You read that title correct! The name of their site is Redneck Bank. When I first saw their website, I thought this has to be a joke. What bank in their right mind would call their bank Redneck bank? More importantly who in their right mind would put their money in to a bank with that name. I’ve done some research and found that they are in fact a legitimate bank and that they by far have the best current savings / mma rate of 3.10% for accounts with less than $35,000.
Redneck bank is the online segment of the Bank of the Wichitas which is an FDIC insured bank. According to the FDIC’s website:
Bank of the Wichitas has been FDIC insured since January 1, 1934.
It was established on January 1, 1913.
Its main office (headquarters) is located at:
623 E Street
Snyder, Oklahoma 73566
County of Kiowa
I have also seen their site mentioned of various message boards and it is listed on Bankrate.com as the highest APY savings / mma. The only catch as I mentioned above is that they only offer that rate on the first $35,000 of your account. After that the rate drops to a low 1.65% however 1.65% isn’t that bad since some other online banks are currently offering that or less on all of your money.
Additional Details of Account:
Earns interest of 3.10% APY* calculated on your daily balance of up to $35,000.
Amounts over $35,000 earn 1.65% APY*
Includes 6 FREE withdrawals per month
$5 fee for each additional withdrawal
Note – If I were them, I would change where it says “Open your Account Now” to GET ‘ER DONE!