Who is AmericaNet Bank?
Our AmericaNet Bank review found out that it’s the online banking division of All American Bank. This bank has been in operation since 1969 and is headquartered in Oklahoma City. AmericaNet Bank is the 116th largest bank in Oklahoma, and has grown tremendously since its inception.
Benefits of Banking with AmericaNet
In our AmericaNet Bank review we’ve uncovered that it is indeed backed by the FDIC and provides stability for those looking to save money. A few other benefits of banking with AmericaNet Bank include:
- Setting up an account is easy and only takes a few minutes. You will receive notification in 7-10 business days to let you know if you are approved.
- Most savers can easily access their information in a few days so they can start saving.
- Not only does AmericaNet Bank provide great money market rates, they provide excellent rates for checking accounts.
- Monthly statements are found on their easy to access website.
- AmericaNet Bank offers competitive interests rates; twice the national average.
- Website offers video tutorials for people who are not familiar with online banking.
- Opening balance required to open a checking account or money market account is only $1.00.
- There is no minimum balance required to keep in any of their accounts and no monthly fees – if you meet the specific requirements.
For those of you who don’t have a lot of experience with online banking, AmericaNet offers benefits of banking. The opening balance is small and they offer tutorials to help you navigate your way around online banking.
Drawbacks of AmericaNet Banking Accounts
Our AmericaNet Bank review also found that they do offer competitive interest rates on the accounts they offer, but there are some drawbacks to banking with AmericaNet.
- The only accounts offered are checking and money market accounts.
- The website navigation was harder to understand from other online banks.
- The largest issue with AmericaNet Bank is the hidden account fees. If you do not add money to your account, the account is considered dormant and savers are charged a $10 a month fee. If you do not add more money you will continue to be charged the $10 monthly fee, which can deplete your savings quickly.
- If you use their Bill Pay service you will be charged a $0.50 fee for each transaction.
- The money market account has a fee of for withdrawing money more than 6 times.
- One other major downside to AmericaNet Bank is how low their interest rates drop after the initial introductory rate.
AmericaNet Bank does offer competitive interest rates up front, but since the rates drop so quickly, saving money doesn’t seem worthwhile. If you bank with AmericaNet Bank, you must be vigilant to make sure you are keeping up with the specific requirements of the accounts to avoid being hit with costly fees.
Should You Bank with AmericaNet?
In conclusion of our AmericaNet Bank review we’ve come to the opinion that they have more cons than pros. The fees required to keep the accounts active are not worth the interest rates being offered. Other banks offer comparable, if not higher, interest rates, without dormant fees if you are just parking money to earn interest. AmericaNet Bank is FDIC insured and their checking accounts have good interest rates, but it seems as if there are other online banks better suited to fit your needs.
P.O. Box 1062
Mustang, OK 73064
Customer Service Number