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All America Bank Review: Solid High-Yield Checking Accounts

Review Updated
Matt Frankel, CFP®
Matt Frankel, CFP®
| 2 others [ + ]
Ashley Maready
Ashley Maready
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.
Offer image for
Member FDIC.

All America Bank

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

All America Bank offers a variety of online banking products, including checking and savings accounts, CDs, credit cards, mortgages, auto loans, and more. Its checking account products are the star of the show, and come in several different varieties, including three interest-bearing accounts.

Pros
  • Excellent checking accounts
  • Lots of account choices
  • Low-interest credit cards available
Cons
  • Savings account APYs are relatively low
  • Branches are only in Oklahoma

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is All America Bank right for you?

All America Bank could be worth a closer look, especially if you want an interest-bearing checking account, which is where the bank truly stands out.

This bank may be a good option for you if:

  • You want a high-yield checking account
  • You want competitive APYs on CDs
  • You live in Oklahoma and want to bank at local All America Bank branches

Bank fees

All America Bank Fee Charge
Monthly maintenance fee $0 for most accounts. The NOW Account Checking has a $7.50 monthly service charge for accounts that do not maintain a minimum average balance of $1,000 for the statement cycle. The Regular Savings® account has a $5 monthly service charge if the average daily balance for the month drops below $25. The Super Savers MMDA® has a $5 monthly service charge if the average daily balance for the month drops below $500.
Non-bank ATM fee $0.75 per cash withdrawal from non-bank ATMs; Ultimate Rewards® Checking Account offers ATM fee refunds
Overdraft fee/insufficient paid item/insufficient returned item fee $25 per item, up to eight items per day ($200 per day)
Consecutive overdraft fee $25 per 10 consecutive days that an account is overdrawn
Outgoing wire transfers $25 per domestic wire, $40 per international wire
Data source: All America Bank

Savings accounts

All America Bank's savings accounts come in two varieties. These savings accounts' APYs are better than many branch-based banks, but you can generally find higher rates through online banks.

All America Bank Regular Savings

This is the All America Bank savings account meant for the general public. It offers a decent interest rate that's higher than the national average, but is not competitive with some of the top high-yield savings accounts.

The All America Bank Regular Savings account only has a monthly service fee ($5) if your average daily balance drops below $25 in a particular month, and an account can be opened with as little as $50. This account allows six free debit transactions per four-week period; then it charges a fee of $1 per additional debit.

  • The Super Savers MMDA® account is a money market deposit account designed for customers who maintain average daily balances of $2,500 or greater. Its APY depends on the balance in the account. There are several balance tiers, and to get the highest APY offered, you'll need to maintain an average daily balance of at least $100,000.

    If the average balance of the Super Savers MMDA drops below $500 in a month, there is a $5 monthly service charge. This account allows six free withdrawals per four-week period, then charges $1 per additional withdrawal.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Certificates of deposit

All America Bank CDs are offered in term lengths ranging from six months to five years, and while all of its APYs are competitive, its 6-month and 1-year CDs have the most competitive yields compared with peers. All America Bank requires a $500 minimum deposit to open a CD, which is not unreasonably high, but might make this bank a less-than-ideal choice for people who are new to CDs or who want to create a CD ladder with various maturity lengths.

Rates as of March 6, 2025

APY = Annual Percentage Yield

Offer image for All America Bank CD
All America Bank CD
Bottom Line

All America Bank offers six total term lengths for its CDs, and each one has a competitive APY and relatively low barrier to entry ($500).

MINIMUM DEPOSIT $500
6 Mo. APY 1 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
4.15% 3.90% 3.50% 3.25% 3.25% 3.25%

Compare CD rates

Rates as of March 6, 2025
Bank & CD Offer APY Term Min. Deposit Next Steps
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

APY:
4.00%
Term:
1 Year
Min. Deposit:
$0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

LendingClub CD
Member FDIC.
Open Account for LendingClub CD

On LendingClub's Secure Website.

APY:
4.00%
Term:
10 Months
Min. Deposit:
$500
Open Account for LendingClub CD

On LendingClub's Secure Website.

Western Alliance Bank CD
Open Account for

On Secure Website.

APY:
4.30%
Term:
6 Months
Min. Deposit:
$1
Open Account for

On Secure Website.

Checking accounts

Checking accounts are the clear highlight of All America Bank's products. It has five different checking account products, including some with extremely competitive perks.

Ultimate Rewards Checking account

The Ultimate Rewards Checking account offers one of the highest APYs that we've come across. It has no minimum balance requirement, free ATM transactions worldwide (including up to $25 of foreign transaction fee refunds per statement cycle), and more. However, the highest APY is only paid on balances of $15,000 or less and requires customers to complete 10 debit card transactions per month and receive their statements electronically.

  • The Mega Money Market Checking account offers a high yield on balances up to $100,000. (Higher balances earn a much lower APY.) This account requires no minimum monthly balance, but there is a $500 minimum opening deposit.

    One drawback is that customers only get six free ATM transactions and 10 free online bill pay transactions per month. But they do get free bank-to-bank and person-to-person transfers.

