IncredibleBank, the internet division of Wisconsin-based River Valley Bank, has raised the rate by 14 bps on its High Yield Savings account to 2.02% APY on balances of $25k+; the rate for balances of less than $25k did not change, remaining at 1.21% APY. The High Yield Savings account can be opened with a $2.5k minimum deposit.
|2.02*%||$25k||-||Incredible Bank||Incredible Savings|
|OTHER TIERS: 1.21% → Up to $25k|
In the past six months, the High Yield Savings APY has gained a total of 47 bps in five rate increases.
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 changed its bank-to-bank ACH transfer service in early 2018, with both the dollar amount and the number of transfers being 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.
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 5.48% (excellent), based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $53.28 million, an excellent annual growth rate of 5.55%. Please refer to our financial overview of IncredibleBank/River Valley Bank (FDIC Certificate #19772) for more details.
Founded in 1967, River Valley Bank (RVB) is currently Wisconsin’s 13th largest bank with assets in excess of $1.3 billion. Guided by his “commitment to digital initiatives,” RVB president, Todd Nagel, led the Bank’s expansion into internet banking, with IncredibleBank opening its virtual doors in 2009. According to RVB’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 fourth, regardless of minimum deposit.
|Interest Rate||Account Name||Credit Union/Bank|
|2.25% APY||MySavings Account (no min)||MySavingsDirect|
|2.10% APY||High Yield Online Savings (no min)||Vio Bank|
|2.05% APY||High Rate Online Savings ($100 min)||Bank 7|
|2.02% APY||High Yield Savings ($25k min)||IncredibleBank|
The above rates are accurate as of 9/6/2018.
Searching for the best Savings account rates, either nationwide or state specific? Please refer to our Savings Account Rates Table page.