All America Bank review July 2024: checking, savings, CDs, and more

Gary Huckabay chartered the bank in 1969 as First Mustang State Bank in Mustang, Oklahoma. It later became All America Bank. In 2015, it merged with the Bank of the Wichitas and Southwest State Bank to create All America Bank as it is known today. It is now based out of Oklahoma City.

All rates and fees are current as of July 22, 2024, and are subject to change.

All America Bank

Checking accounts:	Starting at $0 per month
Savings accounts:	Open with as little as $50
CD rates:	Earn up to 4.75% annual percentage yield (APY)

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Pros and Cons

Pros

• Physical branches are available for customers in Oklahoma, in addition to online access nationwide.
• Multiple account options are available.

Cons

• Opening balance requirements for online accounts can be considerably more than in-person accounts.
• Cash deposits are only available at one of the bank’s seven Oklahoma branch locations.
• They have limited free online bill pay.
• Overdrafts can get expensive, and overdraft privilege service doesn’t guarantee they will be paid

Who is All America Bank good for?

All America Bank is a good choice for people wanting to earn a high-interest yield on a free checking account, as the bank’s Ultimate Rewards Checking earns 5.15% APY on balances up to $15,000. It is also an excellent choice for customers near one of the bank’s seven Oklahoma branches looking for an in-person banking option. Finally, the bank is great for customers wanting multiple account options. All American Bank offers four types of checking accounts, a savings account, two money market accounts (MMAs), and CDs ranging from six to 60 months.

Who shouldn’t use All America Bank?

One major drawback for All America Bank is that online customers often need larger deposit amounts to open accounts. For example, the bank’s Free Checking and Ultimate Rewards Checking accounts can be opened with a $50 deposit in person but require a $500 deposit online. Also, cash deposits are only accepted at branch locations, so online users outside of Oklahoma cannot deposit cash. You are limited to 10 monthly free online bill pay transactions in all four checking account options, with the bank charging 50 cents each after the first 10. Finally, if you overdraw your account often, this may not be the best bank for you. The bank charges $25 per item up to $200 or eight items per day. You can enroll in the bank’s overdraft privilege service, but the bank can still refuse to pay overdrafted items even if your account is in good standing.

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All America Bank rates and products

All America Bank offers four different free checking accounts. The bank also has one traditional savings account, two MMAs, and CDs. All America Bank also offers traditional and Roth individual retirement accounts (IRAs), which can only be opened at a branch location.

Checking accounts 

All four of All America Bank’s checking products have no monthly fee. Unfortunately, the bank does not offer a sign-up bonus for new accounts.

All America Bank Free Checking Account

The entry-level checking is a very basic free checking account. It requires a $500 opening deposit if you open the account online, while in-person customers must deposit $50 at account opening. 

All America Bank Now Checking Account

All America Bank’s Now Checking Account earns up to 1.25% APY, but you must have a daily balance of $2,500 or greater to earn this rate. The rate is 1.00% APY on daily balances less than $1,500 and 1.10% APY on balances between $1,500–$2,500. The minimum balance required to open this account is $50, regardless of whether you open it online or in person.

All America Bank Ultimate Rewards Checking Account

The Ultimate Rewards Checking Account is the account All America Bank most heavily advertises on its website. You can earn up to 5.15% APY on balances up to $15,000. Balances over $15,000 will earn 0.50% APY. Like Free Checking, online-only customers must deposit $500 to open this account, while in-person accounts require just $50 to open.

This account also offers free Apple Pay, Samsung Pay, and Google Pay capabilities. 

All America Bank Senior Checking Account

Customers 55 and older can open a Senior Checking Account. It is similar to the Free Account, except the minimum opening deposit is $50 for both in-person and online opened accounts. 

All America Bank does not charge for ATM withdrawals within its network of ATMs. The bank charges 75 cents per withdrawal at out-of-network ATMs. However, customers with an Ultimate Rewards Account will have ATM surcharges refunded up to $25 a month.

With all four accounts, you get 10 free online bill pay transactions each month, with additional transactions costing 50 cents each. 

Savings accounts

All America Bank offers just one true savings account. While it is a solid account, customers interested in a high-yield savings account should consider the bank’s Mega Money Market or Super Savers MMDA accounts.

All America Bank Regular Savings Account

The All America Bank Regular Savings account is a solid product. You can earn 2.00% APY on all balances greater than $25. It only requires a minimum opening deposit of $50, significantly less than the two money market alternatives.

As with many savings accounts, you are limited to six free debit transactions every four weeks, with additional transactions costing $1 each. However, transactions in person are unlimited. For more information about savings accounts, check out our guide to high-yield savings accounts.

