5 Tips for Newlyweds Merging Bank Accounts

An online bank is now paying up to 5.30% APY on its checking account

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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. 

SoFi Checking and Savings

up to 4.30% with direct deposit

Minimum Deposit Amount

$0

Fees

$0 monthly service fees

SoFi Checking and Savings

up to 4.30% with direct deposit

Minimum Deposit Amount

$0

Fees

$0 monthly service fees

SoFi Checking and Savings

Details

Fees

$0 monthly service fees

Annual Percentage Yield (APY)

up to 4.30% with direct deposit

SoFi members with direct deposit can earn up to 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.30% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 06/09/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

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Minimum Deposit Amount

$0

Pros

Cons

More Information

You may also like: Learn how to earn 4.30% APY with SoFi.

If you're interested in opening a high-yield checking account but don't qualify for the bonus rate at Redneck Bank, rest assured that other financial institutions also offer high rates right now.

Here are two places that have high-interest checking accounts paying up to 5.00% APY. Additional options can be found in our best high-yield checking accounts guide.

The Consumers Credit Union Free Rewards Checking Account pays up to 5.00% APY on balances up to $10,000. The checking account has a tiered interest rate, so you'll need to perform certain activities to earn a higher APY. Here's how the tiered interest rate works: 

If you do not meet any of the requirements listed above, you'll only earn 0.01% APY. To open the checking account, you must be a member of Consumers Credit Union.

Consumers Credit Union has branches near Chicago, Illinois, but anyone can become a member by paying a one-time $5 membership fee to join the Consumers Cooperative Association. All members also have to open the Consumers Credit Union Membership Share Savings Account with at least $5.

The Consumers Credit Union Free Rewards Checking Account has a $5 minimum opening deposit and zero monthly service fees. Consumer Credit Union bank accounts are federally insured by the NCUA. 

With a Juno checking account, you could earn a 5.00% yearly bonus on the first $50,000 in your account, and 4.00% on balances from $50,000 to $250,000. Interest will be deposited to your account on the tenth day of the following month.

Juno has two account options: Basic and Metal. The Juno Metal Checking Account has higher limits for yearly cash back, crypto purchases, and other perks than the Basic Checking Account — but you'll need to maintain a qualifying direct deposit of $250 or more per month or connect your Web3 Wallet so Juno can review your on-chain activity.

Juno doesn't charge monthly service fees and has zero minimum balance requirements.

Juno is an online banking platform partnered with Evolve Bank and Trust. The checking account is FDIC-insured for up to $250,000 for individual bank accounts. Juno does not offer joint checking accounts.

Learn more: Compare the best interest earning accounts.

Redneck Bank is an online-only institution with an interest-earning checking account. It also has a money market account that pays up to 5.05% APY. You can open a Redneck Bank account from anywhere in the US, and your money is federally insured by the FDIC for up to $250,000 per depositor per category. 

Customers have access to free ATMs in Oklahoma. The bank also refunds up to $25 in ATM fees per month if you fulfill the requirements for the bonus rate.

The bank's customer support is available Monday through Friday from 8 a.m. to 5 p.m. CT.