Initially appeared on vox.com on 2/9/2009.
With the economy the way it is, i'm still planning on parking a substantial amount of money in liquid accounts this year.
Lake Michigan Credit Union offers a great 5% APY through "Max Checking," but unfortunately there's a cap on how much you can put in, at which point the interest rate sinks down to almost nil.
I've used ING Direct in the past but recently their interest rates have dwindled significantly. So i've spent a lot of time in the past week looking for a better deal and finally decided on an institution called Redneck Bank - where bankin's funner! I s**t you not. They offer 5.25% APY with a substantially higher cap; and even when you go over, the interest rate is still pretty damn good. The only requirement seems to be that use the Visa Check Card 10x a month.
Are they legit? They seem to be a division of the Bank of The Wichitas (based in OK), which is FDIC-insured. I've scoured the internet for signs that this is just a scam or a feat of social engineering but haven't found any evidence. The website looks like a prank but everything seems to check out on the back end.
I finished the online application today and just sent in some address-confirmation documents. Looks like i'm on my way to becoming a redneck. I can't wait to pull out that debit card at the 1913 Room.
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