bank rates

High-Yield Checking With Less Grief

Incrediblebank has a unique and somewhat simpler take on high-yield checking accounts.

Incrediblebank has a unique and somewhat simpler take on high-yield checking accounts

Before proceeding, we should stop and say we have no idea who comes up with the increasingly ridiculous names for online banks.

Incrediblebank is owned by River Valley Bank, of Wausau, Wis., which has eight branches in northern Wisconsin and six in Michigan’s Upper Peninsula.

And it has only one product: A checking account that pays 2.02% on balances up to $250,000.

If you can get past the name — which seems like way too much hype to be trustworthy — it’s a pretty good deal.

It’s not as much as you can earn with other high-yield or rewards checking accounts.

But 2.02% APY is nearly as much as you can earn from the top-paying 12-month CDs.

The rules are much simpler, too. There’s no mandatory direct deposit, no mandatory electronic bill payments and no minimum debit card purchases to worry about.

There are also no monthly fees or minimum balance, and you can use any ATM in the country free of charge with up to three transactions per day and a $500 daily limit.

This deal is available nationwide and you can open an Incrediblebank checking account online with a minimum deposit of $1,000.

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Comments (4)
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4 Existing Comments
  1. Sheldon Govia said:
    on November 24th at 01:54 pm

    This is a good rate, but it does not have the convenience to transfer funds to and from other banks

  2. Mary Ann said:
    on November 24th at 09:48 pm

    And also, this is not a fixed rate. It can vary anytime.

  3. O-Qua Tangin Wann said:
    on November 25th at 01:39 am

    And, beware…they will do a hard credit file inquiry.

  4. Craig said:
    on January 4th at 11:22 am

    Sheldon: That is not true..they certainly DO have their own ACH Transfer system…You can link up to 3 external banks, and up to $200,000 a day can be transferred in..and $10,000 out per day…
    Also, VERY FAST…1 Business Day Transfers….
    And while you can’t write checks…it has an excellent Bill Pay system for Electronic and Paper Check Payments to Merchants as well as individuals….