Incredible Bank has started a new money market account that offers a little higher rate than its checking account. The money market account is a tiered rate account with a top yield of 1.25% APY for balances of $100K to $250K. For balances under $100K, the yield is 1.15% APY (as of 5/5/2011). There's a $10 monthly fee when the balance falls below $2,500.
The checking account still has a 1.21% APY for all balances up to $250K. So there is currently not much benefit with this money market account compared to the checking account. Perhaps there will be more benefit in the future. The checking account has remained very competitive since I first reported on it in November 2009. Please refer to my Incredible Bank checking account review for more details.
These accounts are not intended for large balances. Both the checking and money market account have a much lower yield for balances over $250K (currently 0.80%).
Incredible Bank sometimes offer good deals on CDs, but they are currently not available.
Incredible Bank Overview
Incredible Bank is a division of River Valley Bank which is based in Wisconsin. The bank has $956 million in assets. Its health scores went down a little when new data came out in December. Its overall health score at DepositAccounts.com is 3 stars (out of 5) with a Texas Ratio of 25.23% (average) based on December 2010. Please refer to our financial overview of Incredible Bank for more details. The bank has been a FDIC member since 1967 (FDIC Certificate # 19772).
How This Compares
If you're looking for a new savings or money market account, the current best deal is at Salem Five Direct which is offering a 1.25% APY on balances up to $1M with the rate guaranteed until April 1, 2012 (see my review). You can get higher rates with the promotion at Tennessee Commerce Bank (up to 1.60% APY), but these rates are not guaranteed to last.