Incredible Bank: No Longer Incredible, But Still Competitive

Incredible Bank opened its online doors with a 2.02% APY on its free checking account, and equally incredible rates on a 1-year CD. That CD is no longer offered, but the bank still offers impressive but not incredible rates on its free checking account.


Best Cash Cow readers were first introduced to Incredible Bank in late 2009. The bank is an online division of River Valley Bank, located in Wausau, WI. At the time of the review in November 2009, Incredible Bank was offering a 2.02% APY on its free checking account for balances up to $250,000. In June 2010, the bank also offered a 12-month CD with a 1-year APY of 2.00%. As of today, the bank is no longer accepting new CD applications and the interest rate on the checking account fell to 1.53% APY. The interest rate in the checking account still remains one of the best around, however.
Mobile banking, online bill pay, and ATM transactions are free. E-statements are required if you don’t want to incur fees, as paper statements will cost you $15.00 per month. Prospective customers should be aware the bank pulls a copy of your credit report before it will open an account for you and the bank requires a minimum $1,000 deposit to open an account. Amounts over $250,001 only earn 1.00% APY and, as a reminder, amounts over $250,000 are not FDIC insured.  
The dropping interest rate and the fact that the bank stopped accepting applications for CDs only two weeks after its initial offering makes you question how long the APY offer on the checking account will stay around. However, in an economy where some of the best savings account rates only pay 2.00%, a checking account that pays 1.53% is still a great deal. This is not a “rewards” checking account, and there are no monthly requires you have to meet for the interest rate. The parent company, River Valley Bank, has been around since the late 1960’s and has 18 branches in the Midwest. As of March 31, 2010 gives River Valley Bank a four-star rating  and a neutral predictive indicator. Deposits up to $250,000 at both River Valley Bank and Incredible Bank are FDIC insured.  

For the best information on savings account rates click the "Savings" tab above, or for the best information debit-card rewards click on "Checking".

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