IncredibleBank Raises Rate On Incredible Savings - Nationwide


Availability: Nationwide, internet only

In December 2014, IncredibleBank, the internet division of River Valley Bank (Wisconsin), introduced its Incredible Savings account, which at the time earned 1.07% APY. At the end of last week, IncredibleBank raised the rate to 1.17% APY on all balances up to $250K.

I wrote about the Incredible Savings account ten months ago and with the advent of a new rate, I thought it would be worth taking another look at the account.

1.11%--Incredible BankIncredible Savings
0.95%--Incredible BankIncredible Money Market
Accounts mentioned in this post. Rates as of April 24, 2017.

The Incredible Savings account is very similar to the Incredible Money Market account, with two exceptions: the Incredible Money Market’s APY is 0.95% on balances up to $250K and the Incredible Savings account does not offer online payment.

The Incredible Money Market has had 13 rates changes in its 4 ½-year history, ranging from 1.25% APY (August 2011) to 0.86% APY (August 2013) to the current 0.95% APY, which has been in effect since February 2014. When the Incredible Savings was added to the product line, there was speculation that the MMA’s APY could begin to drop, but the rate has remained unchanged.

The synopsis below is a history of IncredibleBank’s savings, money market and checking rates. I have also included Capital One 360 Savings Account rates as a point of comparison.

Bank-to-Bank ACH Transfer Service

One issue with IncredibleBank concerns its bank-to-bank ACH transfer service that is not available to new customers. According to IncredibleBank’s FAQ,

Bank-to-Bank transfer capabilities will be available per request after 60 days of account opening. You will need to contact us in order to activate this feature on your account.

The second issue with the ACH transfer service is the dollar limitations. According to the Bank’s FAQ,

A maximum of three inbound transfers per day, not exceeding a total of $50,000
A maximum of three outbound transfers per day, not exceeding a total of $10,000

There May Be Fees

The Incredible Savings account may incur a monthly maintenance fee of $15 if,

the balance in the account falls below $2,500.00 any day of the statement cycle. The maintenance fee will be waived if the average collected balance of your total deposit accounts is $5,000.00 or more during the statement cycle.

In addition, a $15 paper statement fee will apply, unless you’re enrolled in e-Statements, which are not available if the account becomes inactive. The fine print in the Schedule of Fees states,

If your IncredibleBanker ID becomes inactive (an example might be 6 months with no activity including logging into your account, viewing statements, making transfers, etc.) the account holder may not qualify for e-Statements and may be charged a monthly fee for paper statements.

Several DA readers have reported being hit with this paper statement fee.


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.)

Following new account approval,

IncredibleBank will make two small deposits into and two small withdrawals from your external account. In 2-3 days, contact your external bank to find out the exact amounts of each deposit & withdrawal. Return to your IncredibleBank application and enter the deposit and withdrawal amounts. IncredibleBank will then initiate an ACH transaction for the initial funds to open your new account. An IncredibleBank Specialist will then send your account number and Online Banking information to you through the Application Web Messaging System.

Bank Overview

IncredibleBank has an overall health rating of "A" at, with a Texas Ratio of 7.87% (excellent), as of June 30, 2015. In the past year, IncredibleBank has increased its total deposits by $24.99 Million, an above average annual growth rate. Please refer to our financial overview of IncredibleBank for more details.

IncredibleBank is the internet division of Wisconsin’s River Valley Bank (FDIC Certificate # 19772). 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."

How the Savings Account Compares

When compared to the 140 savings accounts tracked by that are available nationally, IncredibleBank’s Incredible Savings currently ranks first:

The above rates are accurate as of 10/28/2015.

To look for the best nationwide savings account rates and the best savings account rates in your state, please refer to our Savings Accounts rates table.

Anonymous   |     |   Comment #1
This is a rinky dink operation and the customer service is poor. 
AnonymousB   |     |   Comment #2
I have no comment on their size, but I've used them for five years and have always received excellent support.  I've changed my Incredible accounts once or twice to get the best rates, but they always have a favorable rate going on.  Additionally, it's worth mentioning that when traveling internationally I use their ATM card because the fees are very comparatively low.
Anonymous   |     |   Comment #5
Can you initiate an ACH pull for amount more than the ACH limits that Incredible Bank imposes on their own ACH service?
IncredibleBanker   |     |   Comment #6
Thank you for your interest in IncredibleBank. The $10,000 daily limit is only for ACH transfers initiated through your IncredibleBank account. Your other financial institution may have different/higher limits for inbound transfers initiated through their system, and transfers initiated elsewhere would not be subject to the $10,000 daily limit. If you'd like more information, please call us at 877.261.4750
Anonymous   |     |   Comment #7
Never have understood why some institutions have ACH transfer limits.  Maybe you can explain why.  If you have the available amount in the account to transfer, why would you place a limit on it?  Why would your lower limit be appropriate if another institution has the feature of higher limit transfers?
IncredibleBanker   |     |   Comment #8
We take our customers' safety and security very seriously, and we have these types of limits in place to allow us to protect our customers in the event of fraud. We'd be happy to help you explore which account options are right for you. Call us at 877.261.4750 and we'd love to speak with you.
Anonymous   |     |   Comment #9
Why are limits the issue when authorization should be the criteria?  If ACH transactions are authorized in the first place...which you all do NOT do then everything is in order.  Verify the person from the get-go!  This is not to protect the customer but impedes customers for the benefit of the bank.  The customer may have the same recourse even if below the threshold!
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