  • The All America Bank NOW Account® is an interest-bearing checking account designed for customers who keep more than $2,500 in their accounts, as this is the required minimum daily balance to earn the top APY. Lower balance tiers earn lower APYs. While the NOW Account doesn't offer as high of an APY as the first two checking accounts on the list, it is competitive with other high-yield interest bearing checking accounts.

    Customers can avoid this account's $7.50 monthly service charge by maintaining an average monthly statement balance of $1,000 or more.

  • The All America Bank Senior Checking® account is a free checking account designed for customers 55 and older. It is a nearly no-fee checking account, with free online banking, unlimited ATM withdrawals, no service charges, no minimum balance requirement, and the minimum opening deposit is just $50. Be aware that this account only allows 10 free online bill pay transactions per month; additional transactions cost $0.50 each.

  • All America Bank's Free Checking account is, well, a "free" checking account with no monthly service charges, and no required minimum balance. This account requires a $50 minimum opening deposit ($500 if opened online). It limits account holders to 10 free online bill pay transactions per month and a $0.50 charge per extra transaction.

    The Free Checking account also offers Overdraft Privilege service to customers who qualify, which can be a convenient way to avoid overdraft fees. The biggest drawback of the Free Checking account is that it doesn't earn interest, but if you're simply looking for a free and convenient way to pay bills and manage your everyday spending money, it could be a smart choice.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
Disclaimers

10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.

Customer experience

All America Bank was founded in 1969 by a family that has been in the banking business since 1927. and offers a mix of online banking, mobile banking, and in-person service (for Oklahoma residents) at local bank branches. This bank has some innovative high-interest checking accounts and competitive CDs.

Let's see how the All America Bank customer service experience stacks up.

Customer reviews

All America Bank doesn't have a lot of online customer reviews. It hasn't received any ratings on Trustpilot. The bank only has one review and no rating on the Better Business Bureau website (bbb.org) and is not BBB accredited. All America Bank has a 3.7 out of 5 star rating on Yelp (based on only three reviews).

Sometimes smaller community banks like All America Bank don't have a large enough customer base to drive online commentary, and there's often nothing wrong with that. If you want an online bank with high APYs on CDs and savings accounts, sometimes you have to trust that the bank is legitimate, especially if (like All America Bank) it's FDIC insured -- even if it doesn't have thousands of mentions on review sites. .

  • Better Business Bureau rating: N/A
  • Trustpilot rating: N/A

All America Bank pledges to deliver personal customer service, where you'll always get to talk with a real person (no automated voice menus) and never have to fight through red tape. You can call All America Bank at 888-210-2028 Monday-Friday from 8 a.m. to 5 p.m. Central Time.

Mobile app

All America Bank's mobile app is available for iOS and Android devices. The app offers capabilities for online banking, mobile check deposit, bill pay, and more. Unfortunately, the All America Bank's mobile app does not get great reviews.

Several customers have complained about inconsistent performance, difficulty logging in, and trouble with the mobile check deposit feature.

If you don't need to use the mobile app for everyday banking -- for example, if you mainly want to use an online high-yield savings account or CD that doesn't require frequent management and transactions -- this might not be a dealbreaker. But if you want a more hands-on experience with mobile banking apps, other banks might deliver a better experience.

  • App Store rating: 3.9 out of 5
  • Google Play rating: 3.3 out of 5

Physical locations

All America Bank has a branch network, but all eight of its physical branches are based in Oklahoma. So unless you live close to an Oklahoma branch of All America Bank, your only experience with this bank will likely be online.

All America Bank offers access to thousands of ATMs in the U.S. and around the world. Be aware of out-of-network ATM fees; the Ultimate Rewards® Checking account offers a limited amount of ATM fee refunds.

How does All America Bank compare?

All America Bank is a well-established financial institution with competitive online banking products, but it's still important to shop around before choosing a new bank. Here are two potential alternatives to put on your radar.

All America Bank vs. SoFi®

SoFi® (Member FDIC) is an online financial institution with a growing assortment of banking products. In addition to checking and savings accounts and consumer loans, SoFi® also offers an investment platform, credit card, and more. Its online and mobile banking platforms are extremely user friendly, and customers can access unique features, such as the ability to access direct deposits before they hit your account.

All America Bank vs. Bank of America

If you don't live near an All America Bank branch and want a larger-scale branch network, Bank of America is a top choice among the biggest national banks. It has thousands of branches throughout the United States, and has one of the best relationship benefit programs in the industry. Its savings and checking interest rates are not on par with online banks, but it makes up for this with its convenience and top-rated customer service.

FAQs

  • Yes, all of All America Bank's savings, checking, and CD accounts are covered by FDIC insurance up to the $250,000 per-person limit.

  • All America Bank's Mega Money Market Checking account has a $500 minimum opening deposit, but doesn't have any minimum balance requirement. Unlike some competitors which require a large balance for the top APY, the Mega Money Market Checking pays its top rate on balances up to $100,000.

  • Some All America Bank accounts have monthly service charges if your balance falls below a certain level. Some accounts limit you to a certain number of withdrawals or online bill pay transactions. Read the fine print on each All America Bank account (checking or savings) so you know what to expect and how to avoid fees.