IncredibleBank Savings Account Moves Up To 1.88% APY ($25k+)

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Deal Summary: High Yield Savings, 1.88% APY ($25k+), 1.21% APY (less than $25k), $2.5k minimum opening deposit.

Availability: Nationwide (internet bank)

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.88*%$25k-Incredible BankIncredible Savings
OTHER TIERS: 1.21% Up to $25k
Rates as of July 15, 2018.

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.

Availability

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.

Bank Overview

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 RateAccount NameCredit Union/Bank
2.05% APYUltimate Savings ($25k min)Northpointe Bank
1.90% APYOnline Savings ($10k min)PurePoint Financial
1.88% APYHigh 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.

Related Pages: savings accounts, nationwide deals, Internet banks

Comments
IncredibleBank Ups High Yield Savings Rate
Deal Summary: High Yield Savings, 1.82% APY ($25k+), 1.21% APY (less than $25k), $2.5k minimum opening deposit. IB CDs – 12-month (2.11% APY), 24-month (2.42% APY), 36-month (2.52% APY), $1k minimum deposit.

Availability: Nationwide (internet bank)

Yesterday, IncredibleBank, the internet division of Wisconsin-based River Valley Bank, raised the rate on its High Yield Savings account to 1.82% APY on balances of $25k+; balances less than $25k still earn 1.21% APY. The minimum opening deposit is $2.5k, but there is no minimum balance required to earn the...

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Yesterday, IncredibleBank raised the rate on its Incredible Savings account to 1.76% APY for balances of $25k+; balances below $25k continue to earn 1.21% APY. The Incredible Savings account can be opened with a minimum deposit of $2.5k.

IncredibleBank restructured its Incredible Savings account in October 2017 by introducing an additional rate tier. At first the rate tier was set at $250k, but in November, it was reduced to $25k. While the bottom-tier APY...

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Availability: Nationwide, internet only

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).

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Last spring, I noted that IncredibleBank, the internet division of River Valley Bank (Wisconsin), had raised the rates on its short-term CDs. The higher rates were certainly welcomed, but the resulting APYs weren’t that competitive. Those short-term CDs are no longer available, but IncredibleBank introduced three IB CDs in their stead in early October. The initial APYs weren’t very “incredible,” but those rates were raised at the...

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IncredibleBank Up Savings Account Rate
Deal Summary: IncredibleBank Savings, 1.41% APY ($250k+), 1.21% APY ($2.5k+)

Availability: Nationwide, internet only

Five months ago, IncredibleBank, the internet division of River Valley Bank (Wisconsin), added 10 bps to its Savings account rate, resulting in a 1.21% APY on balances of $2.5k and above. IncredibleBank has just introduced an additional rate tier (1.41% APY) for balances of $250k+.

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...

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