After about two weeks offering the 2% 12-month CD, Incredible Bank is stating on its website that it's no longer accepting CD applications. The CD was a little odd in that it consisted of two 6-month rates, but the total rate for the year came out to 2.00% APY which was way above the best rates from internet banks. The best 12-month CD rate from an internet bank without a large minimum is now 1.55% APY at Sallie Mae Bank (see my review). Higher rates are available for odd terms and at credit unions (see my weekly summary). Also, refer to the CD rates section at DepositAccounts.com.
I guess Incredible Bank attracted enough deposits with this hot CD deal. Incredible Bank is a division of River Valley Bank, and according to the 3/31/10 FDIC data, River Valley Bank has $785 million in deposits.
At least they continue to offer 1.53% APY on their internet checking account. This isn't a reward checking account. It has no monthly requirements, and the rate applies to balances up to $250K.
I first reviewed Incredible Bank's internet checking account in November 2009 when the rate was 2.02% APY. The rate has fallen, but it has remained competitive. Please refer to my checking account review and my update post for more details.