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Incredible Bank0.95%$2,500$250kIncredible Money Market
Accounts mentioned in this post. Rates as of August 20, 2014

New Rate Tiers of Incredible Bank's Money Market Account


Incredible Bank

I mentioned this change in my last weekly recap, but I thought this change was worth mentioning in a new blog post since the rate is one of the highest non-promo rates for nationally available money market or savings accounts. Incredible Bank has made a nice change to its money market account. The top rate used to apply only to balances of $100K to $250K. Now the top rate applies to balances of $2,500 to $250,000. As of 8/15/2011, the yields are 1.25% APY for balances $2,500 to $250,000 and 0.80% APY for over $250,000.

One thing that hasn't changed is the monthly fee. There is still a maintenance fee of $10 if the average collected balance falls below $2,500 during the statement cycle.

Before this change the money market account didn't have much benefit over Incredible Bank's checking account. The checking account offers a top rate for all balances up to $250K, and it has no monthly fees. As of 8/15/2011, that top yield is 1.21% APY. You can now benefit from the money market account with a much smaller balance. However, 4 basis points is still not a big difference, and may not be worth the risk of being hit with a monthly fee. It'll be interesting to see if this interest rate spread widens in the future.

The checking account has remained very competitive since I first reported on it in November 2009. Its 2nd year anniversary is just a few months away. Very few internet banks have been able to maintain rates near the top of its competition for two years. Please refer to my Incredible Bank checking account review for more details.

Internet CDs

Incredible Bank continues to offer very competitive short-term CD rates. These include a 1.10% APY 9-month CD, a 1.30% APY 13-month CD and a 1.50% APY 19-month CD (as of 8/15/2011). I have a feeling these may not last much longer. It has regularly offered CDs for a period of weeks to a couple of months. Then it stops offering them. It has gone through this cycle three or four times during the last year. I first reported on these current CD specials on June 3rd.

Incredible Bank Overview

Incredible Bank is a division of River Valley Bank which is based in Wisconsin. The bank has $952 million in assets. It has an overall health score at of 4 stars (out of 5) with a Texas Ratio of 23.46% (average) based on March 2011 data. Please refer to our financial overview of Incredible Bank for more details. The bank has been a FDIC member since 1967 (FDIC Certificate # 19772).

Edit 4:40pm: corrected bank name typo.

  Tags: Incredible Bank, money market accounts

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Comment #1 by Anonymous posted on
You said: "Internet Bank continues to offer very competitive short-term CD rates."  Did you mean to say Incredible Bank?

Comment #2 by Anonymous posted on
No matter how you call it, no matter how you twisted, we still get peanuts for our hard saved money.
Anything bellow the REAL inflation rate (not the make believe rate), is loosing proposition after the taxes and the miserable return on our money. Thanks to Bernanke, I have lost thousand upon thousand of Dollars in the last 3-5 years, by not being paid fair share on our money. Obama’s idea to trash the Dollar, cost us all as a nation in billions.

Comment #3 by KenBDG posted on
@anonymous #1, thanks. That was just a typo.


Comment #4 by Anonymous posted on
You want to know what I think is more incredible than the ridiculous peanut rates the banks are offering? It's the fact that I check this group daily and find someone sharing how we can get 1% or Almighty Forbid, 1.50% on some CD in a glorious bank willing to pay us such an amount!  Obama could not be getting away with trashing the dollar and the savers with it unless he had LOTS of help!  Well those running for office in 2012 should be well aware that the savers WILL take action and not vote for anyone following in Obama's footsteps!  "Change you can believe in" he said.  He just never told us the CHANGE would be how much we would get for our many years of trying to SAVE for our elderly years.    I don't know about the rest of you but I have to get more than 1% in order to take care of the many bills we have.  What a sad mess our once glorious nation is in!

Comment #5 by Anonymous posted on
These artificially low interest rates are an attempt to prop up a very slow economy and to address the high unemployment rate.  If rates were allowed to go back to "reasonable" levels, what impact will that have on the unemployment picture?   If it is none, than obviously, the Fed should reverse course immediately.  If it moves the unemployment rate towards the 1930s range, then their policy would be vindicated.

