The Redneck Bank offers Mega Money Market which is actually an online high yield savings account. The account earns 3.10% APY which is very competitive at the current market scenario.

The online high interest rate savings account only requires an initial deposit of $1. It does not impose any monthly fees nor does it require any minimum balance. Though it is called mega money market and comes with a check card, financial experts will consider this as a savings account since there is no check writing privileges.

The rate may change any time so it will be best to check out the website of the bank or call their customer service hotline. This account from Redneck Bank does not declare any amount ceiling like other reward checking accounts to enjoy the top rates. It also does not impose any completion of debit card transactions.

The FAQ of the bank explains that their staff can assist account holders who want to transfer large amounts of money since each transfer is limited to $1500. There have been reports of consumers that the service of this bank with regard to fund transfers is a bit slow. Some opted to use other services of other banks for prompt delivery of the funds.

Some account holders have reported easy application process with no hard credit pull being done by the bank.

The Redneck Bank is under the umbrella of the Oklahoma based Bank of Wichitas. This bank is FDIC insured with certificate # 4198.

Bankrate.com issued 4 stars while BauerFinancial gave 3.5 stars when they reviewed the financial soundness of the bank.