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Incredible Bank Reviews

Average Rating:
Based on 23 reviews

Incredible Bank Savings Account Features

Posted by: stnglee | Jul 11, 2016

Incredible Bank Savings Account Summary

Account Type: Savings Account
Rate: 1.17% APY
Availability: Nationwide
Expiration Date: None
Soft/Hard Pull: Soft pull
Direct Deposit Requirement: None
Additional Requirements:
You must open the account with $2,500 minimum funding requirement.
Monthly Fee: There must be a minimum of $2,500 in your account to waive the $15.00 monthly fee
Early Termination Fee: There is a $10 fee if the account is closed within 90 days
Service charge of $10.00 will be charged for each debit over six (6) during any month.
Incredible Bank Savings Account Features:
Earn 1.17% APY on balances up to $249,999.99
$2,500 minimum deposit to open an account
Free online, mobile and text banking
Direct deposit available with Bank-to-Bank transfer capabilities available after 60 days of account opening, per customer request.
FDIC insured to the maximum allowable limits ($250,000) per depositor.

To verify your identity and protect you from fraud, they will need a copy of your valid,
government-issued photo ID (such as your driver’s license photo image.)
Please scan and upload a copy of photo ID for each person on the account application by following the steps below:
Go to www.incrediblebank.com
Click on “Application Center” in the center of our homepage.
Under “Already have an application account,” enter your email address and log in with your Application Center password.
Select “Upload a document.”
Follow the instructions on the screens to upload your ID.

you have to sign up for electronic statements, the only way your account will go back to paper statements and get a statement fee of $5.00
if you do not log into your online banking for 9 months - after 9 months you will go back to paper statements and get a fee of $5.00
You can at least log in once a month and that will keep everything active for you

How to Initiate ACH bank-to-bank transfers?
You can contact your external financial institution to initiate transfers.

When can I get Bank-to-Bank transfer capabilities on my Incredible Savings account?
Bank-to-Bank transfer capabilities will be available per request after 60 days of account opening.
You will need to contact us in order to activate this feature on your account.
These would only apply when initiating through your online banking - not through an external institution.

What are the Bank-to-Bank transfer limits?
A maximum of three inbound transfers per day, not exceeding a total of $50,000
A maximum of three outbound transfers per day, not exceeding a total of $10,000
(See excess item service charge question above for potential fee that may apply)
These would only apply when initiating through your online banking - not through an external institution

* Rate and APY accurate as of April 30, 2016. Rate is variable and is subject to change without prior notice.

** An interest rate of .05% will be paid only for that portion of your daily balance that is greater than $249,999.99.
The APY for this tier will range from 1.17% to 0.33%, depending on the balance in the account.
A maintenance fee of $15 will apply if the average collected balance of the account falls below $2500.00 any day of the month.
No monthly maintenance fee if enrolled in e-statements and average collected balance is more than $2,500.00 during the statement cycle.
A $5 paper statement fee will apply if the account is not enrolled in e-statements through Online Banking. (See schedule of fees for more information).
Fees may reduce earnings. An excess item service charge of $10.00 will be charged for each debit over six (6) during any month of the following types: withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer,or telephone order or instruction, computer transfer, or similar order to a third party.

Great Customer Service

I have been reading some of the reviewers who are unhappy with Incredible Bank...don't understand so many poor reviews i.e not being able to transfer more than $10,000- at a time, (there isn't a bank that allows this without some type of penalty), poor customer service (don't know who these people dealing with but I have never had a poor customer service person to deal with), and lowering rates (well try getting a better rate somewhere else and you will find even lower rates). As you can see by my review I am a very happy customer and would give 4 stars except I have had a few problems with the interbank transfer process...not that big of a deal if I plan ahead...but couldn't give 5 stars:-(

They Have A Limit Of $10K Per ACH Transfer

Posted by: mohan2008 | Nov 14, 2013

They have a limit of $10K per ACH transfer for money market, which is painful if you wish to transfer large amount of money out of this bank. And the rates are not that good anymore.

Was OK, Until...

Posted by: adamo010 | Jun 17, 2013

I didn't login for about 12 months.  Had $5K there.  They then levied a $15 paper statement fee on me because they automatically converted me back to paper statements (from e-statements) as I hadn't logged in.  But .. I've been downloading transactions to Quicken for some time.

Called them up, and they refused to waive the fee.

Frankly not at all what I want in a financial institution.  There are many online banks and I recommend folks put their money at a bank that doesn't have customer unfriendly policies such as this.

Great Interest Rate Bad Online Banking - But Worth It!

Posted by: Jeffrey_83 | May 8, 2013

Yeah it's def a random bank with horrible online banking (obviously it's not Wells, BoA, Chase, etc).  But, you get what? 10x or 20x the interest rate on a check account than with the big guys.  It's a great place to park some cash if you are saving up for a short-term big purchase (ie house, car, etc.).  

