Incredible Bank Offers High Yield Checking Account

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Incredible Bank is a new online bank that is offering a high yield checking account. While the rate is lower than most reward checking accounts, the account doesn't come with any of the transaction requirements of a reward checking account.

Incredible Bank is a new online bank that is offering a high yield checking account.  At the moment (November 25, 2009), the bank is paying 2.02% APY on its checking account for balances up to $250,000. Above $250,000, the rate is 1% APY. That's significantly lower than the rates on many reward checking accounts, but Incredible Bank doesn't have any transaction requirements - no minimum debit transactions, or direct deposits, or bill pay requirements.

Features of the account include:

  • A debit card.
  • ATM refunds. The website states that the fee will be assessed by the foreign ATM and then Incredible Bank will then refund up to 3 transactions per day.
  • Mobile banking.
  • e-statements
  • Bill Pay

These are all of the core elements of an online checking account.

Opening and Funding

Opening the account can be done online. The CSR on the phone told me that a hard pull will be done to a customer's credit file when opening the account to examine their credit history. As we've written before, one or two hard-pulls when opening an account won't normally impact your credit score much and isn't uncommon with a checking account.

Funding can be done via wire, ACH from another bank account,  via a debit or credit card or by check. The account can be funded on an ongoing basis by setting up direct deposit, attaching the account to another checking account at a different bank, or by mailing in checks. I supposed you could also continue to deposit money via a debit or credit card.

About Incredible Bank is an online division of River Valley Bank, an FDIC insured financial institution established in 1967. Accounts at are FDIC insured to the maximum allowable limits ($250,000) per depositor (deposits at Incrediblebank will be combined with any deposits you have at River Valley Bank for determining FDIC insurance coverage). River Valley Bank is located in Wassau, WI and has 4 out of 5 stars (Excellent) according to Bauer Financial. According to September 30, 2009 data, the bank has 274 employees, 18 branches in Michigan and Wisconsin,and $917 Million in assets.

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