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Comment by rp00 | Hacker News Reader

Nice interest rate. Their parent bank https://allamerica.bank/ has branches in Oklahoma and does agricultural financing as well as normal bank stuff. it's a clever way to diversify and get a wider online presence beyond Oklahoma. The fly is a great touch.

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> To receive rewards from Redneck Rewards personal checking account, participants must: Make 10 Redneck Bank VISA debit card transactions per monthly statement cycle. Please refer to #9 below.

Heh...that's quite a bit, considering the opportunity cost of each debit swipe is 2% cash back from credit.

The credit union I use has the same 10 transaction requirement to get rewards checking, but it might be a better deal because there's no balance cap on the interest rate (although, the rate isn't as nice), and you can use their rewards visa (credit, 1% back) to make the transactions.

I try to put my low dollar recurring charges on it, cell phone, personal hosting, isp, etc, which gets most of the way, and some out and around small spending gets me over the hump. I'd rather not have to jump through this dumb hoop, but it means less transfers back and forth between checking and saving and less worrying about timing on big payments.

That's pretty ordinary for a checking account incentive. 10 x $0.50 Amazon gift cards will do the trick.

According to the fine print, you need to keep a balance of $10,000 to get that 2.25% rate. There have been points in my life when I've had that much money in the bank, but this is not one of them.

"Earn 2.25% APY when you have up to $10,000 in your account. Amounts over $10,000 will earn 0.50% APY." suggests that you get 2.25% on a balance _up to_ $10,000, not that that's the minimum for that rate.

Ah… You're right. My mistake.

It's the other way around. They only pay the 2.25% on the first $10k in your account. Any balance above that gets a lower rate (0.50%)

Inflation is 2.3%.

What's your point?

I think his point is that it's a pittance of an interest rate and the bank paying any less than that is basically stealing your money.

Is there an option that gives me the liquidity of cash / bank balance, without the loss of money, that isn't a bank account?

Best I can get in an immediate access bank account here is 1.35%. Cash is 0%. I can't pay rent and bills with anything else that I'm aware of.

IE, Is there a way that doesn't result in someone 'basically stealing [my] money', or am I screwed no matter what?

Interest in almost all dutch banks is zero, or damn near zero (.1%), if not going negative soon enough.

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