IncredibleBank Review: Options for No Fees or Minimums
Breadth of Products
- Options for no maintenance fees
- Low minimum balances
- Zelle personal payment app
- Few branch locations for those who like to bank in person
IncredibleBank offers personal and business checking, savings, money market and CD accounts, credit cards and loans. The bank also provides banking services to businesses.
IncredibleBank began as River Valley Bank in 1967 in Rothschild, Wisconsin. It now has 15 brick-and-mortar locations in Wisconsin and the Upper Peninsula of Michigan. River Valley Bank opened IncredibleBank in 2009 as a national online community bank. The banks merged and are now known as IncredibleBank.
IncredibleBank’s breadth of products and competitive CD rates make it a worthy contender for your banking business. In fact, GOBankingRates rated IncredibleBank one of the Best Online Banks of 2021 as well as one of the Best CD Accounts of 2021, in its yearly rankings.
Here’s a look at IncredibleBank’s consumer banking products.
|Money Market Accounts||
IncredibleBank Checking Accounts
IncredibleBank offers a standard checking account called IncredibleBank Checking as well as a Checking Plus account. The standard account has no maintenance fee and no minimum balance, and you can open it with as little as $50. Checking Plus pays 0.05% APY, and the $10 monthly maintenance fee is waived with a minimum $10,000 average balance.
- Free checks with Checking Plus
- Options for no monthly maintenance fee
- Options for earning interest
- Low $50 minimum opening deposit and no minimum balance for the basic checking account
- Checking Plus pays 0.05% APY
- $10 monthly maintenance fee can be waived
- Free wire transfers with Checking Plus
- $10,000 average minimum balance required to waive monthly maintenance fee for Checking Plus
IncredibleBank Savings Accounts
IncredibleBank offers a basic savings account, plus a health saving account for customers with an eligible high-deductible health insurance plan. The basic savings account has no maintenance fee or minimum balance requirements, and you can open it with a $50 initial deposit.
- Accounts earn more interest the more you save:
- IncredibleBank Savings:
- Up to $999.99: 0.01% APY
- $1,000-$9,999.99: 0.03% APY
- $10,000 and above: 0.15% APY
- HSA Savings
- $1,000-$9,999.99: 0.05% APY
- $10,000-$24,999.99: 0.30% APY
- $25,000 and above: 0.65% APY
- IncredibleBank Savings:
- Save pre-tax funds with health savings account
- Earn interest on first dollar deposited
- Higher interest as account grows
- Health savings deposits reduce taxable income, can be used for qualified medical expenses
- No interest on health savings account balances below $1,000
IncredibleBank Money Market Accounts
Money market accounts pay tiered interest according to the balance in the account — the higher the balance, the higher the interest rate. The rate can be changed by the bank at any time on IncredibleBank’s money market accounts.
- Tiered interest rates
- Up to $9,999.99: 0.01% APY
- $10,000-$49,999.99: 0.15% APY
- $50,000-$149,999.99: 0.02% APY
- $150,000-$299,999.99: 0.25% APY
- $300,000 and above: 0.70%: APY
- $100 minimum opening deposit
- $10 monthly maintenance fee, waived with an average ledger balance of $5,000 for statement cycle
- Easy access to money with check writing
- Allows up to six withdrawals per month
- $10 monthly maintenance fee if your average balance is under $5,000
IncredibleBank CD Accounts
CDs provide a fixed rate of interest for a specified term. The longer the term, the more interest you earn. IncredibleBank offers higher CD rates than many other banks. In fact, GOBankingRates rated IncredibleBank as one of the Best CD Accounts of 2021. The CDs are also available as traditional or Roth individual retirement accounts.
