IncredibleBank, the internet division of Wisconsin-based River Valley Bank, has raised the rate on its High Yield Savings account by 6 bps to 1.88% APY on balances of $25k+; balances less than $25k still earn 1.21% APY. The High Yield Savings account can be opened with a $2.5k minimum deposit.
|1.88*%||$25k||-||Incredible Bank||Incredible Savings|
|OTHER TIERS: 1.21% → Up to $25k|
IncredibleBank began offering its High Yield Savings account in December 2014. The rate has remained competitive since that time, but the balance tiers have changed. Until last October, the High Yield Savings account had no balance tiers. Then in October, IncredibleBank added a $250k tier. That didn’t last long, the tier was lowered to $25k in November, and that tier continues to this day.
According to the High Yield Savings page,
Fund your new account from an existing IncredibleBank account
or from another financial institution via electronic funding (ACH).
Deposit additional funds into your account with our mobile app,
direct deposit, bank-to-bank transfer, wire transfer or mail us a check.
There Could Be Fees
If your new High Yield Savings account is closed within 90 day of opening, there is a $10 Early Closeout fee. Withdrawals beyond the six allowed per month carry a $10 excess service per transaction. There is no monthly account maintenance fee and the $5 paper statement fee can be avoided by enrolling in e-Statements. The Schedule of Fees explains the “use it or lose it” rule:
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.
Bank-to-Bank ACH Transfer Service
IncredibleBank made changes in its bank-to-bank ACH transfer service earlier this year, with both the dollar amount and the number of 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.
Thanks to DA reader, zz, for a recent Forum posts about IncredibleBank’s latest rate increases.
Headquartered in Wausau, Wisconsin, IncredibleBank offers its services and product line to U.S. citizens and resident aliens who have a valid Social Security number. Opening a High Yield Savings account must be done online. At this time, IncredibleBank does not accept account applications via telephone or mail.
While beneficiaries can named,
At this time, we don’t offer the ability to open accounts in the name of a revocable
living trust. Instead, you may add your trust as a beneficiary of your account.
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 "A" at DepositAccounts.com, with a Texas Ratio of 4.94% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $60.87 million, an excellent annual growth rate of 6.59%. 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, which has become an effective growth strategy. Partnering with luxury motor coach dealers, IncredibleBank has developed the Ultimate Guide to Motor Coach and Motor Home Financing, assisting customers through the ins-and-outs of applying for a loan.
How the High Yield Savings Account Compares
When compared to Savings accounts tracked by DepositAccounts.com that are available nationally, IncredibleBank’s High Yield Savings Account top-tier APY currently ranks third, regardless of minimum deposit.
|Interest Rate||Account Name||Credit Union/Bank|
|2.05% APY||Ultimate Savings ($25k min)||Northpointe Bank|
|1.90% APY||Online Savings ($10k min)||PurePoint Financial|
|1.88% APY||High Yield Savings ($25k min)||IncredibleBank|
The above rates are accurate as of 6/25/2018.
Searching for a great Savings account rates, either nationwide or state specific? Please refer to our Savings Account Rates Table page.