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All America Bank Review: Excellent for High-Yield Checking Accounts

Review Updated
Matt Frankel, CFP®
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Our Banking Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

All America Bank has physical branches in Oklahoma, but offers a full range of banking products to consumers across the U.S. through its online banking platform. All America Bank has some interesting products, and its checking accounts are especially attractive. In this in-depth All America Bank expert review, find out if it could be a great fit for you.

Offer image for
Member FDIC.

All America Bank

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
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Bottom Line

All America Bank offers a variety of online banking products, including checking and savings accounts, CDs, credit cards, mortgages, auto loans, and more. Its checking account products are the star of the show, and come in several different varieties, including three interest-bearing accounts.

Pros
  • Excellent checking accounts
  • Lots of account choices
  • Low-interest credit cards available
Cons
  • Savings account APYs are relatively low
  • Branches are only in Oklahoma

Is All America Bank right for you?

All America Bank could be worth a closer look, especially if you're looking for an interest-bearing checking account, which is where the bank truly stands out.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Savings accounts

All America Bank's savings accounts come in two main varieties. They are competitive with those offered by branch-based banks, but customers can generally find higher rates through online banks.

All America Bank Regular Savings

This is the All America Bank savings account meant for the general public. It offers a decent interest rate, but is not too competitive with some of the top high-yield savings accounts. It only has a monthly service fee ($5) if your average daily balance drops below $25 in a particular month, and an account can be opened with as little as $50.

All America Bank Super Savers MMDA

The Super Savers MMDA® account is designed for customers who maintain average daily balances of $2,500 or greater. Its APY depends on the balance in the account. There are several balance tiers, and to get the highest APY offered, you'll need to maintain an average daily balance of at least $100,000. If the average balance of the Super Savers MMDA drops below $500 in a month, there is a $5 monthly service charge.

CD accounts

All America Bank CDs are offered in term lengths ranging from six months to five years, and while all of its APYs are competitive, its six-month and one-year CDs have the most competitive yields compared with peers. The bank requires a $500 minimum deposit to open a CD, which might make it a non-ideal choice for those new to CDs or people looking to create a CD ladder with various maturity lengths.

Rates as of June 7, 2024

APY = Annual Percentage Yield

Offer image for All America Bank CD
All America Bank CD
MINIMUM DEPOSIT
6 Mo. APY 1 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
4.75% 4.75% 4.25% 3.75% 3.49% 3.49%

Checking accounts review

Checking accounts are the clear highlight of All America Bank's products. It has five different checking account products, including some with extremely competitive perks.

Ultimate Rewards Checking account

The Ultimate Rewards Checking account offers one of the highest APYs we know of in the entire industry. It has no minimum balance requirement, free ATM transactions, and more. However, the highest APY is only paid on balances of $15,000 or less and requires customers to complete 10 debit card transactions per month and receive their statements electronically.

  • The Mega Money Market Checking account offers a high yield on balances of as much as $100,000. There is no minimum monthly balance, but there is a $500 minimum opening deposit. One drawback is that customers only get six free ATM transactions per month. But they do get free bank-to-bank and person-to-person transfers.

  • The NOW Account is an interest-bearing checking account designed for customers who keep more than $2,500 in their accounts, as this is the threshold to obtain the top rate. While the NOW Account doesn't offer as high of an APY as the first two checking accounts on the list, it is certainly competitive with other online-based interest bearing checking accounts. Customers can avoid the monthly service charge by maintaining an average balance of $1,000 or more.

  • The Senior Checking account is a free checking account designed for customers 55 and older. It is a completely free checking account, with no service charges or minimum balance requirement, and the minimum opening deposit is just $50.

  • Finally, All America Bank offers a free checking account for all customers, with a $50 minimum opening deposit ($500 if opened online) and no monthly service fees. The biggest drawback is that the Free Checking account doesn't earn interest, but if you're simply looking for a free and convenient way to pay bills and other living expenses, it could be a smart choice.

Customer experience

Customer service

The bank has been around for more than 50 years, and has a 3.7 out of 5 star review on Yelp, indicating a generally high level of customer satisfaction (although it's based on just a few reviews).

Physical locations

All America Bank has a branch network, but all eight of its physical branches are based in Oklahoma, so for the majority of people reading this, it's all about the online experience.

All America Bank relationship benefits

All America Bank prides itself on offering some of the best yields on deposit and best interest rates on loans. Since it already maximizes customer value, it doesn't offer higher savings yields or lower interest rates on loans for existing customers than it does for new ones.

How does All America Bank compare?

All America Bank is certainly a solid financial institution with competitive online banking products, but it's still important to shop around before choosing a new bank. Here are two potential alternatives to put on your radar.

All America Bank vs SoFi Bank

SoFi Bank is an online financial institution with a growing assortment of banking products. In addition to checking and savings accounts and consumer loans, SoFi also offers an investment platform, credit card, and more. Its online and mobile banking platforms are extremely user friendly, and customers can access unique features, such as the ability to access direct deposits before they hit your account.

All America Bank vs Bank of America

As mentioned, All America Bank's branches are only in Oklahoma, so if you want a larger-scale branch network, Bank of America is a top choice among the big banks. It has thousands of branches throughout the United States, and has one of the best relationship benefit programs in the industry. Its savings and checking interest rates are not on par with online banks, but it makes up for this with its convenience and top-rated customer service.

Other products by All America Bank

In addition to its consumer checking accounts, savings accounts, and CDs, All America Bank offers a variety of other banking products, including:

  • Business checking accounts, CDs, and credit cards
  • Business loans
  • Personal loans
  • Auto loans

All America Bank credit cards

  • Low Rate Personal Credit Card
  • Preferred Points Personal Credit Card
  • Mastercard® World Personal Credit Card

All America Bank mortgages

  • Fixed-rate mortgages
  • Balloon mortgages
  • Bridge loan mortgages
  • Construction loans
  • Refinancing mortgages

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • Yes, all of All America Bank's savings, checking, and CD accounts are covered by FDIC insurance up to the $250,000 per-person limit.

  • All America Bank's Mega Money Market Checking account has a $500 minimum opening deposit, but doesn't have any minimum balance requirement. Unlike some competitors which require a large balance for the top APY, the Mega Money Market Checking pays its top rate on balances up to $100,000.