All America Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

All America Bank’s checking account options

All America Bank Ultimate Rewards Checking account

This account offers an excellent APY on balances of up to $10,000. Thanks to its ATM fee refunds, you get low-cost access to your money no matter where you live.

APY

Minimum Balance Amount to Earn APY

1.00%$0-$10,000
0.25%Over $10,000
0.25%If deposit conditions are not met
  • Minimum opening deposit: $50 in person at a branch, $500 online
  • Monthly account maintenance fee: None
  • ATM fees: None at ATMs owned by All America Bank, $0.75 per transaction at out-of-network ATMs.
  • ATM fee refunds: Up to $25 per statement cycle.
  • Overdraft fees: $25, maximum of eight charges per day.

The Ultimate Rewards account offers a very good interest rate — or annual percentage yield (APY) — on deposits of up to $10,000. If you have more than $10,000 in your account, the rate is much lower.

This account does not charge a monthly fee and there is no minimum balance requirement to earn interest. However, to qualify for the top rate, called Ultimate Rewards, you must meet these two conditions:

  1. You must receive your statements electronically.
  2. You must make at least 10 purchases using the account’s debit card per statement cycle. ATM withdrawals and Automated Clearing House (ACH) transfers do not count.

If you do not meet the requirements, your balance will earn a low interest rate for that period. There is a limit of two accounts per individual.
This account refunds up to $25 in out-of-network ATM fees per statement cycle, so you can conveniently access your money even if you do not live close to an All America Bank branch. It comes with a debit card that allows for $1,500 in daily purchases.

How to get the All America Bank Ultimate Rewards Checking account

You can open the Ultimate Rewards Checking account either online or by visiting a bank branch. If you open in person, your initial deposit needs to be only $50. If you open online, you must deposit at least $500. You will also need to provide your name, address, employment information, driver’s license and Social Security number for the application.

All America Bank Mega Money Market® Checking account

Federal regulation limit how often you can take money out of a money market account. If you don’t mind the restrictions, you can earn a strong interest rate at All America Bank.

APY

Minimum Balance Amount to Earn APY

0.25%$0-$50,000
0.80%Over $50,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None
  • ATM fees: None at ATMs owned by All America Bank, $0.75 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $25, maximum of eight charges per day.

The Mega Money Market Checking account is a blend of a checking and money market account. It offers a terrific APY on deposits of up to $50,000. If you have a higher balance in your account, however, you will earn a lower rate.

This account does not have a minimum balance requirement and does not charge a monthly fee. You also do not need to meet any qualifying transactions to earn the high interest rate. Note that the Federal Reserve’s Regulation D mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle, and this account has a limit of $1,500 on daily debit card purchases. If you make more than six transactions per month, the bank charges a $5 fee on each extra transaction.

This account provides an ATM card. You can make free withdrawals from All America Bank ATMs. However, it charges a $0.75 fee when you use out-of-network ATMs and does not refund any fees charged by the ATM’s owner.

How to get the All America Bank Mega Money Market Checking account

You can only open this account online. You will need to provide your name, address, employment information, driver’s license and Social Security number for the application. This account also requires an initial deposit of $500, which you will need to provide along with the application.

All America Bank NOW Account Checking

A high balance requirement and possible monthly fee for a checking account that doesn’t offer many benefits.

APY

Minimum Balance Amount to Earn APY

0.05%$0-$1,500
0.10%$1,500-$2,499.99
0.15%Over $2,500
  • Minimum opening deposit: $1,500
  • Monthly account maintenance fee: $7.50 if average balance for the monthly statement cycle is below $1,000.
  • ATM fees: None at ATMs owned by All America Bank, $0.75 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $25, maximum of eight charges per day.

You need to deposit at least $1,500 to open a NOW checking account. It charges a $7.50 monthly fee unless you keep an average monthly balance of at least $1,000, which seems more like the type of incentive you see with a savings account, not a checking account.

This account earns interest on all balances but the rates are not great. While the rate increases when you have at least $2,500 in the account, it is still quite low compared to that at many online checking accounts.

With the NOW account, you receive online banking access, a debit card and the ability to order checks. If you make withdrawals from an out-of-network ATM, All America Bank charges a $0.75 fee and will not refund any fees from the ATM’s owner.

How to get the All America Bank NOW Account Checking

You can only open the NOW account by visiting an All America Bank branch. You will need to provide your name, address, employment information, driver’s license and Social Security number for the application along with your initial deposit.

All America Bank Senior Checking account

A checking account available only for people ages 55 and older. As an extra benefit, it throws in free paper statements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None at ATMs owned by All America Bank, $0.75 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $25, maximum of eight charges per day.

