over $10,000 will earn 0.50% APY.

10k cap kills it.

Quote from bill1118 : I'm sure they're legitimate but I take my money seriously and can do without humor. That's just me.

Fun at parties huh?

does the goat represent redneck sheeple?