Horrendous Website, Worse Service, Straight Up Theft From Account

Posted by: sdr984 | Apr 19, 2013

I should have realized what I was getting into when I first saw their abnoxious flash animated landing page.  The bank is about as professional as their website (i.e. not at all).  It was a pain setting up the account and even worse just getting ahold of an ATM card.  I finally got it and things went ok for a while, but then they charged me $15 for not signing in for 6 months.  They are also starting to charge $15 for not maintaining a $300 balance.  I spoke to Bhabaika on the phone and she was incredibly rude and unhelpful.  I would recommend you stay far far away from this account as they WILL try to steal your money.

Most User Unfriendly Website I Have EVER Encountered

I am an existing customer of IB.  I wanted to open another account at IB.  Rather than being able to apply after I logged into my existing account, I was sent to a brand new applicatiion site.  There, I was asked for my email address and then I was asked two security questions.  One of the questions was for my shoe size.  I had never set up this security question before.  It finally gave me two questions that had been set up and I answered those and got to the next step.  It wanted my PW, which was rejected.  It does not accept the PW that you have on your existing account.  Yes, that is correct.  Somehow, this system expects you to have a PW even though you haven't set one up.  The CSR gave me a temporary PW and I got to the next page.  Next, they wanted me to choose and answer FIVE security questions.  I also had to select a new security image AND a new security phrase.  Keep in mind, this is just an application for a second account at a bank where I have had an existing account for years.  Once the new account is opened, I'll never have ANY reason to use the application process again.  They could not give me any valid reason why the secondary account application cannot be iniated through the login for my existing account.  It Is Just An Appication.

When I provided detailed examples as to why this is the most User Unfriendly Website - banking or otherwise - that I have ever used, the only response I got was, "I understand".

With no notification, they eliminated my existing online account because I had not logged on recently enough.  If I have no need to log on, why should I log on?  Rather than send me an email telling me that I needed to log on to keep from being dropped, they sent me a paper statement along with a FIFTEEN DOLLAR SERVICE CHARGE.  

For some reason, they will not send you a messgage through email.  They send you a notification.  Then you have to log on to your IB account to see the message.  Even if the message contains absolutely no sensitive information, you have to log onto their system just to read it.

I am speculating that lawyers have overruled any consideration towards common sense user friendliness in order to reduce their liability if your account is hacked.  Which suggests to me that if your account is hacked, this bank will do everything legally possible to avoid reimbursing your account.  

I expect banks to have rigorous security on their websites.  I am used to it.  What IB does is way beyond any measure of common sense or actual need.  If you suffer paranoia, this website may be exactly what you want.

Incredible Bank, It's Incredibly Difficult To Deal With

Posted by: soup2nuts | Sep 18, 2012

How many banks and financial institutions do we all deal with in our lives?  Alot.  Well "incredible" makes it easy to accept your money, but try to get a redemption and you will spend several frustrating emails, phone calls and faxes before they can redeem a CD when in matures.  They must have experienced a large amount of fraud because it's a challenge to conduct what is normal business with other banks.  Ever been through a TSA checkpoint at an airport, done everything they asked and still almost missed your flight?  Welcome to incredible.  I would have to say, unless you are receiving a significantly above normal rate on your money, avoid this bank.

Don't You Wish That Your Bank Was More Like A Gym?

Posted by: Anonymous | Sep 14, 2012

Perhaps they are taking their muscle man logo too seriously. Keep in mind, all the links on their website are hidden under nonsensical "themed" phrases like "Which way to the gym?" and "I pulled something!" (that, obviously, is the "contact us" link).

I recently tried to redeem my CD with them and there were a ton of hoops to jump through. First, the CD Redemption form is on their main webpage at the bottom, but not linked to from your account. Nor is there any explanation when you are logged in how to redeem your CD. That's fine, I called the "I pulled something!" hotline and was told where to find it.

Then you need the account number, which is also not available through the online banking system. Fine. So I call them and ask for it and they say they can't tell it to me over the phone but they can send it to me. I ask them to send it to my email, and they don't. I call back and ask again, and they send it as a message to my online bank account.

Note that their redemption form has vaguely threatening language that if you don't submit it in the way they request, you might not get your money back. And that you have to set up a new account at a secure email site to send it to them...even though they will not use that secure email to respond to you!

Really, Incredible Bank should be commended - working with them takes a huge amount of time and effort and leaves me feeling exhausted with little to show for it. Just like going to a gym!


Posted by: Anonymous | Jul 13, 2012

The online system was hard to use. Every time I tried to add a new payment, the system would time out and a screen popped up telling me if it was a recurring error to contact their customer support. When I called for customer support, the representative I got was not helpful at all. First, it was hard to understand her through her thick accent, and then she was accusatory, implying that it was MY fault that it was not working properly. When I asked her why it took a WEEK to transfer money from my Incredible Bank account back to my brick and mortar bank, she said it was because I had set it up that way. I followed the online process to set up my account, if it was set up in a way that took forever to get money into my other account, then that was their default setting. I will be closing this account as soon as I can move my money out of it, which will be in a week. Ridiculous!!

