Incrediblebank: Free Checking Pays 1.01%

Incrediblebank offers one of the best nationally available money market accounts, but it’s also worth a look if you’re in the market for a new checking account.

Not only is checking and ATM use free (and available to savers in all 50 states), but Incrediblebank also pays interest at a rate that would rank it right up there with the national savings and MMA leaders.

Incrediblebank’s checking account pays 1.01% APY on balances up to $249,999, as long as you sign up for eStatements within 30 days of opening your account.

Any portion of your balance greater than $249,999 earns 0.60% APY.

And Incrediblebank says it will reimburse any fee a bank charges you for using its ATM. You may make three ATM transactions per day, with a $500 daily limit.

This is a fully electronic account, meaning you don’t use paper checks to pay bills. Rather, you set up electronic bill pay through the bank’s website. You can also use your check card to pay at the register.

You can send a paper check by request, but it will cost you $20. You’ll also be charged $15 a month to receive account statements in the mail.

While there’s no minimum amount you must have in your account to earn interest, you need an initial deposit of at least $1,000 to open a checking account. The account must be opened online.

Along with its high checking account rates, Incrediblebank (www.incrediblebank.com) currently has the second-best MMA rates in the nation, paying 1.10% APY on balances between $2,500 and $249,999. That puts it behind AmTrust Direct (www.amtrustdirect.com) and My Banking Direct (www.mybankingdirect.com), which are paying 1.15% APY.

It also pays 0.90% APY on 9-month CDs; 1.05% APY on 13-month CDs, and 1.20% APY on 19-month CDs. That’s slightly less than you’ll find from the regular corresponding terms on our CD Rates Leaderboard.

Incrediblebank is the online division of River Valley Bank of Rothschild, Wis., which has 16 brick-and-mortar locations in Wisconsin and Michigan.