bank rates

AmericaNet’s 3.10% Money Market

The Mega Money Market Account from AmericaNet Bank is paying 3.10% APY with no minimum balance required.

There’s no monthly maintenance fee, plus you get a check card that allows you to make six free withdrawals per month. (There’s a $5 fee for each additional withdrawal.) Online banking and email notices if you are overdrawn are part of the package.

Sure, it’s a variable-rate account and AmericaNet can hose you at any time. But even if it cut the interest rate by a third, you’d still be earning more that most short-term CDs are paying. In fact, it could cut the rate in half and that would be the case.

This is the second intriguing deal we’ve found at AmericaNet, the Internet banking division of All American Bank, which has a couple of branches in Oklahoma City and Mustang, Okla. (If anyone knows more about these guys, speak up.)

AmericaNet’s Rewards Checking Account is still available.

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Comments (11)
1 Star2 Stars3 Stars4 Stars5 Stars (24 votes, average: 3.29 out of 5)
11 Existing Comments
  1. BloggingBanks said:
    on February 28th at 09:48 am

    I guess if you open AmericaNet’s Rewards Checking Account and you have more than 25K in it, you should put the rest in AmericaNet’s 3.10% Money Market, yielding 3.10%.

    Thanks for the heads up Johns! Are you aware of any other high yielding bank deals on CDs?

  2. Mike M said:
    on March 1st at 08:19 am

    All America Bank, the parent company of AmericaNet, has a 4 star bankrate safe and sound rating.

    Amazing… a very high bankrate rating and a stellar interest rate (considering the alternatives). I might have to give them a shot

  3. Ed B said:
    on March 1st at 05:40 pm

    At 3.25% APY (as of March 1st) deserves a look. According to an account rep, you have to make a monthly deposit (minimun of $10) into your account to meet your specific savings goal. I also believe they will pay that rate up to $50,000.

    “SmartyPig is committed to providing you one of the most competitive interest rates in the country so that while you’re working hard to reach your goal, your money is working hard for you”.

  4. jake said:
    on March 2nd at 10:53 am

    This is a ludicrous bank: They allow only $1500 in electronic transfers per month! This means that to deposit or withdraw money in amounts larger than those of a 2009 piggy bank, you need to do it the old-fashioned way: paper check or bank wire! Anyone with any serious money and multiple bank accounts won’t have the time to deal with this nonsense. The bank needs to get out of the stone age.

  5. SI Reasoning said:
    on March 6th at 10:27 pm

    bah… interest is compounded monthly and they can change their interest at any time…. hardly worth the effort.

  6. Tony Bisceglia said:
    on March 8th at 09:33 pm

    I wanted to deposit $100,000 in an AmericaNet 3.1% money market account. My credit report (850 FICO) is frozen to avoid fraud. My app was rejected. When I called the bank, the clerk said that the app was under consideration and that the frozen report might have caused the problem. I explained that I would pay the $10 to unfreeze the report, but that I didn’t want a credit card, debit card or anything else from them. I wanted to give them $100,000! He said I would have an answer in a day or two. That was a week ago. What a waste of time. I’ll just add to my Capital One on line acct. at 2.5%!

  7. Dennis said:
    on March 10th at 05:14 pm

    The customer service is less than acceptable….they give wrong information and when you talk to the president wayne huckabay he could care less that you are out time and money. He just says with the rate they are paying it will more than make up for your inconvenience.
    Its not worth the hassle…..and they are changing the maxium you can put into your money market to 35000.00 hoping you won’t notice and leave the overage there…………..what a joke……

  8. John said:
    on March 13th at 12:49 pm

    I am a new customer at AmericaNet. I have found their customer service to be excellent. Yesterday I received a letter from the bank indicating that the money market maximum will be $35,000 and the Rewards Checking maximum will be $10,000 (currently $25,000). You can still have two Rewards Checking accounts. Letter indicated all changes become effective April 15, 2009. The bank, therefore, is upfront about the changes. Th interest rates will remain the same.

  9. Joe said:
    on April 22nd at 11:38 pm

    Have banked at All America since ’08 when the Rewards Checking was 5.25% for $25,000 or less and 2.65% for anything over. They have dropped to $10,000 and 2.25% as April 15th. NOT A HAPPY CAMPER!!!!!
    Now jsut got an email from them stating as May 5,2009 that they are going to 4% up to 10,000 and 1% on anything over $25,000!!!! Limit 2 accounts per SS # on Rewards Checking. I had gone in to talk about getting a .25% bump for a jumbo amount that I had there($225,000), and they said they didnt need my money. Could all they needeed from the Fed! Good bye– time to look elsewhere!!!!!!!!!

  10. Lucas said:
    on April 23rd at 09:31 pm

    Just signed up for a new account this week and can confirm that the rates for the MMA are dropping to 2%. Of course, the AmericaNet Bank website says it is still 31.%. You only get notified of the 2% when you receive your welcome letter. This smells like false and misleading advertising! In my mind Mr Huckabay is right up there with the worst of the Wall Street crooks that sunk our banking system.

  11. Kelly said:
    on May 5th at 09:31 pm

    How come my MMA interest rate only shows 0.99%? Not even 2%.