If you want to take advantage of the best money market rates you’ll have to give three online banks that have been thoroughly trashed by our readers another chance
AmericaNet Bank, Redneck Bank, and Evantage Bank are all paying 2.0% APY on their “Mega Money Market” accounts.
That’s the best, nationally-available deal since EverBank cut the yields on its MMAs from 2.15% to 1.77% this month.
Readers couldn’t say enough bad things about customer service and technical problems last spring when AmericaNet, Redneck and Evantage had the best MMA rates.
“This bank is horrible,” Dave wrote of Redneck in April. “As many others, I had to call to get my account number. This website appears to have been built by my 2.5 year old nephew… Redneck bank is a big fat dud!”
The banks are owned by Todd and Wade Huckabay, whose family has been involved in Oklahoma banking since the ’30s.
But the brothers weren’t prepared to deal with hundreds of new customers a day when their online banks began offering some of the best MMA and checking account rates in the country earlier this year.
“I think we’ve gotten most of the problems fixed,” Todd says.
“We were handling requests (some 20,000 to 30,000 hits a month) manually and we couldn’t keep up. But now our accounting procedures are automated.”
The only delay you might still encounter is making bank-to-bank transfers, Todd says. “Now it takes about three days, but we are turning it into an overnight situation, which should be in place by January.”
If you want to give the Huckabay banks another chance, you’ll earn 2.00% APY on investments up to $35,000 and 1.00% APY on balances greater than that. But like all MMAs, those rates are variable and can go down.
There’s no minimum balance, no maintenance fee, and a Visa Check Card to make up to six, free withdrawals a month. There’s a $5 charge for each additional withdrawal.
You can use our extensive database to compare this deal with the best money market rates from scores of other banks.
(2 votes, average: 4.50 out of 5)
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