This comes from my home-state paper, The Daily Oklahoman.
This is the lede:
If you’d like to earn 5.25 percent interest on your checkin’ account, you might be a redneck.
The Redneck Bank — “where bankin’s funner!” — is payin’ some of the most mouth-waterin’ interest rates on checkin’ accounts in the whole U.S. of A. You can even git yer Redneck Bank debit card with or without the brayin’ horse on it (“We want to be your ‘mane’ bank!”)
Yes, there’s a real, FDIC-insured Redneck Bank based in Snyder, Oklahoma.
I’m a proud Okie and Sooner, but come on, Oklahoma, sometimes you make it hard.
But seriously, Redneck’s internet checking account pays 5.25 percent interest, which seems awfully high. I’d like to see a good story about these high-interest accounts and how their numbers add up. There are several banks paying 6.01 percent on online checking accounts. How?
The Oklahoman doesn’t address this except to let the bank say others do it, too. It should have.
Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR’s business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.