IncredibleBank raised the rate on its High Yield Savings account yesterday to 2.20% APY on balances of $25k+; balances of less than $25k still earn 1.21% APY. The minimum opening deposit is $2.5k
Since the time IncredibleBank opened its virtual doors for business in 2009, the Bank has offered competitive rates. The High Yield Savings made its debut in late 2014 with an initial 1.07% APY, which was considered competitive at the time. Since November 2017, the High Yield Savings APY has gained a total of 79 bps in seven rate increases. The new 2.20% APY is obviously not an outstanding rate, but for most of the past year, the High Yield Savings APY has been near or at the top of the nationally offered savings rates.
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 nearly a year ago, 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.
Earlier this year, Incredible Bank substantially increased the number of linked accounts allowed from three to ten. New customers used to be subject to a 60-day waiting period before bank-to-bank ACH transfers could to be enabled. Good new – transfers can now begin as soon as online banking is established.
Thanks to DA reader, zz, for the Forum post about the new High Yield Savings rate.
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 Wisconsin-based 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 10.05% (excellent), based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $106.77 million, an excellent annual growth rate of 11.34%. 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 upper tier APY currently ranks sixth, regardless of minimum deposit.
The above rates are accurate as of 12/14/2018.
Searching for the best Savings account rates, either nationwide or state specific? Please refer to our Savings Account Rates Table page.