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Incredible Bank0.59%-$250kIncredible Checking
Accounts mentioned in this post. Rates as of August 23, 2014

New High-Yield Internet Checking Account at Incredible Bank - Available Nationwide


Update 10/12/11: The rate has fallen to 1.06% APY. Please refer to the bottom of the post for the rate history.

River Valley Bank is offering a high-yield checking account at its new internet division, Incredible Bank. This is not a reward checking account. There are no debit card usage requirements or direct deposit requirements. So the yield isn't at the levels of reward checking, but it is currently at the level of top savings account yields. The checking account is an all electronic checking account with no paper checks. Payments can be made by free online bill pay or by debit card. Some of the important features include:

  • 1.06% APY on balances up to $250,000, 0.80% for above (as of 10/12/11)
  • Rate subject to change without notice
  • $1,000 minimum opening deposit
  • No minimum balance requirements
  • No paper checks
  • Free online bill pay and mobile banking
  • Check card is available
  • Wire Transfer fees: $5 for incoming, $20 for domestic outgoing (fee schedule)
  • ATM surcharges are automatically reimbursed (ATM policy)
  • Beneficiares can be listed in online application. Trust and custodial accounts are not offered
  • Account can be funded by ACH transfer or by check
  • Electronic direct deposits will be available on the day the bank receives the deposit
  • Only offers e-Statements on a monthly basis
  • ACH transfer details: From readers: $50K/day inbound limit, $10K/day outbound limit. No limit if transfers initiated from external account. 3 external links allowed. Transfers take 1 day. (updated 8/24/10: inbound used to be $200K)
  • Allows you to initiate ACH transfers at other banks to deposit or withdraw money
  • May be a hard credit inquiry in the application. CSR said that a credit inquiry is done via Transunion. She wasn't sure if this is a hard or soft pull. According to the CSR, ChexSystem is not used. Update 11/10/09: Readers have confirmed it is a hard pull (plus another hard pull via Equifax).
  • E-statements must be enabled to avoid monthly fee
  • Incredible Bank routing number: 075911742

Will It Stay Competitive?

Every time there's a new internet bank offering a top rate on a liquid account, there's always the question of whether it's worth chasing yet another deal that doesn't offer any rate guarantees. I looked into this question in July when SFGI Direct first came out. Those who jumped on SFGI Direct in July are still earning 2.25% APY on all balances. So it can be worthwhile at least in the short term.

According to the CSR, Incredible Bank has only been around for about a month. They do intend to keep the rate competitive, but the CSR wasn't able to provide any specifics about how long the rate may last. The bank isn't large with about $740 million in deposits. As we've seen many times this year, small banks can quickly meet their deposit goals when they're offering a very competitive nationwide internet account. Once they reach their goals, they will either restrict new applications or lower rates (and often do both).

If Incredible Bank can maintain rates close to the best online savings accounts, this will be good long-term deal that could replace your need for an online savings account. As a checking account, it offers more liquidity than a savings account since there are no withdrawal limitations and payments can be made by online bill pay or by check card.

Past non-reward internet checking accounts don't have a good long-term record of offering rates competitive to the top online savings accounts. Some internet checking examples include those offered by Charles Schwab, Salem Five Direct and Bank of Internet. Checking accounts tend to be more costly for banks. Checking account features like online bill pay add cost. Another reason for lower checking account rates is the higher reserve ratio requirements for checking accounts.

There are some features of Incredible Bank's checking account which should help them keep rates competitive. Being fully electronic with no paper statements and with no paper checks should help keep costs down. Also, debit card usage should help bring in revenue. Even if it's not required, the average customer is likely to use debit cards to some degree.

Bank Overview

There's no mention of at River Valley Bank's website, so I called the customer assistance number listed at River Valley Bank's website, and I received confirmation that is part of River Valley Bank. I was told they don't have any mention of the at their River Valley Bank website since this internet product is intended to bring in new deposits. There's little incentive for banks to advertise their high-yield internet products to their existing brick-and-mortar customers.

