IncredibleBank Savings Account Now Earns 1.41% APY ($250k+)


Deal Summary: IncredibleBank Savings, 1.41% APY ($250k+), 1.21% APY ($2.5k+)

Availability: Nationwide, internet only

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 BankIncredible Savings
OTHER TIERS: 1.21% $2,500 - $250k
Accounts mentioned in this post. Rates as of October 21, 2017.

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.)

Bank Overview

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, 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 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 RateAccount NameCredit Union/Bank
1.55% APYJumbo MMDA ($100k min)State Bank of Texas
1.41% APYIncredibleBank Savings ($250k min)IncredibleBank
1.41% APYMoney Market Savings (no min)UFB Direct
1.40% APYDollar Savings Account (no min)DollarSavingsDirect
1.21% APYIncredibleBank Savings ($2.5k min)IncredibleBank

The above rates are accurate as of 10/4/2017.

To look for the best savings account rates, nationwide and state specific, please refer to our Savings Accounts rates table or our Rates Map page.

Related Pages: savings accounts, nationwide deals, Internet banks

Savingsrus   |     |   Comment #1
For the favorable rate, why do they set the minimum at $250,000, forcing participants to exceed the FDIA coverage cap? Couldn't Incredible achieve nearly the same results with a minimum of, say, $240,000, and be kinder to their customers?
Notaproblem   |     |   Comment #3
Open a joint account and be insured for up to 500K.
RJM   |     |   Comment #5
If I were going to open one, I wouldn't go much over the limit. Even though default risk is probably minimal.

Of course, as I type, I'm over the limit for 1.5%. LOL

I may need to get back on that RLS med that caused me to buy a newer car. Maybe then I would throw caution to the wind and aggressively speculate in stocks like I did when I was younger & had regular income. (And I did very well at it back then)

Now, I'm way too cautious.

Just kidding about that med. It would actually be imprudent as I might go crazy and buy a better house and what I have is fine...for hopefully the next 10-15 years if I make it that long.

I'm understanding why my Grandfather didn't move to a better area now. Inertia. When he was 65, his area had to be 90% minority. I will be 55 soon and I think I'm only at around 20% right now. When I bought, I envisioned getting into real estate flipping but I never did.

The area around me is getting worse but I'm sort of hidden away on a dead end street in a somewhat hidden subdivision. And in 5-10 years, I will probably be too old to care. Although I might have to buy some window & door bars or something. And/or a gun.

The different RLS med doesn't cause excessive spending. Causes some brain fog but I counter that with caffeine for now. Will ask the Dr about that when I go back in a couple months.
Interestingly, caffeine itself causes RLS but I guess the med counteracts it.

I was never much of a coffee drinker, just soft drinks. But now I take 160-200mg in pill form.
It has caused me to get off my duff and exercise a lot more. And I sure didn't mind losing the 20+ pounds. Wouldn't mind losing another 10 but it remains to be seen if I will play disc golf as much in the colder weather. I'm not good at it at all but it gets me off my duff 5-6 days a week. Less when it rains. Something I just couldn't stick with for regular walking. And if I stop the caffeine, I'm not sure I would continue without it. Feel like I need more to get the same effect which bothers me.
Att   |     |   Comment #2
This is a small time operation. Customer service is poor. With all the fees and 250K minimum why would you open an account with them. Also, IMO who keeps 250K in a savings account? Maybe for a short term due to something like a house sale. You can get 1.40% at Dollar with no minimum.
zz   |     |   Comment #4
If you have over 250K, does all of it earn 1.41%, or does just the amount over 250K earn 1.41% and the 1st 250K earn 1.21%?
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Availability: Nationwide

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Availability: Nationwide, internet only

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