Update 6/30/2010: Incredible Bank is no longer accepting CD applications
Incredible Bank is now offering an internet CD, and like its internet checking account, the rate is impressive. The CD is a little unusual in that the CD has two different yields: 1.75% APY for the first 6 months and 2.25% APY for the second six months. This results in a blended 1-year APY of 2.00%. Minimum deposit is $10,000, and the maximum is $225,000 (in one or more CDs). The rates are listed in the bank's Open An Account page as of 6/13/2010.
Some additional CD details are listed in the bank's FAQs. I also found the CD disclosure. Some important features from these documents include:
- Account funding through ACH only
- Interest is accrued daily and compounded and credited on a quarterly basis
- 10 calendar day grace period at maturity
- 6 months interest is the penalty for early withdrawal
- Interest must be added back to the principal of the CD
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. The rate is now 1.53% APY as of 6/13/2010. Please refer to my checking account review and my update post for more details.
Incredible Bank is a division of River Valley Bank which is based in Wisconsin. You can review the bank's financial details at the health tab of Incredible Bank Rates and Reviews page. The bank is just under $1 billion in assets. It appears to be financially healthy with an overall DepositAccounts score of 4 out of 5 based on 3/31/10 data. Bankrate.com also gives the bank a 4 star rating (sound) based on 12/31/09 data. The bank has been a FDIC member since 1967 (FDIC Certificate # 19772).
Credit for this find goes to CraigPD who posted it in DepositAccounts.com forum.