River Valley Bank is headquartered in Wausau, Wisconsin with 18 branches in Wisconsin and Michigan. Total assets are $921 million and total deposits are $740 million based on 6/30/09 FDIC data.

River Valley Bank has strong ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Both ratings are based on 6/30/09 financial data.

The bank has been a FDIC member since 1967 (FDIC Certificate # 19772).

Credit for this find goes to FW member mh83 who mentioned it at this FW thread.

Other Competitive Checking and Savings Account Rates

Rate History:

  • 10/12/11: 1.06% APY; 0.80% over $250K
  • 08/17/11: 1.11% APY
  • 03/04/11: 1.21% APY
  • 12/08/10: 1.35% APY
  • 08/20/10: 1.42% APY
  • 05/03/10: 1.53% APY
  • 02/19/10: 1.74% APY
  • 11/09/09: 2.02% APY; 1.00% over $250K

  Tags: River Valley Bank, Incredible Bank, checking account

Related Posts

Comment #1 by Anonymous posted on
Sounds like an excellent candidate for "Teaser Rate of the Month". They will drop the high rate like a hot potato once they reach their deposits goal.

Comment #2 by Anonymous posted on
What will they call the bank when it starts offering less than incredible rates?

Comment #3 by Anonymous posted on
With reward checking accounts (RCAs) still average 3.5% - 4%; why would anybody in terested in the mere 1.5% - 2% Online Savings Accounts (OSAs) if one has a significant amount of money?

Comment #4 by Anonymous posted on
Question from Anon 10:13 AM
"What will they call the bank when it starts offering less than incredible rates?"

Answer: Noncredible Bank

Comment #5 by O-Qua Tangin Wann (anonymous) posted on
O-Qua Tangin Wann
Technically speaking, the antonym of "Incredible" is actually "Credible."

So, right now, with the rate at 2.02%, it is incredible (as in hard to believe due to 100% of all other banks offering lower regular checking account rates...key word here is "regular" and not reward checking). (The closest regular checking account rate is at Alliant credit Union, at 1.75%.)

So, once the rate drops, the new name will be "Credible Checking."

~O-Qua Tangin Wann

Comment #6 by Anonymous posted on
Most be a slow day today?
In the savings world anyway.

Comment #7 by Anonymous posted on
"With reward checking accounts (RCAs) still average 3.5% - 4%; why would anybody be interested in the mere 1.5% - 2%?"

For me, the lack of security with debit cards is a huge concern. Sure, you may get $75 a month interest on an RCA with $25k in it. But most of these accounts seem to require debit card use. What if your debit card or debit card number is stolen?

I recently posed this question to a bank. Their reply: "Of course we do have numbers get out sometimes. In that case we can file a fraud claim and attempt to get your money back, but in the case we can't get it back, we have to let the transaction pay." In other words, somebody could clean out your $25k (if you did not catch it quickly) and you would have no recourse.

I've had my credit card number stolen when the card never left my wallet. But I didn't have to pay a dime for the fraudulent charges. So these RCAs sound penny wise and pound foolish to me. Just my two cents!

Comment #8 by Anonymous posted on
No, they will become Ally Jr. Bank.

Comment #9 by Anonymous posted on
Such a small bank will get saturated in a month or so with new money and then what?
FDIC will send then a nasty letter and next you know it, the bank has no stars and be ready to close down.

Comment #10 by Anonymous posted on
They just pulled 2 hard credit reports on me at TransUnion and Equifax.
Not worthed, since the CSR just told me there is no sure thing about the 2% rate will last long.
I'm having second thought about it, but is to late now, since my credit is being dinged now and can not be reversed.

Comment #11 by Anonymous posted on
I just spoke with a csr at 1-877-261-4750 and as I read between the lines as we spoke, I got the sense that they are looking for few individuals with large bank balances >$100K and are not to keen to cater to thousands of small accounts.
The rate is a teaser and may not last long. They need the money for commercial refinancing and if the deal does not go through, the rate will be slashed at once.
I will wait to see how it develops and are not jumping in yet.

Comment #12 by Anonymous posted on
They have funding option of credit card as well as regular ACH funding.
I called CSR about CC and she first said it will be cash advance, and then asked someone to say \is a regular purchase. Anyone knows about the CC funding?

