Redneck Bank

Despite its humorous name, Redneck Bank pays serious interest on its free reward checking accounts. Along with the convenience of checks, free online bill payments, a debit card and reimbursement of worldwide ATM fees, you get a higher yield (on balances up to $10,000) than most online savings accounts now offer. However, Redneck Bank has stopped accepting new reward checking accounts because of the overwhelming response to its high interest rates, though customers can still open accounts with the same terms and rates at Redneck's sister banks AmericaNet Bank and Evantage Bank. To earn that high yield requires setting up an automatic monthly deposit, making at least 10 purchases each month with the debit card and settling for electronic statements. Redneck Bank also offers a money-market account with a high annual percentage yield (APY) if you need to stash up to $35,000. The parent bank, Bank of the Wichitas, earns a 5-star rating for stability at BankRate.com. If you don't need quick access to funds and could use help saving for a specific purchase, reviewers recommend a savings account at SmartyPig, which is offering a relatively high yield at the time of our report.

An article at BankRate.com recommends reward checking in general, but doesn't evaluate Redneck Bank. Bank Deals is one of the most credible blogs reviewing Redneck Bank. The forum discussion of Redneck Bank at FatWallet.com adds useful details from users' experiences, and a news article in the bank's home state of Oklahoma explains how the name was chosen -- and how fast the bank has grown.