Update 5/23/23: Rates increased to 5.05% APY on up to $75,000 for Mega Money Market and 5.30% APY on up to $15,000 for Rewards Checking (debit card usage and other requirements apply). Details below.
and are sister internet banks that offer the same types of accounts (with different marketing shtick). Looking back in my archives, I actually opened an account with them way back in 2009 (later closed), as they offer a simple product lineup and have intermittent periods where they are very competitive with interest rates. (There are also some periods where they choose to lag.) Looks like they are looking to attract deposits again, recently raising both their interest rates and their balance caps.
Mega Money Market
- 5.05% APY on up to $75,000. Amounts over $75,000 earn 0.50% APY.
- No debit card transactions required.
- $500 minimum to open an account. No ongoing minimum balance requirement.
- Must agree to receive online statements only.
- Limit of one Mega Money market account allowed per individual. (I believe you can have one account at each bank, though.)
- Technically a money market checking account which means it includes a debit card (you can pay for checks too) but is still limited to six withdrawals per month. This limits its functionality to more like a savings account.
Rewards Checking
- 5.30% APY on up to $15,000. Amounts over $15,000 earn 0.50% APY.
- 10 debit card transactions required per monthly statement cycle. Monthly statement cycle ends on the 20th of each month. If the 20th falls on a Saturday, the cycle will end on Friday the 19th. If the 20th falls on a Sunday, the cycle will end on Monday the 21st. ATM and ACH transfers don’t count.
- $500 minimum to open an account online. No ongoing minimum balance requirement.
- Must agree to receive online statements only.
- Limit of two (2) Rewards Checking Accounts allowed per individual. (I believe you can have two accounts at each bank.)
- A full-featured checking account with online billpay, ATM rebates (up to $25 per month), and mobile check deposit abilities.
Note that both are under the FDIC insurance certificate of All America Bank (), so you should be careful not to exceed the $250,000 limit across both banks (a reminder that the $250k limit is per depositor, per insured bank, for each account ownership category).
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