AmericaNet Bank continues to offer their best money market rate APY for their Mega Money Market account. The current interest rate is pegged at 2.00% APY as of January 6. This highest interest rate is given for funds through $35,000. Deposits above the $35K line gets 1.00% APY
Interested individuals can take advantage of the money market rates by opening an account online. The money market promo is featured on the bank’s promo page. You just need to click on it to know the details about this money in the bank deal. They limit one money market account holder per every household.
AmericaNet does not collect any service fees nor do they set a minimum balance requirement. The process of application could be a breeze and the bank does not require you to send any additional documents through mail or fax.
There are three options to send in your funds: via wire transfer, ACH, or by mailing a check to the bank. The bank may initiate some test deposits to properly setup fund transfers.
Every month, you are limited to six withdrawals like other money market accounts. The money market program comes with an ATM and check. Any excess transaction every cylce will cost you $5 each. Each cycle is marked by the third Wednesday of the month.
When you apply online, most likely you will immediately know if you are eligible to open an account. It will be an instant approval or declination. There are cases when the application might be delayed because the bank may require additional information from you so they can open the account. The bank welcomes inquiries through 1888-210-2028.
AmericaNetBank is the online division of the All America Bank based in Oklahoma City. The latter has two offices in Oklahoma and has a declared asset of about $72 million.
All America Bank is covered by the FDIC.