BankDeals has an interesting post discussing the origins of Redneck Bank. Many visitors to BestCashCow have asked what's the difference between Redneck Bank, AmericaNetBank.com, and Evantagebank.com. All have very similar websites and offer similar, competitive rates.
An article in NewsOk.com (the online version of The Oklahoman) discusses the common legacy of the bank and how the name Redneck Bank was chosen. As the article states:
"The Internet bidness, er, bank is an arm of Snyder-based Bank of the Wichitas, and the brainchild of Wade Huckabay whose family owns three Oklahoma banks. The Redneck Bank name was an attempt to differentiate its Web site from thousands of online banking operations, Huckabay said.
"Our target market is people with a sense of humor,” he said. That apparently is an untapped market, as the Web site signed up customers in 45 states in 45 days."
Redneck Bank, and it's sister sites AmericaNetBank.com, and Evantagebank.com are all owned by the Huckabay banking family. Redneck has quickly become the most popular of the three.
The name, and it's rates don't hurt. Their mega-money-market offers 3.10% APY with no minimum balance. This is one of the top money market rates according to the BestCashCow rate tables. The bank (and it's sister banks) are also offering a 5.25% APY rewards checking account, also amongst one of the best rates. To get the reward rate, customers must:
- Make 10 Redneck Bank® VISA® CheckCard sales transactions
- Received statements electronically
What's interesting is that the Huckabee family launched three almost identical bank websites with identical rates and Redneck has done the best. It's almost a perfect test for the power of a brand and a name to make or break a business.
Redneck Bank is run by Bank of the Wichitas. It's an $89 million asset institution run by the Huckabee family. Bauer Financial gives it 3 1/2 out of 5 starts (good) for its safety and soundness. AmericaNet Bank is run by All America Bank and Evantage Bank by Southwest State Babnk. Although all three are separate banks, they are all owned or controlled by the Huckabee family.
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