Would you invest your money in a Redneck bank?

[daveybrat]

https://redneck.bank/

I can't believe this is actually a thing. What marketing genius thought this up?

 

[whm1974]

Looks like a spoof to me.

 

[zinfamous]

well, they are FDIC insured, so I guess it's real. The only amusement I get out of that site is the housefly.

 

[DietDrThunder]

Earn 2.25% APY when you have up to $10,000 in your account. Amounts over $10,000 will earn 0.50% APY.

You can learn more about us on the FDIC website by using the “BankFind” link at www.fdic.gov. Just type “All America Bank” in the name field, “Oklahoma” in the state field, and click “Find”. All America Bank® and Redneck Bank®, the internet banking division of All America Bank®, are the same institution. Therefore, Redneck Bank® is not listed individually on the FDIC website.

I don't know, putting $9,780 in and pulling out $220 of interest at the end of the year might not be too bad. The rate is almost as good as a 3 year CD and your money is not locked for 3 years.

 

[zinfamous]

Earn 2.25% APY when you have up to $10,000 in your account. Amounts over $10,000 will earn 0.50% APY.

You can learn more about us on the FDIC website by using the “BankFind” link at www.fdic.gov. Just type “All America Bank” in the name field, “Oklahoma” in the state field, and click “Find”. All America Bank® and Redneck Bank®, the internet banking division of All America Bank®, are the same institution. Therefore, Redneck Bank® is not listed individually on the FDIC website.

I don't know, putting $9,780 in and pulling out $220 of interest at the end of the year might not be too bad. The rate is almost as good as a 3 year CD and your money is not locked for 3 years.

That is actually a pretty common model with these "high interest" online banks these days. People seem to like it, but it is way too much work for what is, essentially, extremely small benefit. That money could be stashed somewhere else earning shit-tons more $$$.

 

[DietDrThunder]

That is actually a pretty common model with these "high interest" online banks these days. People seem to like it, but it is way too much work for what is, essentially, extremely small benefit. That money could be stashed somewhere else earning shit-tons more $$$.

So where are you stashing your cash? I'm sitting on too much and until I feel the market is where I want it to be, I'm not sure where to put it.

 

[woodman1999]

So where are you stashing your cash? I'm sitting on too much and until I feel the market is where I want it to be, I'm not sure where to put it.

If this is an honest question, I am actually doing similar research right now. I am pondering opening a Marcus account (GS retail bank - online only, no physical branches). Rates seem good and am considering a ladder CD setup as well. All this to be executed on once I pay taxes...

 

[zinfamous]

So where are you stashing your cash? I'm sitting on too much and until I feel the market is where I want it to be, I'm not sure where to put it.

well if you are just holding onto cash for "timing the market" (always a terrible idea, btw, but I know you probably already know that ), then I think these kind of banks are still a bad idea because don't they have timed limits on deposits, something like 3 or 5 months maintained to keep the interest rate, or you pay a fee if you withdraw early?

For me, just the boring old Vanguard Index funds, in brokerage account, because they aren't as susceptible to market swings. You could also consider putting wads of cash into decent dividend-paying Index funds or stocks, because no matter what the value of the stock or fund does, you are getting decent monthly cheese anyway, oftentimes better than this piddly checking account interest rate.

I like these guys,

https://finance.yahoo.com/quote/LTC/key-statistics?p=LTC

because not only do they seem to be really cheap right now, they have a long, consistent, golden history with monthly dividend payments and steady-to-increasing rates.

 

[Schfifty Five]

Earn 2.25% APY when you have up to $10,000 in your account. Amounts over $10,000 will earn 0.50% APY.

You can learn more about us on the FDIC website by using the “BankFind” link at www.fdic.gov. Just type “All America Bank” in the name field, “Oklahoma” in the state field, and click “Find”. All America Bank® and Redneck Bank®, the internet banking division of All America Bank®, are the same institution. Therefore, Redneck Bank® is not listed individually on the FDIC website.

I don't know, putting $9,780 in and pulling out $220 of interest at the end of the year might not be too bad. The rate is almost as good as a 3 year CD and your money is not locked for 3 years.

I'm pretty sure it means anything amount in excess of $10,000 will accrue interest at .5%, but the initial $10,000 will still get the 2.25%. So need to worry about going to $10,001 and losing on some $

 

[BarkingGhostar]

404 Common Sense Not Found. Redneck and banking seems counter intuitive.