Incredible Bank is now offering a new money market account that can earn up to 1.25% APY on balances from $100,001 to $250,000.
Incredible Bank, the online division of River Valley Bank, recently added the Incredible Money Market Account to its products. The highest rate attainable is 1.25% APY on balances from $100,001 to $250,000, which is a hefty sum to keep in a deposit account.
On balances $100,000 and under, the interest yield is still a competitive 1.15% APY.
The rates on the Incredible Money Market Account are as follows:
|Daily Balance||APY (as of 5/1/11)|
|$0 - $100,000||1.15%|
|$100,000 - $250,000||1.25%|
|$250,000 or more||0.80%|
There is a $10 maintenance fee when the average collected balance falls below $2,500 during the statement cycle – the greatest deterrent keeping small savers from opening an account. Another possible inconvenience is the lack of checks and a debit card.
Additionally, a $10 fee applies for each transaction that exceeds the federal limits of six withdrawals per month.
But, Incredible Bank has been shuffling its products as of late but it’s interest-bearing Incredible Checking account is still offering 1.21% APY on balances up to $250,001, which is a viable alternative to the money market account.
The Incredible Money Market Account would be a bad choice for anyone who cannot maintain a $2,500 average account balance because the $10 monthly fee will cut into the earnings, likely losing money.