Incredible Bank takes a unique, fitness approach to your savings goals. With only two financial products, a high-yield interest checking account and a certificate of deposit (CD), Incredible Bank offers very attractive rates to bulk up your finances.
The Incredible Bank
Incredible Bank is an Internet-only division of the Wisconsin-based River Valley Bank that was launched in November 2009. The bank portrays the financially fit movement through terms one would typically hear at the gym.
Since its inception, the bank has garnered much attention for it’s Incredible Checking account paying a 2.02% APY. The rate cuts by the Federal Reserve have led to a drop of this APY to its current rate of 1.35% APY, but it has remained consistently competitive.
Two products are offered at Incredible bank:
- Balances of $0 – $250,001 earns 1.35% APY.
- Balances of $250,001 and more earns 0.80% APY.
- $1,000 minimum opening deposit.
- No monthly fees.
- Online and mobile banking
- Free debit card
- Up to 3 ATM fees reimbursed per day with a $500 daily limit.
- 1.30% APY
- $10,000 minimum opening deposit.
- $10,000 minimum balance to earn APY.
- $90,000 maximum allowed to be invested in Incredible Bank CDs.
- Early withdrawal penalty of 6 month’s interest.
Incredible Bank: What’s so Incredible?
The most attractive product from Incredible Bank continues to be the Incredible Checking account.
Most savings accounts from other popular online banks do not currently offer returns that can top the 1.35% APY from Incredible Checking. This account can serve as a great savings account and also provide standard checking features. Unlike many high-yield interest checking accounts, Incredible Checking doesn’t require large account balances to earn a competitive rate. Their stellar rate is available even if you have $1 in your account (although you still need $1,000 to open an account).
At MyBankTracker.com, Ally and ING Direct received many reviews regarding Ally’s Interest Checking and ING Direct’s Electric Orange Checking accounts. Here’s how their highest interest checking rates and terms compare with Incredible Checking:
|Bank||Product||Highest APY available (as of 1/19/11)||Balance required to earn APY||Offer link|
|Incredible Bank||Incredible Checking||1.35%||$0-$250,000||View offer|
|Ally Bank||Interest Checking||1.05%||$15,000 or more||View offer|
|ING Direct||Electric Orange Checking||1.25%||$100,000||View offer|
While the 12-month Incredible Bank CD rate at 1.30% APY is still a relatively competitive yield, the $10,000 minimum opening deposit makes it quite unappealing when compared to CDs from banks such Sallie Mae Bank and Ally, which don’t have minimum balance requirements.
|Bank||Product||Highest APY available (as of 1/19/11)||Balance required to earn APY||Offer link||Bank||CD Term||APY (as of 1/19/11)||Minimum to earn APY||Offer link|
|Incredible Bank||Incredible Checking||1.35%||$0-$250,000||View offer||Incredible Bank||12 months||1.30%||$10,000||View offer|
|Ally Bank||Interest Checking||1.05%||$15,000 or more||View offer||Sallie Mae Bank||12 months||1.30%||$0||View offer|
|ING Direct||Electric Orange Checking||1.25%||$100,000||View offer||Ally Bank||12 months||1.29%||$0||View offer|
Overall, the Incredible Checking account is the more notable product from Incredible Bank because of its high APY and low balance requirements. The rates are still subject to change as they’ve fallen considerably since Incredible Bank’s inception but River Valley Bank, the parent of Incredible Bank, currently exhibits good bank health according to MyBankTracker.com’s Bank Health meter.
Are you currently an account holder at Incredible Bank? Review Incredible Bank here at MyBankTracker.com and share you experiences!
*All rates stated as of 1/19/11.