IncredibleBank Increases Rate On Savings Account


Deal Summary: Savings Account, 1.21% APY on all balances

Availability: Nationwide

IncredibleBank, the internet division of River Valley Bank (Wisconsin), recently increased the rate of its Incredible Savings account by 10 basis points to 1.21% APY. This is the highest rate since the Incredible Savings account was introduced in December 2014. There was a 9-month period from 2015 to 2016 when the APY was 1.17%.

1.21%--Incredible BankIncredible Savings
Accounts mentioned in this post. Rates as of September 26, 2017.

The Incredible Savings Account earns 1.21% APY on all balances. There used to be a cap of $250k, but now there is no stated balance cap. There is no minimum to qualify for this APY. However, you must deposit $2,500 to open the account, and there is a monthly maintenance fee of $15 anytime the balance falls below $2,500.

In addition to the maintenance fee, there’s a $5 fee if you receive paper statements rather than e-statements (This used to be $15.) So it’s important that you enroll in e-statements. You could also be hit with this fee if your account is inactive. According to the fee schedule:

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.

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

To view the fee schedule and the Truth in Savings Disclosure, start the online application by clicking on the “open an account” button on any page of IncredibleBank’s website. The second page of the application includes links to this important documentation.

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. Another issue is that there are small dollar limitations on how much can be transferred. This is specified at IncredibleBank’s Savings Account 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.

Thanks to DA reader zz for posting on this rate increase in the DA Forum.


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.

Bank Overview

IncredibleBank is the internet division of River Valley Bank of Wausau, Wisconsin (FDIC Certificate # 19772). IncredibleBank/River Valley Bank has an overall health rating of "A" at, with a Texas Ratio of 9.27% (excellent), as of December 31, 2016. In the past year, IncredibleBank/River Valley Bank has increased its total non-brokered deposits by $54.85 Million, an excellent annual growth rate 6.31%. Please refer to our financial overview of IncredibleBank/River Valley Bank for more details.

How the Savings Account Compares

IncredibleBank’s savings account would have been in third place for the top nationally available savings accounts, but we have a savings account newcomer (more on this in an upcoming post). It’s now in fourth place, just under PurePoint Financial and Dollar Savings Direct. Both are tied with a 1.25% APY. Below is the listing of the top four nationally available savings accounts:

The above rates are accurate as of 5/2/2017.

To review the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account rates table, or our Rates Map page.

Related Pages: savings accounts, nationwide deals, Internet banks

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