Pontiac Grand Prix Forums : Grandprix

Redneck Bank

Yep, their money market account interest rate is the highest in the NATION that I have found. Hey, its FDIC insured.

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Scotty Hall
2001 Pontiac Grand Prix GTP
It whines a lot, but I like it.

The only place success comes before work is in the dictionary.

Great spirits have always found violent opposition from mediocre minds.

LOL

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Magnaflow exhaust system, FWI, tune,SLP Headers, VS Cam,3.29s,3.4 ,180 thermostat, and 104s

Thanks Scotty. I'm all over this stuff. Going to open an account now.



How bout that 5% checking? Too bad you have to make 10 withdrawls per month. I guess if you had a good bit in there and only purchased small things and replenished it every month it would not be to bad.


Good find though.

You know you're at a redneck bank if...

• They give you a free coon dog when you open a new account.
• Dried sassafras sticks for the kids to chaw on.
• The tellers keep hundreds in their bras.
• Your safe deposit box is a mason jar with a rattler inside it.

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Scotty Hall
2001 Pontiac Grand Prix GTP
It whines a lot, but I like it.

The only place success comes before work is in the dictionary.

Great spirits have always found violent opposition from mediocre minds.

LOL

That's funny

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1998 Grand Prix GTP Stock for now mods to come soon. Alpine 9885 head unit, 2 JLW3V2 10s, 2 Jensen 650x2 amps, and Tsunami wiring all the way around.
Ladies and gentleman take my advice. pull down your pants and slide on the ice

The other thing that seems odd is that their interest rates go down the more money you have in the account. It's 5.25% for the first $10,000, the 2.25% for any amount above that. Most banks I've seen pay higher interest when you have more money in the account.

It does make sense, though. They don't want to pay too much interest.

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2004 Mercedes-Benz CL55 AMG
2002 Redfire Metallic Grand Prix GT Coupe (sold after 141,754 miles)

I so want to do this. I am guessing this is truly a legit bank? I would love nothing more than whip out Redneck ATM/Visa to purchase at Autozone! Wooohooo just like being a true REDNECK!

Good find Syn!

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James Shafer
2003 GP GTX SLP P/N 50066
St. Louis MO
1.9 Modified Rockers, TOGs, 180 Tstat, PRJ 10.4 Wires, P/P Gen 3, SLP Ram Air Hood/Wizaired CAI, Gen 1 Spoiler, 3.4 ZZP Pulley, Desert Fox Tranny Cooler, Thrasher Shift Kit, 18" TSW Mondellos w/ AGX Struts, SSC Gen II Springs

rmm..I just called the Customer Service number and it seems real......rmmm LOL wow...

EDIT: Did a FDIC search and that bank is not on there list. And did a FDIC on THE WICHITAS Bank. And there is not branch by them called Redneck Bank...soo I dunnoo..

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Magnaflow exhaust system, FWI, tune,SLP Headers, VS Cam,3.29s,3.4 ,180 thermostat, and 104s

Thats because they are a part of the Bank of the Wichitas or something like that. If you read the FDIC page they tell you that you wont find them under Redneck Bank. If you click on the FDIC symbol just below the horse it will tell you all you need to know.

It is an internet only bank which is why they can offer higher interest rates. They dont send you a statement, you have to get it online, print it out yourself and so on. Things like that save them money so they can offer higher interest rates. They own two other internet banks that offer the same rates.

Banks make a profit just like any other business. However, when you go into a store and purchase something, the profit is in the price and if they offer something at a better price they are either cutting the profit margin or making up for it elsewhere. With a bank, their profit is in fees and interest rates. If they give you 5.25% on checking, then you can bet your bottom dollar they are making 6, 7, 8, 9% or more in their investments, loans and so forth. They arent loosing money, trust me.

The deal with the 5.25% on the checking account is to qualify for that you have to use your debit/check card at least ten times a month. Between me and the wife, we do that with just buying gas for the vehicles. Toss in bill payments and little odds and ends here and there and you got that beat.

Most money market accounts are around 1% right now, so them offering 3.10% is a great deal. And here's the kicker; Once the United States of Obama starts paying off all the debt from these bail outs, interest rates are going to go crazy and money market accounts are tied to overall interest rates. The higher the interest rates, the higher the yields on money market accounts. So that means, if you can start dumping money into savings now, you should do well down the road.

The thing to keep in mind is that you dont want to use a bank account, whether it be savings or money market accounts for long term savings and investment. Savings and Money Market accounts should be for short term savings, generally 5 years or less. Anything over that and you need to move that money into some other type of investment like Mutual Funds.

They only thing you would keep in savings (preferrably a money market account) would be any type of emergency savings, something you would want to get to in a hurry in case of some type of major life event.

Savings accounts particularly, with what you earn off them, dont even keep up with the rate of inflation. Factor in taxes and you're actually loosing money in the sense that over time that money does not have the same purchasing power.

Some would be tempted to just dump it all into one of their checking accounts, but remember, you have to make 10 withdrawls a month using the debit/check card, so thats not a good strategy for long term savings. The only way that could be effective is if you just dumped everything in there and used it as a savings account and checking, and well that opens up a whole new can of worms particularly if you are bad at balancing and reconciling your checking account each month.

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Scotty Hall
2001 Pontiac Grand Prix GTP
It whines a lot, but I like it.

The only place success comes before work is in the dictionary.

Great spirits have always found violent opposition from mediocre minds.

Ya, I did the FDIC search under Bank of the Wichitas...it brought up ALOT of the banks..banks..LOL but not that. And yes I read where it gave the reason for not showing up...Also I clicked on "Open Account" It brought up a thing tha told me they was SOOO busy to try back..It would be neat but I just wouldnt give someone my SSN and DL# But if you do it or anyone does...please let me know how it goes for ya!!

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Magnaflow exhaust system, FWI, tune,SLP Headers, VS Cam,3.29s,3.4 ,180 thermostat, and 104s