- Interest rates increase as terms increase:
- 12-month CD: 0.25% APY
- 24-month CD: 0.40% APY
- 36-month CD: 0.50% APY
- 60-month CD: 0.80% APY
- $1,000 minimum opening deposit
- Risk-free savings
- Interest rates guaranteed for the term of the certificate
- Penalty may be imposed for withdrawing funds before maturity
Unless you live in Wisconsin or on Michigan’s Upper Peninsula, you’ll need to do your banking online if you want to be an IncredibleBank customer. With IncredibleBank’s robust online banking and highly rated mobile banking app, you’ll have all the tools to do so.
IncredibleBank has online banking and a mobile app, so you can see your balances, transfer funds between accounts, pay bills and even deposit checks, all from your computer or smartphone. You can also send money using Zelle and locate the nearest free MoneyPass ATM.
The mobile app is available in the App Store, where it has a rating of 4.8 stars, or from Google Play, where it’s rated at 4.7 stars.
Customer Service Number: 888-842-0221
Customer Service Hours:
- 7:30 a.m.-11 p.m. CST Monday through Friday
- 9 a.m. to 5 p.m. CST Saturday and Sunday
Routing Number: 075911742
Besides fees related to each specific account, banks may charge fees for other services, so you should compare fees when deciding which bank to choose. Here are some of the fees IncredibleBank customers can expect to pay — or try to avoid.
|Non-IncredibleBank ATM fee||$1|
|Overdraft sweep transaction (overdraft transfer)||$20|
|Overdrafts (returned or paid)||$34|
|Outgoing domestic wire transfer||$30|
|Outgoing foreign wire transfer $50||$50|
IncredibleBank vs. Competitors
If you’re looking for a new bank, it helps to consider which bank has the accounts and features you want. Here’s how IncredibleBank stacks up to the competition.
|IncredibleBank||Options for no fees, no minimums|
|Wells Fargo||Branches nationwide|
|Bank of America||Breadth of products|
|Ally Bank||Higher interest rates|
IncredibleBank Vs. Wells Fargo
Wells Fargo has 7,200 locations nationwide, so if you really need to do your banking in person, it’s a solid choice. IncredibleBank, on the other hand, has higher interest rates on savings accounts.
IncredibleBank vs. Bank of America
Bank of America offers a dizzying array of accounts, products and services, including investments and financial planning. IncredibleBank offers higher interest rates on lower balances.
IncredibleBank vs. Ally Bank
Ally Bank offers high interest rates on savings accounts, currently 0.50% APY on any size balance. But it’s an internet-only bank, so if you’re looking for a bank with brick-and-mortar branches, IncredibleBank is a better choice.
IncredibleBank combines the convenience of online banking with physical branches when you need them, as long as you are in Wisconsin or on Michigan’s Upper Peninsula. If you’re not, you can do everything you need to do online. Interest rates are solid, and the bank offers all the products and services that most people need.
If you keep a significant amount in your checking account, the Checking Plus account at IncredibleBank lets you earn interest on your balance. And as long as you maintain an average balance of $10,000 or more, there’s no monthly maintenance fee.
IncredibleBank FAQHere are answers to some of IncredibleBank’s more commonly asked questions.
- Who owns IncredibleBank?
- IncredibleBank is owned by River Valley Bancorporation (Wisconsin). Originally called River Valley Bank, the bank is now known as IncredibleBank.
- Is IncredibleBank FDIC-insured?
- Yes. IncredibleBank is a member of Federal Deposit Insurance Corp., and deposits are insured to the limit of $250,000 per depositor.
- Is IncredibleBank online only?
- No. IncredibleBank has 15 brick-and-mortar branch locations in Wisconsin and on the Upper Peninsula of Michigan. It also offers online banking to customers nationwide.
- Does IncredibleBank offer free money for signing up for an account?
- Right now, IncredibleBank does not have any promotions that offer free money for opening an account. However, it does run promotions from time to time, such as a recent offer that included a free Netflix subscription with a Student Checking account. Check the website for details.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 6, 2021.
This content is not provided by IncredibleBank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by IncredibleBank.