Comment #13 by Anonymous posted on
For the risk on using debit card: Most banks are very protective of their debit card transactions, with near-zero liability. The card has low daily limit as well. It may be prudent to check one's debit transactions on a daily basis. ... Point well-taken, thanks. I have the same concerns, but overcome it by banks' security measures.

Comment #14 by Anonymous posted on
Interest will be compounded and credited to your account monthly not daily averages.

IncredibleBank, a division of River Valley Bank, is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 10, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account.

An trainer will contact you regarding your online application advising you what requirements are needed to complete the online account process.

Comment #15 by Anonymous posted on
Incredible bank? Give me a break.

Comment #16 by Anonymous posted on
I find it interesting they are an electronic only checking, high yield checking, are using the color orange on the website, user friendly interface... sound familiar? Electric Orange anyone?

Comment #17 by Anonymous posted on
You can also open checking or CD with 2.02%

Comment #19 by Mike (anonymous) posted on
To be fair with the name they have, they do need to have good deals!

Comment #20 by Anonymous posted on
To answer some previous points: funding with a credit card shows up as a purchase, NOT as a cash advance. Also, the "interbank transfer" function is now available, BUT not as an option immediately visible in your online account. You have to call up a CSR and request it to be added to your account. Expect a little pushback. In a few hours it'll show up as a new tab in your account. I stopped after setting up 3 outside accounts, so I don't know what the max number is. Transfer limits are: 3 inbound transfers per day not to exceed a total of $200,000, 3 outbound transfers per day not to exceed a total of $5000. Outbound is skimpy, as compared to Ally's 250K max. No transfer fees at present.

Comment #21 by Anonymous posted on
With those inbound and outgoing limits, that means it would take 40 business days to move the $200,000 that you put in. They want to hold on to your money as long as they can.

Comment #22 by Avinash Agrawal (anonymous) posted on
Avinash Agrawal
Incredible bank routing number is 075911742

Comment #23 by Anonymous posted on
Nice bank. The only drawback is that it requires $1000 to open. But other than that, it's pretty decent for a place to store liquid assets. It's still 2.02 on 12/7/09.

Comment #24 by Steve (anonymous) posted on
"With reward checking accounts (RCAs) still average 3.5% - 4%; why would anybody interested in the mere 1.5% - 2% Online Savings Accounts (OSAs) if one has a significant amount of money?"

Because RCAs have low limits like $25K. Someone with a significant amount of money would have to open many RCAs, and it can be a pain to do all the required debit card transactions on a lot of accounts.

Comment #25 by Anonymous posted on
I opened the 2.02%APY checking a few weeks ago.
I found the process quite easy, and customer service actually helpful as well as friendly.
You can fund with a credit card (as purchase) up to $10K which is quite efficient & economical.
There is a daily $10K limitation on outbound ACH's.
And E-statements must be enabled to get that APY (which is subject to change any time of course).
Overall a pretty decent short term choice for your liquid assets if you don't mind the jokey website interface.

Comment #26 by Brad (anonymous) posted on
I can tell you I am very happy with the speed of ACH TRANSFERS- actually only done a few pulls (no pushes so far) from Incredible. So far all credits in Incredible are on the same day or even sometimes the day before money is deducted from the other account!

Too often, some of the good rate banks are slow to credit your accounts on ACH transfers (most specifically, my experience with Darby and EverBank come to mind), but Incredible is incredibly SPEEDY with the credits!

Comment #27 by Anonymous posted on
If I move my big balance account over to Incredible bank, I will get over $875 more in interest over the year (as long as the rate holds, of course). Hmmmmmm.....

Comment #28 by O-Qua Tangin Wann (anonymous) posted on
O-Qua Tangin Wann
Customer service is great.

Incredible Bank is being inundated with new account openings (to be expected, of course). (We all know this will mean an eventual rate reduction to stop the influx of new money, most of which they won't be able to loan out due to current economic conditions).

A Trans Union hard credit pull was done.