Unusable Online Banking Interface, Unexpected Changes In Service With High Fees

Lured by the relatively high interest rate, I opened an Incredible Bank account last year.  The idea was to use it for holding a 'rainy day fund' linked to my main checking account.

Once I signed up, the online banking interface immediately made me a little suspicious.  It is clumsy and ugly and unpolished compared to every other online service I currently use.  It looks like a throwback to the 1990's.

I was further put off by the difficulty of actually linking the accounts.  I had never had any trouble linking my checking account to accounts at other banks, so I can only assume the problem was with Incredible Bank.

The final straw was the surprise of receiving an old-fashioned paper statement (in typewriter font), and seeing that the bank had charged me $15 for it.  I called and was told that my account had reverted to 'offline banking' because I had not logged in for two months.  The representative said she would only give me a partial refund, but that was 2 days ago and I still do not see it in my online transaction history.

Overall, Incredible Bank is an incredibly shoddy outfit.  Not worth the tiny extra amount of interest at all.

Very Happy With Incredible

Posted by: Rob_XXYY | Jan 20, 2012

My experience with Incredible bank for the past year has been terrific.

When I called the 1st time - a real person (Cindy) answered after just one ring. I've called a few times, and I always got a helpful person quickly. They also answered my emails quickly and acurately too.

They made it very clear when I called (and in follow-up emails) that I needed to signup for electronic statements to avoid the fee for paper statements - and it was fairly easy to do. If confused, just call and they will walk you thru it.

One strange thing: their "checking" account does not have checks. That is, you cannot write a personal check on the account. You can use their bill pay service to send a check (or electronic payment) but paper checks that you fill in by hand are not allowed - so this cannot be your primary checking account. They also do ACH transfers that can be entered online, but I had to first call and ask for the online ACH feature to be enabled (once enabled - it stays enabled).

Great rates (well - relative to other banks in these really low interest rate times) and excellent customer service.

Highly recommended.




Incrediblebank - An Incredible SCAM!

Posted by: urhak | Oct 14, 2011

I was hoping to get a decent interest on my $5000 deposit, i.e. somethng like 1.16% per year. Wow! IncredibleBank gave me $4.77 interest and applied $15 per month fee for the paper statement that I received in the mail but never requested. Every month that I had my money at the IncredibleScamBank, I lost part of it. Of course, that $15 fee was probably mentioned somewhere in their fine print. Of course, they a legit to do that scam and I am supposed to be smart enough not to deposit my money with this "incredible" offer. I then wanted to get my remaing money out of the inccredible hole as soon as possible... Not so easy! Still working on it. Do yourself a favor and don't waste your time and money on this too incredible bank.

Exorbitant Fees, Difficult To Reach...

Posted by: dwill | Mar 9, 2011

The only upside to Incredible Bank is a marginally higher interest rate.

Unfortunately, this is eclipsed by a lot of other factors. Exorbitant fees, the bank is difficult to reach when you have issues, worst of all when you do reach a human being, nobody ever knows how to solve your problem or who to ask to get your issues fixed.

I should've known better than to start an account at a bank whose web page makes grunting noises.

I feel much better after transferring my money to a larger, more competant bank.

Rate Change

Posted by: cdthompso1 | Mar 4, 2011

I have received notice that, as of March 4, 2011, Incredible's checking account rate will be lowered to 1.21% APY. 

REVISED: Incrediblebank Interest Rate Info

Posted by: 2Tall | Aug 20, 2010

Online checking account rate will be adjusted to 1.42% APY as of August 20, 2010.

On-Line Setup

Posted by: DL10010 | Jun 16, 2010

Had a great experience setting up online CD.  One glitch when doing fund verification process, but all else went smoothly.  Recommend speaking with Bhawika Bhakta who is responsible for the online banking if any issues.  The bank was very responsive and speedy in the account setup process compared to other banks.

I've Tried To Open An Account 3 Times

Posted by: Anonymous | Apr 19, 2010

I've tried to open an account 3 times.  Major headache with the online application.  Get to the funding page and it won't go forward.  Also impossible to cancel out of adding a beneficiary.  Called them and they say they have problems, not sure why.  Tried in both Mozilla and IE.  Doesn't look like it is possible for me to open an account.. very strange indeed... good luck.. R

Checks Are Free To Send If You Do It With The Bill Pay Feature

Posted by: Quovatis | Apr 12, 2010

Checks are free to send if you do it with the bill pay feature.  Just set it up to pay an individual or business and the check is sent to them in the mail for free.  The money doesn't come out of your account until they cash the check.