Redneck Bank Review of Checking and Money Market Accounts

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Redneck Bank’s checking account option

Redneck Rewards Checkin’ account

This account makes it easy to earn a high bonus rate on any balance up to $10,000.
APYMinimum Balance to Earn APY
2.75%Up to $10,000
0.50%Amounts over $10,000
 A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs; 75 cents on outside ATMs
  • ATM fee refund: Up to $25 per month
  • Overdraft fee: $25

The rewards on this account come in the form of a high rate. There isn’t a minimum balance amount to earn the high rate, but if your balance exceeds $10,000, the rate will be dropped significantly. You will also earn a low rate if you don’t meet the requirements that allow you to earn the high rate. You can earn the high rate by simply meeting the minimum activity requirements of 10 debit card transactions per month, and by also opting to receive e-statements (which you would want to do anyway to avoid a $3 fee for paper statements).

By meeting these requirements, you will also be able to earn up to $25 back in ATM fee refunds — though keep in mind that ATM transactions don’t count toward the minimum activity requirement. Even if you don’t meet the requirements every month, you can earn interest — albeit at a much lower rate — on a balance of any amount with this account, which definitely isn’t the case with many other checking accounts out there.

Other features include online bill pay capabilities, though it’s worth noting that if you pay more than 10 bills per month, any additional payments will come with a 50-cent fee. Lastly, if you deposit at least $500 a month and have had your account open for more than 60 days, you can opt into Overdraft Privilege to avoid being hit with additional charges from merchants when you have insufficient funds.

How to open a Redneck Rewards Checkin’ account

The Redneck Rewards Checkin’ account can be easily opened online in three steps to check your eligibility and provide identification details. You’ll need to have your your Social Security number or Individual Tax Identification Number (ITIN) handy, as well as a government-issued photo ID (e.g. driver’s license, passport, state or military ID).

LEARN MORE Secured

on Redneck Bank’s secure website

Member FDIC

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How Redneck Bank’s checking account compares

The fact that you can easily earn high interest rates on any amount for this account, and that it doesn’t have any monthly fees or balance requirements, is a huge plus. While there are some minimal fees to watch out for with this account, they are fairly easy to avoid. The $500 minimum opening deposit is higher than many other checking account options out there, but don’t let that deter you, as the potential to earn high interest rates is definitely a worthwhile tradeoff.

Redneck Bank’s money market account option

Mega Money market account

This account offers a high rate on almost any balance amount.
APYMinimum Balance to Earn APY
2.25%Up to $50,000
0.50%Amounts over $50,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: 75 cents on any non-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $25

This account comes with many of the same particulars as the checking account, from the minimum deposit amount to the 50-cent fee on more than 10 bills paid online, and the $3 fee for requesting paper statements.

Since this is a savings account, it’s subject to Federal Reserve Regulation D, which limits transactions to six per month. If you exceed this amount, you’ll be charged $5 per additional transaction. Lastly, as with the checking account, you can also opt into Overdraft Privilege if you qualify by making a minimum monthly deposit of $500 per month and have had your account for more than 60 days.

How to open a Redneck Bank Mega Money market account

The Redneck Bank Mega Money market account can easily be opened online, in three steps to check your eligibility and provide identification details. You’ll need to have your your Social Security number or Individual Tax Identification Number (ITIN) handy, as well as a government-issued photo ID (e.g. driver’s license, passport, state or military ID).

LEARN MORE Secured

on Redneck Bank’s secure website

Member FDIC

magnifying glass

How Redneck Bank’s money market account compares

That this account’s APY is higher than many of the best money market accounts available and can be earned on any amount up to $50,000 definitely makes it a winner. Its lower minimum deposit amount and absence of a daily minimum balance requirement score it some additional points as well.

While there are some seemingly arbitrary, albeit low, fees (like 50 cents when you pay more than 10 bills online), they’re easy to easy to avoid and definitely not a dealbreaker.

Overall review of Redneck Bank’s banking products

You know what they say about not judging a book by its cover? Well, don’t judge a bank by its name. “Redneck Bank” might make you nervous, at first, but the rates it offers on its checking and money market accounts definitely make its products worth your while.

In fact, the rates on both of its accounts are above the national average (assuming you meet the minimum activity limit on the checking account, which isn’t hard to do). If you’re in search of a high interest-earning checking or money market account from an online bank, we say give Redneck Bank a fair shot.

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Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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