Incredible Bank is becoming more incredible with their recent changes to their CD rates. Made popular for its attractive no-frills high-yield interest checking account, the bank is introducing a higher 12-Month CD rate as well as a new 18-Month CD that’s also offering a competitive return.
Incredible Bank’s Incredible Checking account has always been the more popular product because it was offering a 1.35% APY that’s been more appealing than many of the leading 12-month CD rates.
As of 2/10/11, Incredible Bank is giving customers more options to flex their savings by offering the following products:
- 12-Month CD earning 1.45% APY
- 18-Month CD earning 1.55% APY
Previously, Incredible Bank only offered two products, its Incredible Checking account and a 12-Month CD that was paying 1.30% APY (the 18-Month CD did not exist). The CD seemed unattractive compared to the interest checking account and the CD rates offered by other banks.
The new rate is a 0.15% increase that boosts the 12-Month CD into the realm among the best CD rates currently available. Also, the 18-Month CD was launched will a very enticing rate as well.
Compared to Other CD Rates
Here’s how the Incredible Bank CD rates compare to those leading the charts on MyBankTracker.com:
|CD Term||Bank||APY (as of 2/14/11)||Minimum balance to earn APY|
|12 months||Incredible Bank||1.45%||$10,000|
|12 months||Bank of Internet||1.31%||$1,000|
|18 months||Incredible Bank||1.55%||$10,000|
|18 months||Aurora Bank||1.40%||$5,000|
While the CD rates from Incredible Bank are very impressive, the required minimum balance and steep early withdrawal penalty may make the CDs less appealing. The minimum balance to earn the stated APY is $10,000 and the early withdrawal penalty for their CDs is 6 months of interest.
Incredible Bank, an online division of River Valley Bank, offers accounts to all customers nationwide and can be opened online.
To find and compare more CD products available, visit the CD rates page.