AmericaNet Bank Rates & Review

AmericaNet Bank Review

AmericaNet Bank is an Internet bank that specializes in high-yield checking accounts.

AmericaNet Bank is the Internet banking division of All America Bank, an Oklahoma bank established in 1969. As of 2010, AmericaNet offers a money market account and three types of checking account. Unlike its parent bank, AmericaNet doesn't offer CDs or a savings account.

Rewards checking

AmericaNet Bank's rewards checking account offers a very high interest rate. The only caveat is that customers must use the account's associated Visa Check Card at least ten times per month to meet the minimum requirement necessary to receive these rewards. Customers who enjoy frequent use of their debit cards can benefit from this.

Bad credit or no credit checking

Known as You're Approved Checking, this low-fee checking account comes with ATM access and free online banking services. It is designed to help people with poor credit history by eliminating minimum balance requirements and notifying them by e-mail if the account is overdrawn. Note: As of August 2010 the website indicates that the You're Approved Checking account was "sold out."

Money market account

AmericaNet Bank's Mega Money Market Account earns a high interest rate on checking account balances. Withdrawals are made with a debit card up to a limited number of withdrawals per month.

FDIC insurance

Deposits in AmericaNet Bank are held by All America Bank and are FDIC-insured up to $250,000 per depositor.