Dedicated to Deposits: Deals, Data, and Discussion

The Best 12-Month CD Rate Available Nationwide at Incredible Bank - EXPIRED

POSTED ON BY

Incredible Bank

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.


  Tags: CD rates, Incredible Bank

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Comments


Comment #2 by JCE (anonymous) posted on
JCE
Does anyone have any idea why there are two interest rates for six months each rather than one rate for the whole twelve months?

1
Comment #3 by Anonymous posted on
Anonymous
Opened the 12 Month CD today and at the end there are several things you can print, one is the "certificate of deposit" and another is "truth in savings disclosure for time accounts"....... The certificate says that you have to present it to the financial institution in order to redeem it upon maturity.  I called them about this and Laurie the manager, said they don't know what steps they'll do at maturity, BUT having to go to WI is not one of them!  She said the certificate was copied from their brick and mortar bank and the language just got overlooked.  Their online application worked very well, no timing out or other problems, plus they were very nice on the phone.

Also their introduction page says you can only ACH max of 50K into your account, but the max on a CD is 250K and the ONLY way to fund it is with ACH, language is a little confusing but she said they'll change it and funding the CD over 50K and up to 250K with ACH is not a problem.

7
Comment #5 by Anonymous posted on
Anonymous
On their main webpage it lists the following under their CD:  "APY may change at any time without prior notice."  I would certainly hope that they do not mean that "they" can change the rate at anytime, but "we" couldn't withdraw our money without paying a penalty.  This may simply written awkwardly, but one would think that a bank would know better. 

Has anyone contacted them about this?

0
Comment #6 by traderwalt (anonymous) posted on
traderwalt
I spoke to someone in the e banking dept.  She said that I could do a reverse ach when my CD matured.

That would allow me to transfer the proceeds to another bank if I chose to move the CD at maturity.  Also I wanted to change the account that the money would come from to pay for the Incredible CD.  They did a good job explaining  what had to be done. The change is consumer friendly, that is, easy to do.

1
Comment #7 by AC (anonymous) posted on
AC
Funding via ACH only, but funding via Incredible Bank checking account works (complete with verification amounts).

1
Comment #8 by Anonymous posted on
Anonymous
As of June 29th anyway, on their front page: "Sorry, we are no longer accepting CD aplications".

http://incrediblebank.com/

1