~O-Qua Tangin Wann

Comment #29 by Anonymous posted on
Best account I've had in along time, as long as you can deal with the hokey website (like "Redneck Bank").

Just enable "E-statements" to be elgible for the highest available APY (2.02%)-

CS is nice, accommodating and obviously eager to have your business.

Wish more were like that.

Definitely a winner!

Comment #30 by Anonymous posted on
Very sound bank, with great customer service,

Comment #31 by Anonymous posted on
down to 1.74%

Comment #32 by AJ (anonymous) posted on
Rate was decreased today to 1.74% APY.


Comment #34 by OC Steve (anonymous) posted on
OC Steve
Just noticed from the banktracker website that River Valley Bancorporation, Inc. (parent of River Valley Bank), took $15 million of TARP funds on 6/12/09.  Just qualifying for TARP funds indicates to me that the Federal Regulators don't think they will fail anytime soon.

Comment #35 by Anonymous posted on
Trying to signup for an account here and got a message saying they needed more info and dl faxed. When trying to call they have a message saying agents are busy, with you shortly. press 0 if you want to leave a message. then it clicks a few times and rings busy everytime.


not feeling great about that. would be nice to have a working phone system.

Comment #37 by Anonymous posted on
Why are there no comments after April 2010?

Comment #38 by Anonymous posted on
They are incredibly bad.  Hard to set up accounts and their web site is confusing.  Then they charged me a $15 paper statement fee. When I set up the account they didn't give me a choice.  To close the account you have to send yourself a check through their online bill paying.  You had to set yourself up as a payee.  I closed the savings account but I have a CD with them.  When the CD matures I will keep an "Incredible" distance away from them.

Comment #39 by norman ok (anonymous) posted on
norman ok
perchance  a year and a half latter no one cares

Comment #40 by Anonymous posted on
Inxredible Bank is fine, I have not had any technical problems with them since March 2010 when I opened the account.  However, their rate is now below Ing Electriic Orange for 100K accounts so there is nothing to be gained by using them unless you are over FDIC limit at Ing.  I still keep it active with significant funds along with SFGI Direct (1.01%) but right now Electric Orange (1.10%) has a slim edge on the rate and much better features and convenience.... so Ing gets most of the money.

Comment #41 by Rob_XXYY posted on

I've been using Incredible Bank since Feb 2010 and I have been very pleased with it.

Many here thought they were offering a teaser rate that would soon drop. However in the 2 years I've been a customer - they have consistently been among the highest yielding banks. Their rates did go down - but not nearly as much as other banks. In fact, I believe this is the only high yield bank from back then that is still high yield.

Their customer service line is answered by a real person - often on the 1st ring (no push button menu). I found them helpful, knowledgeable and pleasant - located in the US with native English speakers. I also sent them emails and they promptly replied with detailed answers. I was very impressed. 

I found opening an account at Incredible Bank far easier and faster than at MyBankingDirect (where I also have an account.) It took over 2 weeks to open the MyBankingDirect account plus another week to set up ACH transfers. I much prefer Incredible Bank, but MyBankingDirect is OK. MyBankingDirect is currently paying a very slightly higher yield, but they also charge $5/month to be able to initiate ACH transfers at their bank (via there MoneyHQ service).

The Incredible Bank web site front page is a bit weird - which made me suspicious. But once you log in to your account, its plain vanilla NetTeller. Which can be a little slow, but not terribly so.

I went to and verified that River Valley Bank is real and FDIC insured and got their contact information. Then I called River Valley Bank (a real person answered) and verified that they operate Incredible Bank and that it is FDIC insured. 

Some things to know: 

Even with their "checking" account - they do NOT issue paper checks and if you print your own checks then they will charge you $20 per paper check processed! That is, they strongly discourage paper checks. Instead, use their free bill payer service or the debit card or ACH (bank to bank transfers). 

Incredible Bank's checking account is paying higher interest rates than most other bank's Money Market accounts - and yet it does not have the restrictions that money market accounts have (e.g. there is no maximum number of withdraws per month). There is also no required monthly use of a debit card like in a Reward Checking account. They do require that you sign up for electronic statements - which is easy to do. They also offer a money market account with a slightly higher yield. Open both - you can instantly transfer money between your IncredibleBank checking and money market accounts. 