You must be at least 55 years old to open the Senior Checking account. You can open this account for a deposit of only $50. After that, this account does not have a minimum balance requirement and does not charge a monthly fee.

The Senior Checking account does not earn interest. It only provides online banking, a debit card and ATM access. You can make unlimited free withdrawals from All America Bank ATMs. If you use out-of-network ATMs, the bank charges a $0.75 fee and will not refund any fees from the ATM’s owner.

You also receive paper statements for free, unlike at the other checking accounts that charge $3. This is a barebones account, but might work for those over the age of 55 who are unconcerned with earning interest on their capital.

How to get the All America Bank Senior Checking account

You can open the Senior Checking account only by visiting an All America Bank branch. You will need to provide your name, address, employment information, driver’s license and Social Security number for the application along with your initial deposit.

SEE DETAILS Secured

on All America Bank’s secure website

All America Bank Free Checking account

Offers online banking, a debit card and not much else. At least, it doesn’t charge a monthly fee.
  • Minimum opening deposit: $50 in person at a branch, $500 online
  • Monthly account maintenance fee: None
  • ATM fees: None at ATMs owned by All America Bank, $0.75 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $25, maximum of eight charges per day.

Like the name says, the Free Checking account does not charge a monthly fee. You need to deposit $50 if you open the account in person and $500 if you open online, but after that there is no minimum balance requirement.

This account does not earn any interest. It only provides online banking access, a debit card and ATM access. You can make unlimited free withdrawals from All America Bank ATMs. However if you use out-of-network ATMs, the bank charges a $0.75 fee and will not refund any fees charged by the ATM’s owner. Like the Senior Checking account above, this account is a barebones offer.

How to get the All America Bank Free Checking account

You can open the Free Checking account either online or by visiting a bank branch. You will also need to provide your name, address, employment information, driver’s license and Social Security number for the application along with your initial deposit.

SEE DETAILS Secured

on All America Bank’s secure website

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How All America Bank’s checking accounts compare

All America Bank has two checking accounts that offer good value: Ultimate Rewards and Mega Money Market Checking. They both offer interest rates that are better than those offered by most other checking accounts out there, including our list of the best online checking accounts.

The right fit depends on how you plan on using your checking account. If you make frequent withdrawals, Ultimate Rewards is better because it allows unlimited transactions and refunds up to $25 per month in out-of-network ATM fees.

Mega Money Market Checking is better when you don’t take money out often. You can only make six transactions per month or else it charges a $5 fee. In exchange, you can deposit up to $50,000 and earn a high rate whereas with Ultimate Rewards, the top rate is only available for deposits of up to $10,000.

The rest of the All America Bank checking accounts are, in our opinion, not worth using. They either do not pay interest, have a high balance requirement and/or charge a monthly fee. The Ultimate Rewards or Mega Money Market Checking accounts are the clear standouts.

All America Bank’s savings account options

All America Bank Regular Savings Account

Better than what is available at large national banks but still far from a top savings account.

APY

Minimum Balance to Earn APY
0.05%$25
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 if average daily balance for the month is below $25.
  • ATM fees: None at ATMs owned by All America Bank, $0.75 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $25, maximum of eight charges per day.

The Regular Savings account requires an opening deposit of at least $50. After that, you need to keep an average daily balance of at least $25 or else this account charges a $5 monthly fee. This account is not available online, and may only be opened by visiting a branch office.

If your average balance falls below $25, the account also stops earning interest. The interest rate on the Regular Savings account stays the same regardless of how much you have in the account. It doesn’t increase for larger deposits.

Since this is a savings account, Federal regulation mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. If you make more than six withdrawals/transfers per statement cycle, All America Bank charges a $1 fee for each extra transaction.

How to get the All America Bank Regular Savings account

You can open the Regular Savings account only by visiting an All America bank branch. You will need to provide your name, address, employment information, driver’s license and Social Security number for the application along with your initial deposit.

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How All America Bank’s savings account compares

While the APY offered by the All America Bank savings account isn’t the lowest available, there are still plenty of other savings options listed on our site that outclass it. If you make more than six transfers/withdrawals per statement cycle, All America charges only $1 per extra transaction, which is a lot lower than what many banks charge.

All America Bank’s CD rates

All America Bank CD rates

Unless you live close to an All America Bank Branch, you will not be able to open these CDs. However the rates are low anyway, so you won’t be missing out on much.

