IncredibleBank's Savings Account Rises To 1.76% APY


Deal Summary: IncredibleSavings, 1.76% APY ($25k+), 1.21% APY (less than $25k)

Availability: Nationwide, internet only

Yesterday, IncredibleBank raised the rate on its Incredible Savings account to 1.76% APY for balances of $25k+; balances below $25k continue to earn 1.21% APY. The Incredible Savings account can be opened with a minimum deposit of $2.5k.

1.76*%$25k-Incredible BankIncredible Savings
OTHER TIERS: 1.21% Up to $25k
Rates as of March 21, 2018.

IncredibleBank restructured its Incredible Savings account in October 2017 by introducing an additional rate tier. At first the rate tier was set at $250k, but in November, it was reduced to $25k. While the bottom-tier APY has remained at 1.21% since October, the top-tier APY has increased from 1.41% to 1.76%. This month the APY has increased twice, first to 1.66% on March 9 and then to 1.76% on March 20.

There continues to be a minimum opening deposit of $2,500. However, once you open the account, a $2,500 balance does not need to be maintained to qualify for the bottom-tier rate.

Know the Fees

There is no monthly maintenance fee. IncredibleBank used to charge a $15 monthly maintenance fee when the balance fell below $2,500.

There is a $5 fee if you choose to receive paper statements, rather than e-statements. (In the past, several DA readers reported being hit with the paper statement fee.) This fee may also apply if your account becomes inactive. According to the Fee Schedule attached to the online application,

If your online banking ID is not used for nine months to access your account through the online or mobile system, you will need to contact us to view your electronic account statements. Paper statements will be mailed after an online banking ID remains inactive for 24 consecutive months and the paper statement fee will apply.

Another potential fee listed on the Fee Schedule is the $10 “Early Closeout” fee, which applies if your account is closed within 90 days of opening.

Bank-to-Bank ACH Transfer Service

Since I last wrote about IncredibleBank in November 2017, there have been improvements in the bank-to-bank ACH transfer service, with both the dollar amount and the number of allowed transfers increased. As stated on the Savings Account landing page,

Using Bank to Bank transfers you can transfer money between your Incredible checking and savings accounts and accounts you may have at other U.S. financial institutions.

Maximum of 10 (three)* inbound transfers per business day, not exceeding a total of $75,000 ($50,000)*.

Maximum of 10 (three)* outbound transfers per business day, not exceeding a total of $75,000 ($10,000)*.

The cutoff time for initiating transfers is 4:00 pm CST.

*Previous numbers noted in italics.

Also, new customers no longer have to wait 60 days before they can request bank-to-bank ACH transfers to be enabled. Transfers can begin as soon as online banking is established.

Thanks to DA readers, djc314 and zz, for their recent Forum posts about IncredibleBank’s rate increases this month.


Headquartered in Wausau, Wisconsin, IncredibleBank offers its services and product lines to all U.S. citizens and resident aliens, 18 years and older.

At this time, IncredibleBank does not accept account applications via telephone or mail. Opening any type of Incredible Bank must be done online.

Bank Overview

As an internet division of Wisconsin-based River Valley Bank, IncredibleBank operates under River Valley Bank’s FDIC Certificate and shares its financial history.

IncredibleBank/River Valley Bank has an overall health grade of "A" at, with a Texas Ratio of 5.54% (excellent), based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $50.54 million, an excellent annual growth rate of 5.47%. Please refer to our financial overview of IncredibleBank/River Valley Bank (FDIC Certificate #19772) for more details.

Guided by his “commitment to digital initiatives,” River Valley Bank president, Todd Nagel, led the Bank’s expansion into internet banking, with IncredibleBank opening its virtual doors in 2009. According to River Valley Bank’s mission statement, IncredibleBank was "created to be the preferred provider of online financial services based on strong customer relationships and our assortment of products." In addition to its deposit accounts, IncredibleBank began offering specialty loans for motor coaches in 2016.

How the IncredibleBank Savings Compares

When compared to Savings Accounts tracked by that are available nationally, IncredibleBank’s Savings Account lower tier APY currently ranks 13th, but the $25k+ tier APY currently ranks third, regardless of minimum deposit.

Interest RateAccount NameCredit Union/Bank
1.85% APYeOne Savings (no min)Salem Five Direct
1.80% APYDollar Savings Account (no min)DollarSavingsDirect
1.76% APYIncredibleBank Savings ($25k min)IncredibleBank

The above rates are accurate as of 3/21/2018.

To search for the best savings account rates, both nationwide and state specific, please refer to our Savings Accounts Rates Table.

Related Pages: savings accounts, nationwide deals, Internet banks

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Availability: Nationwide, internet only

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