ACH transfers are free (which are transfers between IncredibleBank and other banks/broker accounts that take 1 to 3 days). 

To initiate ACH at Incredible bank, you must call and ask that your IncredibleBank account be enabled for ACH transfers. Once enabled, you can do it all online. You need to set up the external accounts in advance (it can take several days to verify the external accounts). 

IncredibleBank has limits on ACH transfers that are initiated at - note: these limit are ONLY for ACH initiated at Incredible bank; when initiated outside (from your broker or another bank) then there are no limits. When initiated at IncredibleBank there is a maximum of $10,000 ACH transferred out per day and a maximum of $50,000 (use to be higher) ACH in per day. I exceeded both those limits with ACH initiated outside of Incr and it worked just fine. 

(So closing an account can be quick - just initiate the transfer from your new bank). 

I sent their customer service an email on 2/10/2010 in the late evening (after the bank was closed for the day), and received their reply the next day. Below is the email and their answers [with my comments added in brackets]. 

I am thinking about opening an account and have a few questions... 

1) Can I fund a new account via ACH? 

Yes. [Actually, that is pretty much the ONLY way to fund it, although their FAQ talks about how to do it with a check. When you create the account online, you will be asked for the routing & account number of another bank that will be used to fund your new Incredible Bank account (They tell you how to get this info off of a check). You might want to fund it with something like $2,000 as some banks will verify an ACH if it is over some dollar limit like $2500. That may delay setting up your new account by a day or two.] 

2) Can I fund a new account via a bank wire?
[Not really. After an account is set up, you can receive bank wires ($5 incoming wire fee).] 

3) What credit reporting agency do you use for the "soft hit" when I open an account? [Some comments indicate they got hard hits, but I did not]
Experian and Trans Union for identification purposes. 

I use ACH transfers to move money between my broker account and my bank accounts (and to pay credit cards).
These ACH transfers (both withdraws and deposits) are initiated by my broker (or card issuer). 

4) Does your bank allow for this type of externally initiated ACH withdraw? Yes 

5) Must I notify your bank in advance of any such ACH withdraws or deposits? No. 

6) Is there a maximum number of withdraws per month? Not in a checking account. Max of 6 withdraws in a Money Market. 

I gather that you do not allow users to write normal checks on the account (but do allow Bill Payer transactions). 

7) Is this correct? yes. Bill pay through our system will not count against "checks" written on the account. 

8) Do you even issue a check book to new customers? no. 
On your Schedule of Fees, there is a "Check drawn on account" fee of $20. 

9) How can a check be drawn on the account?
If you were to order a set of checks on your own and they would begin to "clear" the account, you could potentially receive a $20.00 fee. 

My current bill payer service normally pays electronically - but sometimes sends out a check to some payees. 

10) Does your bill payer service ever send out paper checks?
Yes some payees may be submitted by check until our provider has an opportunity to work with the payees in attempts to convert them to electronic. 

11) Would such a bill-payer-produced check be hit with a $20 "Check Drawn" fee?


Comment #42 by OC Steve (anonymous) posted on
OC Steve
Since 10/1 I have been helping my parents open up a new Money Market account at Incredible Bank.  The initial funding was for $2,500. The Bank wanted copies of my Parent's Driver Licenses, which had to be mailed as they do not have a scanner.  Took a few days to send micro deposits and withdrawals to their funding account.  Verified micro deposit amounts at Incredible Bank.  Finally the account was opened yesterday 10/12.  Then had to go in and set the statements to e-statements to avoid a $15 monthly paper statement charge.  Then noticed the account needed to be enable to add outside bank account links.  Found out on new accounts you have to wait 60 days before you are allowed to add links.  This is a problem for folks who want to deposit more funds quickly.  So, am setting up link to Incredible Bank at another of my outside Banks.  Their process will take a few days also.  You need to be aware of these delays.  Could have done initial funding for as much as $500,000 per their system.