Term

APY

6 Months

0.25%

1 Year

0.30%

2 Years

0.50%

3 Years

0.75%

4 Years

0.85%

5 Years

0.95%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty, based on CD term length:
    • 6 months: 1 month of interest
    • 1 year: 2 months of interest
    • 2 years: 4 months of interest
    • 3 years: 6 months of interest
    • 4 years: 8 months of interest
    • 5 years: 10 months of interest

Note that you must open All America Bank CDs in person at a branch office. The bank offers CDs that range from 6 months to all the way up to 5 years. Their CDs require a minimum opening deposit of $500, and you must keep at least this much in the CD to earn the APY. Also, you are not allowed to add more money once the account is opened, which could be a drawback.

At the end of the term, the CD will automatically renew for the same length of time. You have 10 days after the maturity date to withdraw the money and end the CD. The CDs offered by All America Bank seem fairly basic and with heavy restrictions.

How to get an All America Bank CD

You can only open these CDs by visiting an All America Bank branch. You will need to provide your name, address, employment information, driver’s license and Social Security number for the application along with your initial deposit.

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How All America Bank’s CDs compare

The All America Bank CDs have some solid features. They offer a wide range of terms and at each term, the CDs earn an above average interest rate. You can also open each CD for a low deposit of only $500. Finally, their early withdrawal penalties are lower than what you would pay with many other banks.

But there is one major downside. You can only open the All America Bank CDs in-person by visiting one of their bank branches. Unless you live in Oklahoma, this can be difficult. Fortunately, there are other CDs listed on our site with more to offer than the ones at All America Bank, and can be opened online, from anywhere in the country.

All America Bank’s money market account options

All America Bank Super Savers MMDA®

A low-fee money market account with above-average interest rates.

APY

Minimum Balance Amount to Earn APY

0%

$100 - $2,499.99

0.05%

$2,500 - $24,999.99

0.15%

$25,000 - $49,999.99

0.25%

$50,000 - $74,999.99

0.35%

$75,000 - $99,999.99

0.40%

$100,000+

  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $5 if average daily balance for the month is under $500.
  • ATM fees: None at ATMs owned by All America Bank, $0.75 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $25, maximum of eight charges per day.

To open the Super Savers MMDA account, you must deposit at least $2,500. If your average monthly balance falls below $500, you face a $5 monthly fee. Otherwise, there is no monthly charge.

If your balance falls below $100, the account stops earning interest. The interest rate gradually increases for larger balances before it maxes out for accounts of $100,000 and above.

Since this is a money market account, it limits how often you can take money out pursuant to the Fed’s Regulation D which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. If you make more than six withdrawals or transfers per statement cycle, All America Bank charges a $1 fee for each extra transaction.

How to get the All America Bank Super Savers MMDA account

You can only open the Super Savers MMDA by visiting an All America Bank branch in Oklahoma. You will need to provide your name, address, employment information, driver’s license and Social Security number for the application along with your initial deposit.

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How All America Bank’s money market accounts compare

We like some features of the All America Bank money market account. It charges a low monthly fee of $5, which you can avoid by keeping only $500 in the account. If you make more than six transactions or withdrawals per statement cycle, All America Bank only charges a $1 penalty for excess transactions, which is very competitive.

Still, there are other money market accounts that earn much higher rates. Another downside of the All America Bank’s money market account is that you can only open it in person. Instead of making the trek to Oklahoma, look into these other top money market accounts listed on our site instead, which you can open online.

All America Bank’s IRA account options

All America Bank Individual Retirement Accounts (IRAs)

Earns a terrific, fixed return and only requires a deposit of $100. However, you can open this account only in person in Oklahoma.

APY

Minimum Balance Amount to Earn APY

0.85% Variable

$100

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None

If you want to save for retirement, All America Bank offers a fixed-rate option for IRAs. It requires a minimum opening deposit of only $100, and all amounts earn the same interest rate, which is respectable for an IRA. This is a variable-interest account and All America Bank reserves the right to change the rate monthly.

When you sign up for the All America Bank IRA, you commit your money for a full year. While you can add more money into the account, you cannot take any out until the year is over.

At the end of the year, this account will renew for another term. To take your money out, you must tell All America Bank ahead of time that you do not want to continue before the renewal date.

How to get an All America Bank IRA account

You can open the All America Bank IRA only by visiting one of their branches in Oklahoma. You will need to provide your name, address, employment information, driver’s license and Social Security number for the application along with your initial deposit.

Overall review of All America Bank’s banking products

For people who needs a checking account, All America Bank should be high on their list of contenders. Its Ultimate Rewards and Mega Money Market Checking accounts are great options thanks to their high interest rates and the fact that neither account charges a monthly fee. More importantly, you can open these accounts online from anywhere in the country.

The rest of the accounts at All America Bank are a mixed bag. Some are decent, like the CDs, while others offer little value, like the NOW Account. The main problem is that most All America Bank accounts can only be opened at one of their bank branches, so they will not be an option for most readers.

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