Incredible Bank Rates & Review

Incredible Bank Review

Incredible Bank is the online division of River Valley Bank, which is based in Wausau, Wisconsin. River Valley Bank has been in business since 1967.

Deposits at the bank are insured by the Federal Deposit Insurance Corp. (FDIC) up to the maximum allowable limits. Funds in Incredible Bank accounts are combined with funds in River Valley Bank accounts to determine FDIC coverage. The bank website lists online checking and CD accounts, but when the website was accessed in September 2010, Incredible Bank was "not currently accepting applications" for online CDs at that time.

Deposit accounts

Incredible Bank promotes two types of deposit accounts. The Incredible Checking account currently requires a minimum of $1,000 to open and has tiered interest rates. The Incredible CD is a 12-month CD that requires a minimum deposit of $10,000. The CD's interest rate bumps up for the second 6 months of the 12-month term. However, as stated above, when the website was accessed in September 2010, Incredible Bank was "not currently accepting applications" for online CDs at that time.

Money can be deposited into an Incredible Bank CD or checking account by wire, by mailing a check, or by transferring money from an account at another institution. Deposits made electronically are available the day they are received.

According to their website, Incredible Bank performs a "soft hit" credit check during the application process for opening an account. Statements for the accounts can only be accessed online.

Deposit insurance

River Valley Bank, Incredible Bank's parent bank, is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.

Compare interest rates from Incredible Bank and more than 400 other banks at SavingsAccounts.com.