Five months ago, IncredibleBank, the internet division of River Valley Bank (Wisconsin), added 10 bps to its Savings account rate, resulting in a 1.21% APY on balances of $2.5k and above. IncredibleBank has just introduced an additional rate tier (1.41% APY) for balances of $250k+.
|1.41*%||$250k||-||Incredible Bank||Incredible Savings|
|OTHER TIERS: 1.21% → $2,500 - $250k|
Clicking the details arrow on the right side of the above table will show you the Savings account rate history. As you can see, the account has remained competitive since IncredibleBank introduced the Savings account in December 2014.
There is a minimum opening deposit of $2.5k, and in another change, balances below $2.5k do not earn any interest. In addition,
You must maintain a minimum balance of $2,500.00 in the account each day to obtain the disclosed annual percentage yield.
On the positive side, there is no longer a monthly maintenance fee. IncredibleBank used to charge a $15 monthly maintenance fee when the balance fell below $2.5k.
There May Be Fees
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 a $10 “Early Closeout” fee, if your account is closed within 90 days of opening.
Bank-to-Bank ACH Transfer Service
IncredibleBank’s bank-to-bank ACH transfer service continues to be problematic for new customers, both in availability and dollar limitations. As stated on the Savings Account landing page,
Starting 60 days after you open an account, you may request that we enable bank-to-bank transfers for you. Maximum of three inbound transfers per business day, not exceeding a total of $50,000. Maximum of three outbound transfers per business day, not exceeding a total of $10,000. The cutoff time for initiating transfers is 4:00 pm CST. Please call us at 877-261-4750 to request this feature.
Thanks to DA reader, Carpline, for his Forum post about this latest rate increase.
IncredibleBank is headquartered in Wausau, Wisconsin, and offers its services and product lines to U.S. citizens and resident aliens. At this time, IncredibleBank does not accept account applications via telephone or mail, and must be opened online. (IncredibleBank's online application is time-sensitive, so I have not provided a direct link.)
As an internet division of 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 "B+" at DepositAccounts.com, with a Texas Ratio of 9.39% (excellent), based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $79.09 million, an excellent annual growth rate of 8.98%. Please refer to our financial overview of IncredibleBank/River Valley Bank (FDIC Certificate #19772) for more details.
IncredibleBank opened in 2009 and was one of the earliest internet-only banks. 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." Soon after IncredibleBank opened its virtual doors, CNN named it “one of the least evil banks.”
How the IncredibleBank Savings Compares
When compared to 201 savings accounts and 175 money market accounts tracked by DepositAccounts.com that are available nationally, IncredibleBank’s Savings Account lower tier APY currently ranks 11th, but the $250k+ tier APY currently ranks second, tied with UFB Direct .
|Interest Rate||Account Name||Credit Union/Bank|
|1.55% APY||Jumbo MMDA ($100k min)||State Bank of Texas|
|1.41% APY||IncredibleBank Savings ($250k min)||IncredibleBank|
|1.41% APY||Money Market Savings (no min)||UFB Direct|
|1.40% APY||Dollar Savings Account (no min)||DollarSavingsDirect|
|1.21% APY||IncredibleBank Savings ($2.5k min)||IncredibleBank|
The above rates are accurate as of 10/4/2017.