An Online Bank Is Now Paying up to 5.30% APY on Its Checking Account

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• The Redneck Bank Rewards Checking Account pays a high APY if you fulfill certain monthly criteria.
• If you complete the monthly activities, you’ll earn 5.30% APY on balances up to $15,000, and 0.50% APY on amounts over $15,000.
• A couple other online banks and banking platforms also have high-yield checking accounts with 5.00% APY or more.

Redneck Bank, an online division of All America Bank, is now offering a bonus rate of up to 5.30% APY (Annual Percentage Yield) on the Redneck Bank Rewards Checking Account. 

To qualify for the bonus rate, you’ll have to make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements. Qualifying transactions include debit card purchases, but not ATM or ACH transactions. 

Once you meet the monthly requirements, you’ll earn 5.30% APY on account balances up to $15,000. Any amount over $15,000 will earn 0.50% APY.  

If you don’t meet the requirements to earn the bonus rate, the Redneck Bank Rewards Checking Account has a standard rate of 0.25% APY for any account balance. 

You’ll need a minimum opening deposit of $500, and there are zero minimum balance requirements or monthly service fees. Interest is compounded and deposited into the account monthly. The Redneck Bank Rewards Checking has a limit of two accounts per person.