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AmericaNet Changes Checking, MMA Rules

Posted in Checking Accounts, Expired Deals, Money Market Rates by RateRunner
March 20, 2009 11:08 AM - 14 Comments

AmericaNet Bank is still offering exceptional interest rates on checking accounts and money market accounts.

But the Oklahoma-based bank is changing the maximum amount on which it will pay top rates for both types of accounts.

For its Rewards Checking account, the limit is going down.

Instead of paying 5.25% on the first $25,000, it will now pay that rate only on the first $10,000. Deposits in excess of that will continue to earn 2.25%.

For its Mega Money Market account, the limit is going up.

Instead of paying 3.10% on the first $25,000, it will now pay that rate on the first $35,000. Deposits in excess of that will continue to earn 1.65%.

Bottom line: AmericaNet customers will earn less because they’re being pushed to keep more money in the lower-paying MMA.

Under the old rules, a customer with $25,000 in checking and $25,000 in an MMA could earn an average total return of 4.175%.

Under the new rules, a customer with $10,000 in checking and $35,000 in an MMA will earn an average total return of 3.57%.

The maximum total deposit that can earn AmericaNet’s top rates has also fallen by $5,000.

At a time when most certificates of deposit and MMA are paying less than 2%, AmericaNet remains a tempting place to put your money. But it’s not quite as good a deal as when we first told you about it.

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Comments (14)
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  1. mark said:
    on March 20th at 12:37 pm

    is there anything to stop my wife and I opening 2 accounts. one in her name and one in mine, both for $10,000. That would be one way to get the higher interest rate on almost the same amount as before.

  2. Daniel said:
    on March 20th at 12:57 pm

    5.26 % up to $ 25,000 is what I earn at Bank of Ripley TN http://www.bankofripley.com I have been earning 5.26 % on $ 25,000 every month for one year. Excellent Customer service, No Gotcha’s, No hassles, the requirements are (1) set up a checking account with them (2) make 10 debit card transactions per month (3) receive electronic statement online. The only drawback is the only way to deposit money is by Mailing a check to them by snail mail (regular mail)…that is, you cannot deposit money electronically.
    I have no complaints about Bank of Ripley, and plan to keep my $ 25,000 there as long as they keep offering this hi interest.

  3. Jigga said:
    on March 21st at 06:19 am

    AmericaNet’s new account signup had documents missing that they expected you to agree to by checking a box during the registration. They were missing for 3-4 days, however it took them less than 24 hours to correct the errors after I emailed them about it.

    Bank of Ripley told me they only accept customers in Tennessee for their rewards checking accounts. They could save their customer service agents some trouble by posting that bit of info on their website.

  4. BloggingBanks said:
    on March 21st at 08:51 am

    There’s so many rewards checking accounts out there, with higher interest rates and higher limits that AmericaNet Bank will surely lose customers from their moves.

  5. G TX said:
    on March 21st at 11:26 am

    I agree with bloggingbanks, 5% on 10K is not competitive. I asked to close my account as soon as the news hit and guess what… I am still waiting to close the account. Be careful of doing business with Americanet and its other affiliated banks like redneckbank,etc

  6. reed said:
    on March 26th at 09:11 pm

    is america net bank fdic insured up to 250k? thanks reed

  7. Dollar Bill said:
    on March 28th at 10:10 pm

    BEWARE of AmericaNet Bank. Be sure to read the fine print BEFORE you apply. They blocked me from being able to transfer money into your account until it has been open for 30 days AND you have made 10 debit card purchases.

    So, when I tried to send them a deposit in the form of a check by US Mail, they have STILL not deposited it to my account after 10 days. VERY VERY VERY VERY VERY SHADY! Beware!

  8. Dollar Bill said:
    on March 28th at 10:12 pm

    Also, you should know this bank pulls a hard inquiry on your credit bureau! I recommend dealing with a different bank!

  9. professor said:
    on March 29th at 01:28 am

    these low rates are sickening
    bernacke should join paulson, rubin and geithner in prison

  10. IWonder said:
    on March 31st at 02:12 pm

    Is there anybody noticed the tiny statement on the bottom of their website, which says:” AmericaNet Bank® is participating in the FDIC’s Transaction Account Guarantee Program. Under this program, all non-interest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount of the account. This coverage is in addition to, and separate from, FDIC deposit coverage under the FDIC’s general deposit insurance rules.” Are you sure the Rewards Checking is still FDIC insuranced?

  11. RateRunner said:
    on April 1st at 11:36 am

    AmeicaNet says yes, it’s insured.

  12. Annette Loe said:
    on April 6th at 09:24 am

    After reading all this I am not putting my money in Red Neck Bank MMA. I’ll stick with DollarSavingsDirect even if it is a lower interest rate. Thanks for the info!

  13. AmericaNet Customer said:
    on April 23rd at 07:29 pm

    Rates are being lowered in May to 4.00 APY.

  14. Lucas said:
    on April 23rd at 10:10 pm

    AmericaNet Bank, Evantage Bank and Redneck Bank are all a scam. They’re all three run by Huckabay of Arkansas, and all are falsely advertising the 3% and 5% rates on the Checking and MMA accounts. I just signed up with AmericaNet, and along with my account number I received a notice saying their interest rates are actually 4%, and 2%. Worse yet, on the amount over $10k in the checking account, the rate is dropping from a respectable 2.25% to measly 1%. These guys are dropping their rates fast but are probably happy to mislead new customers.
    Now I have an extra inquiry on the credit report for nothing.

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