Incredible Bank Review: Options for No Fees or Minimums

4.5
Our Take: Incredible Bank is a local bank in Wisconsin and Michigan's Upper Peninsula that also offers online banking to customers nationwide. The bank has a full line of banking products, with options for those looking for accounts with no fees or minimums and for those seeking higher interest rates on larger balances.
  • Breadth of Products
    5.0
  • Interest Rates
    4.5
  • Accessibility
    4.0
  • Fees
    4.5
How did we calculate this?

Pros

  • Options for no maintenance fees
  • Low minimum balances
  • Zelle personal payment app

Cons

  • Few branch locations for those who like to bank in person

About Incredible Bank

Incredible Bank offers personal and business checking, savings, money market and CD accounts, credit cards and loans. The bank also provides banking services to businesses.

Incredible Bank 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 Incredible Bank in 2009 as a national online community bank. The banks merged and are now known as Incredible Bank.

Incredible Bank’s breadth of products and competitive CD rates make it a worthy contender for your banking business. In fact, GOBankingRates rated Incredible Bank one of the Best Online Banks of 2021 as well as one of the Best CD Accounts of 2021, in its yearly rankings.

Sponsors of

Incredible Bank Products

Here’s a look at Incredible Bank’s consumer banking products.

Product Features
Checking Accounts
  • No maintenance fees with qualifying activity
  • No minimum balance requirement for basic checking
  • 0.05% annual percentage yield on Checking Plus balance
Savings Accounts
  • Interest rate increases with account balance
  • $50 minimum opening deposit
  • Options for no maintenance fees
Money Market Accounts
  • Up to 0.70% APY
  • $100 minimum opening deposit
  • Maintenance fee waived with a $5,000 average balance
CD Accounts
  • Terms of 12, 24, 36 or 60 months
  • Interest rates up to 0.80% APY

Incredible Bank Checking Accounts

Incredible Bank offers a standard checking account called Incredible Bank 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.

Features

  • Free checks with Checking Plus
  • Options for no monthly maintenance fee
  • Options for earning interest

Pros

  • 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
Sponsors of

Cons

  • $10,000 average minimum balance required to waive monthly maintenance fee for Checking Plus

Incredible Bank Savings Accounts

Incredible Bank 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.

Features

  • Accounts earn more interest the more you save:
    • Incredible Bank 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
  • Save pre-tax funds with health savings account

Pros

  • Earn interest on first dollar deposited
  • Higher interest as account grows
  • Health savings deposits reduce taxable income, can be used for qualified medical expenses

Cons

  • No interest on health savings account balances below $1,000

Incredible Bank 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 Incredible Bank’s money market accounts.

Features

Sponsors of
  • 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

Pros

  • Easy access to money with check writing
  • Allows up to six withdrawals per month

Cons

  • $10 monthly maintenance fee if your average balance is under $5,000

Incredible Bank CD Accounts

CDs provide a fixed rate of interest for a specified term. The longer the term, the more interest you earn. Incredible Bank offers higher CD rates than many other banks. In fact, GOBankingRates rated Incredible Bank as one of the Best CD Accounts of 2021. The CDs are also available as traditional or Roth individual retirement accounts.

Features

  • Interest rates increase as terms increase:
    • 12-month CD: 0.30% APY
    • 24-month CD: 0.40% APY
    • 36-month CD: 0.50% APY
    • 60-month CD: 0.80% APY
  • $1,000 minimum opening deposit

Pros

  • Risk-free savings
  • Interest rates guaranteed for the term of the certificate

Cons

  • Penalty may be imposed for withdrawing funds before maturity

Banking Experience

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 Incredible Bank customer. With Incredible Bank’s robust online banking and highly rated mobile banking app, you’ll have all the tools to do so.

Sponsors of

Technology

Incredible Bank 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.

Key Information

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

Incredible Bank Fees

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 Incredible Bank customers can expect to pay — or try to avoid.

Type Amount
Cashier’s check $5
Non-Incredible Bank ATM fee $1
Stop payment $30
Overdraft sweep transaction (overdraft transfer) $20
Overdrafts (returned or paid) $34
Outgoing domestic wire transfer $30
Outgoing foreign wire transfer $50 $50
Sponsors of

Incredible Bank 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 Incredible Bank stacks up to the competition.

Bank Best For
Incredible Bank Options for no fees, no minimums
Wells Fargo Branches nationwide
Bank of America Breadth of products
Ally Bank Higher interest rates

Incredible Bank 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. Incredible Bank, on the other hand, has higher interest rates on savings accounts.

Incredible Bank vs. Bank of America

Bank of America offers a dizzying array of accounts, products and services, including investments and financial planning. Incredible Bank offers higher interest rates on lower balances.

Incredible Bank 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, Incredible Bank is a better choice.

Final Take

Incredible Bank 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.

Editor’s Choice

If you keep a significant amount in your checking account, the Checking Plus account at Incredible Bank 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.

Incredible Bank FAQ

Here are answers to some of Incredible Bank’s more commonly asked questions.
  • Who owns Incredible Bank?
    • Incredible Bank is owned by River Valley Bancorporation (Wisconsin). Originally called River Valley Bank, the bank is now known as Incredible Bank.
  • Is Incredible Bank FDIC-insured?
  • Is Incredible Bank online only?
    • No. Incredible Bank 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 Incredible Bank offer free money for signing up for an account?
    • Right now, Incredible Bank 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 Incredible Bank. 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 Incredible Bank.

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About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance
websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

Incredible Bank Review: Options for No Fees or Minimums
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