IncredibleBank, the internet division of River Valley Bank (Wisconsin), increased the top-tier rate of its High Yield Savings account to 1.55% APY. This top-tier rate now applies to balances of $25k and above. This is a big improvement to what IncredibleBank introduced in early October when the top-tier rate of 1.41% APY required a minimum balance of $250k. The rate for smaller balances remains the same (1.21% APY for balances under $25k).
|1.55*%||$25k||-||Incredible Bank||Incredible Savings|
|OTHER TIERS: 1.21% → Up to $25k|
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 continues to be a minimum opening deposit of $2,500. However, once you open the account, a $2,500 balance does not need to be maintained to qualify for the bottom-tier rate. When the rates and tiers changed in October, a minimum $2,500 balance was required to earn interest. There continues to be no monthly maintenance fee. IncredibleBank used to charge a $15 monthly maintenance fee when the balance fell below $2,500.
Beware of a Few 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 $30 fee for wire transfers (outgoing domestic).
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.
IncredibleBank’s CDs have also recently become very competitive. I reviewed these last week (see blog post).
|2.07%||$1k||-||Incredible Bank||36 Month IB CD|
|1.87%||$1k||-||Incredible Bank||24 Month IB CD|
|1.72%||$1k||-||Incredible Bank||12 Month IB CD|
No-Interest Free Checking Account
IncredibleBank opened in 2009 with one product, a high-yield checking account. At that time, the rate was comparable to the rates of top internet savings accounts. Recently, IncredibleBank stopped offering an interest checking account. The only checking account it now offers is a free checking account that does not pay interest. IncredibleBank also stopped offering a personal money market account. The only money market account now available is a business money market account. For high rates on personal liquid accounts, the focus now appears to be on the High Yield Savings Account.
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.
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.
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 High Yield Savings Account Compares
When compared to 206 savings accounts and 180 money market accounts tracked by DepositAccounts.com that are available nationally, IncredibleBank’s High Yield Savings Account top-tier APY currently ranks first.
|Interest Rate||Account Name||Credit Union/Bank|
|1.55% APY||IncredibleBank High Yield Savings ($25k min)||IncredibleBank|
|1.50% APY||Ultimate Money Market ($25k min)||Northpointe Bank|
|1.50% APY||Dollar Savings Account (no min)||DollarSavingsDirect|
|1.50% APY||eOne Savings - new accounts only (no min)||Salem Five Direct|
The above rates are accurate as of 11/21/2017.
To review the top Savings and Money Market rates, both nationwide and state specific, please refer to our Savings Account rates table and Money Market Account rates table. To find the best accounts in your area, please refer to our new Rates Map page.