Comment #6 by Wil posted on
Getting back to Incredible Bank, I agree with Ken, 4 basis points is not worth switching from checking to the money market account. There is also another reason, besides the possibility of getting hit with a fee, for this: a money market will be subject to the monthly withdrawal limitations that the "checking" account doesn't have. I use my Incredible Bank checking account to pay almost all my credit card bills, so for the time being the money market isn't that attractive to me. Now if the difference should increase to 40 basis points instead of 4, then I might be tempted into opening a money market account.

Comment #9 by bobert posted on
Please keep your posts to bank and investment FACTS.

Post your political stuff somewhere else.  I don't want to have to wade through it to get to the data and facts which helps to make this web site so helpful.


Comment #10 by Anonymous posted on
#9 -

Maybe the scroll button is your answer. BTW, I did not note any 'bank and investment FACTS' in YOUR post either.  Frankly, I find some of the other comments, that you obviously refer to, interesting and helpful in providing a context to the extreme financial situation that we are presently in. Oh well, to each his/her own I guess.      


Comment #11 by Anonymous posted on
"to each his/her own".  You got that right.  If you want to make a political statement, please follow the rules of this site:

"Please keep comments on topic with the post. If you can't find a post that relates to your topic, please post it in the forum. Please ensure your comments are free of personal attacks against the post author or other commenters. Constructive criticism is welcome, but rude and derisive comments directed toward others are not allowed and will be removed. Full comment policy."

Or put up your own web-site and post whatever pleases you.

Comment #13 by Anonymous posted on
To all of you politically correct crowd, get life, money and politics are intertwined in the root of all evil, and they belong in any Blog, read this statement from Texas Governor issued today:

“If this guy prints more money between now and the election, “I don’t know what y’all would do to him in Iowa, but we would treat him pretty ugly down in Texas,” Perry said. “Printing more money to play politics at this particular time in American history is almost treacherous -- or treasonous in my opinion.”

By playing politics, he meant that the Fed would be trying to help Obama. “If they print more money between now and this election, I would suggest that’s exactly what’s going on,” Perry said.

Perry was answering a question from the audience when he made the statements. He went on to criticize Bernanke's policies under the Obama administration:

“We’ve already tried this. All it’s going to be doing is devaluing the dollar in your pocket and we cannot afford that. We have to learn the lessons of the past three years that they’ve been devastating. The President of the United States has conducted an experiment on the American economy for almost the last three years, and it has gone tragically wrong and we need to send him a clear message in November of 2012 that new leadership is coming.”


Comment #14 by Anonymous posted on
There are people in this Blog that don’t like political posting, why, are you a Liberal, anti politics, living in your own imaginable world or trying to protect a politician or what else?

I call upon my first amendment and like to read and hear and if needed write my own political statement and or  political comments, since all of the money policies are derived from political statements and laws.

Take Bernanke, he became more political than any other FED chairman in the history of US.
If my live is impacted by a political statement made from implementing money policy, I have right to Blog about.

Censoring belongs in a Communist country not here, so stop complaining or close this Blog for everyone and not just the few postings you like.

Comment #15 by ADIOS MIO (anonymous) posted on

Comment #16 by across the pond (anonymous) posted on
across the pond
lighten up blokes and head down to the pub for a pint or 3 cheers

Comment #17 by Anonymous posted on
To Adios Mio and across the pond,

I guess people overseas are also interested in interest rate trends in the US.  I saw photos of the massive protesting crowds in downtown Madrid and the recent riots in London, so i would say things are quite bit more out of control where you are.

Please excuse the off topic comment.


Comment #18 by August agnst (anonymous) posted on
August agnst
as a follower of this site but rarely comment can some one explain why people seem to get bent in august  case in point just check out in the  archives 8 19 2010  must be the heat

Comment #20 by Anonymous posted on
Is it a hard pull or soft pull when opening a money market account at Incredible Bank?

Comment #21 by borodarda posted on
It wasn't 1.21% for long!

As of 08/17

Incredible Checking 1.11%/.80%

Comment #22 by RJM posted on
Thinking about opening a money market.

But, I bet that 1.25% wont last if I do !


Comment #23 by Anonymous posted on
19 is that you chris farley or tom lawlor

Comment #24 by Anonymous posted on
CYA 19

Comment #25 by Anonymous posted on
ditto 11

Comment #26 by Anonymous posted on
One thing is certain... Obama has replaced Carter as worst contemporary American president. There should be an intelligence test required before being allowed to vote. Our founders envisioned an educated and informed electorate and not the large pool of morons who are currently allowed to participate in voting.