All America Bank savings rates compared to current top rates*

While All America Bank is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Money market accounts

Two of All America Bank’s deposit accounts are classified as MMAs, with an interest yield of up to 4.90% APY. 

All America Bank Money Market Checking Account

Don’t let the name fool you: All America Bank’s Money Market Checking Account isn’t a checking account. It has all the characteristics of an MMA. You can earn 4.90% APY on balances up to $100,000. You are limited to six debits per month, with excess debits costing $5 each. 

This account can only be opened online, and a $500 deposit is required to open it. 

All America Bank Super Savers MMDA Account

This money market account does not come with a debit card and has a high minimum balance required to earn interest. You must maintain a daily balance of at least $100,000 to earn 4.00% APY. The interest yield on balances less than $100,000 is tiered, with the lowest rate at 2.00% APY on balances less than $2,500. 

To open an account, you must deposit a minimum of $2,500. If the average daily balance drops below $500, there is a monthly service charge of $5. As with the Regular Savings Account, you get six free debits every four weeks, with excess transactions costing $1 each.

Certificates of deposit

All America Bank offers CDs ranging from six to 60 months in length. Rates range from 3.49% APY to 4.75% APY.

To open a CD, you must call the bank at (405)-376-2265. All CDs are Federal Deposit Insurance Corp. (FDIC)-insured up to $250,000. While it doesn’t specify the amount, the bank may impose an early withdrawal penalty if funds are removed prior to maturity.

Other services All America Bank offers 

All America Bank offers a wide range of other banking products and services, including:

• Traditional and Roth IRAs: These retirement accounts can only be opened in person at one of the seven Oklahoma-based branch locations.
• Home mortgage loans: All America Bank offers home purchase and refinance mortgage loans. Unlike many banks, it keeps all of its loans in-house and doesn’t sell them to other financial institutions.
• Consumer loans: The bank offers personal and car loans. As with its mortgages, All America Bank keeps these consumer loans in-house.
• Credit cards: All America Bank offers three credit cards, offering varying rates and rewards.

Online banking

All America Bank offers free online banking and bill pay with a limited amount of free monthly transactions. With online banking, you can check balances, monitor transactions, transfer funds, pay bills, make loan payments, reorder checks, and set up alerts on your account.

You can sign up for e-statements, which are free regardless of the account. Certain account types may charge for paper statements.

Bill pay is available with the bank’s four checking accounts, with up to 10 free bill pay transactions each month. 

The All America Bank platform and customer support 

Online banking is available through desktop and mobile apps. All America Bank’s mobile app has a rating of 3.9 stars out of 5, with more than 20 ratings on the Apple App Store and is rated 3.3 stars out of 5 on the Google Play Store out of more than 100 reviews.

All America Bank customer service is available via the message option after you have logged into your account. You can also call toll-free Monday through Friday, from 8 a.m. to 5 p.m. Central time. If you are near one of the bank’s seven branch locations, you can also stop in for customer service in person.

Is All America Bank secure?

All America Bank uses secure sockets layer (SSL) encryption to secure online transactions. It also uses 128-bit encryption. You can choose to receive a secure access code each time you log into your account, or you can set devices as trusted and choose not to receive that code the next time you log in. 

As an FDIC member, All America Bank advertises the standard amount of FDIC insurance for certain account types. Contact the bank for more information on FDIC insurance.

All America Bank user reviews

All America Bank is rated 3.8 stars out of 5 on WalletHub based on 44 reviews and 3.5 stars out of 5 based on around 30 reviews on DepositAccounts.

Most of the written reviews are positive, with several users being highly complimentary of the bank’s customer service and outstanding rates.

Compare All America Bank alternatives

All America Bank	SoFi	Ally Bank
Top savings APY	Top savings APY	Top savings APY
2.00%	Up to 4.60%*	4.20%
Top checking APY	Top checking APY	Top checking APY
5.15%	0.50%	0.25%
Top CD APY	Top CD APY	Top CD APY
4.75%	N/A	4.50%
Other services	Other services	Other services
Traditional and Roth IRAs Mortgage loans Consumer loans Automobile loans Credit cards	Credit cards Personal loans Student loans Mortgages Investing	Credit cards Investing and retirement accounts Mortgages Auto loans
	Learn more	Learn more
View offer at Fiona	View offer at SoFi	View offer at Ally

*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Is All America Bank right for you?

All America Bank is a great option if you are looking for a primarily online bank that offers outstanding rates on checking and savings balances. It is also an excellent choice for customers living near one of the bank’s Oklahoma-based branches. Some of the minimum deposit amounts are high for online-only accounts, and there are limits to free bill-pay transactions. If those factors aren’t a deterrent, All America Bank may be the right option.

Frequently asked questions