New Top Savings Account Rate at IncredibleBank


Deal Summary: IncredibleBank Savings, 1.55% APY ($25k+), 1.21% APY (under $25k)

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).

1.55*%$25k-Incredible BankIncredible Savings
OTHER TIERS: 1.21% Up to $25k
Accounts mentioned in this post. Rates as of December 16, 2017.

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 CDs

IncredibleBank’s CDs have also recently become very competitive. I reviewed these last week (see blog post).

2.07%$1k-Incredible Bank36 Month IB CD
1.87%$1k-Incredible Bank24 Month IB CD
1.72%$1k-Incredible Bank12 Month IB CD
Accounts mentioned in this post. Rates as of December 16, 2017.

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.

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 "B+" at, 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 that are available nationally, IncredibleBank’s High Yield Savings Account top-tier APY currently ranks first.

Interest RateAccount NameCredit Union/Bank
1.55% APYIncredibleBank High Yield Savings ($25k min)IncredibleBank
1.50% APYUltimate Money Market ($25k min)Northpointe Bank
1.50% APYDollar Savings Account (no min)DollarSavingsDirect
1.50% APYeOne 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.

Related Pages: savings accounts, nationwide deals, Internet banks

ghkf   |     |   Comment #1
Tried to open a similar account a while ago. Got several confusing emails, some from hackers apparently, each day about ignoring computer problems if something seemed out of line .Service rep could not explain them to me--some headed Riverbank as well as Incredible. Beware. ( Was consumer financial protection officer, US Gov. in a past part of life.)
incrediblebank   |     |   Comment #9
Thanks for commenting, ghkf! Some of our notifications come out directly from our parent company (River Valley Bank), which we realize can be unexpected for some customers. We'd appreciate the chance to sort out any questions you have about communications from us. Please give us a call at 877-261-4750 and ask for Ellie, or call 715-348-1450 to reach her directly. Thanks!
midas89   |     |   Comment #2
I have been with Incredible Bank from the beginning. I never had any problems with them. (Their Bill Pay Service is quite good.) I am so glad they not only raised the Savings Account rate to 1.55% APY, but also greatly lowered the minimum amount to get that rate.
deplorable 1
deplorable 1   |     |   Comment #3
This is the highest interest rate on liquid savings. It seems like you have to wait 60 days to link account for external transfers but does anyone know how many external transfer accounts are allowed? Also how long does it take for ACH transfers to complete?
midas89   |     |   Comment #4
I currently have 2 external transfer accounts linked. And on the page to add those ACH accounts, there is no mention of any limits on how many can be added.

Because Incredible Bank only allows $10,000 maximum to be ACH'd out per day when initiated from Incredible, I typically do the ACH transfer from the outside bank, which has higher limits. So, I am not knowledgeable on the time frames for transfers initiated from Incredible.
deplorable 1
deplorable 1   |     |   Comment #6
Thanks Midas89! This looks pretty good if you can link at least a few banks. Some of the high yield accounts I have had only let you link one account for ACH transfers which can be a pain for accessing funds quickly.
midas89   |     |   Comment #7
You're welcome, Deplorable1. I just put in for a 3rd external bank, and it currently says "pending" as the verification deposit has to be completed. When I was finished setting up the 3rd external bank, a screen did pop up that said I have hit the maximum allowed. So, it could be 3 external banks is the limit.

Remember, since I have been an Incredible Bank customer since January 2011, and had already set up external accounts a long time ago, those were immediately available to use for my new Savings account. As you know, Incredible Bank requires a 60-day waiting period for new customers before they'll allow external banks to be set up.
user8989   |     |   Comment #8
One can 'push' more than 10K a day by using their online bill pay. It gives you the option of selecting a recipient with an account/routing number. Funds appear in the payee's account the following day.
zjts   |     |   Comment #10
3 is the max for external transfer accounts linked
Rickny   |     |   Comment #5
I can only speak for myself but a while back had accounts with them and had nothing but problems opening the accounts and keeping away from fees. Customer service was poor. I found them to be a small operation. I'll stick with Dollardirect at 1.5% on their savings account.
IncredibleBank Raises 12-Month IB CD Rate
Deal Summary: IB CDs – 12-month (1.72% APY), 24-month (1.87% APY), 36-month (2.06% APY), $1k minimum deposit.

Availability: Nationwide, internet only

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...

Continue Reading
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...

Continue Reading
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%.

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...

Continue Reading
IncredibleBank Raises Rate On Incredible Savings - Nationwide
Availability: Nationwide, internet only

In December 2014, IncredibleBank, the internet division of River Valley Bank (Wisconsin), introduced its Incredible Savings account, which at the time earned 1.07% APY. At the end of last week, IncredibleBank raised the rate to 1.17% APY on all balances up to $250K.

I wrote about the Incredible Savings account ten months ago and with the advent of a new rate, I thought it would be worth taking another look at the account.

The Incredible Savings account is very similar to the Incredible Money Market account,...

Continue Reading
IncredibleBank Launches a New Top-Rate Savings Account

The internet division of River Valley Bank (Wisconsin), IncredibleBank has recently introduced a new savings account, and it has a very competitive rate (1.07% APY). This rate applies to all balances up to $250K. There’s a minimum initial deposit of $2,500. A monthly maintenance fee of $15 applies for balances under $2,500. Thanks to DA member zz who reported this news in the DA forum.

IncredibleBank’s savings account appears to be very similar to the bank’s money market account which continues to have a 0.95% APY for balances up to $250K....

Continue Reading

More Past Offers