AmericaNet Bank Money Market Rates
With the AmericaNet Bank Money Market Rates above the national norm, I felt compelled to write about them. AmericaNet Bank is a branch of the All America Bank out of Oklahoma. This financial institution has been operating since 1969 and is FDIC insured.
The Mega Money market account is essentially a free checking account with limitations. There is no minimum balance, but any balance that is maintained receives 2.00% APY. The monthly statements are issued electronically to be environmentally conscious.
This account offers a free AmericaNet Bank Visa checkcard. There is no monthly maintenance or service fee. Access to online banking and all of its features are free of charge. All customer service features are free of charge and there is no minimum balance needed to keep the account open.
The 2.00% APY is calculated on a daily basis on the current balance that is under $35,000. Amounts over $35,000 earn an APY of 1.00%. Under federal regulations of a money market account only 6 withdraws a month are permitted to be free. Any withdraws over this limit are charged $5 per transaction.
To open a Money Market Accounts all one has to do is apply online. There is nothing that has to be mailed in or faxed.
Why this is advertised as a checking account is beyond me. The 2.00% APY is attractive and a good deal but I have more than 6 bills a month that have to be paid. This is essentially a very good savings account. The limited withdraws will help the account holder save their money.
The AmericaNet Bank Money Market Rates are amongst the best in the nation at the moment.