IncredibleBank Review: Checking, Savings and CD Accounts

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Updated on Friday, October 1, 2021

IncredibleBank’s checking account option

Free Incredible Checking

A free checking account that doesn’t earn interest.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None
  • ATM fee: None on MoneyPass network ATMs; out-of-network ATM owners may charge a fee
  • ATM fee refund: Unlimited on domestic out-of-network ATM fees
  • Overdraft fee: $10 per item; maximum of $100 a day

This is a basic checking account that doesn’t come with any monthly fees or the ability to earn interest. Its minimum opening deposit is high compared to most other free no-frills checking accounts. Other than that, this account doesn’t have any strict fees or rules.

Free Incredible Checking comes with easy-to-navigate online and mobile banking capabilities, as well as free online bill pay. The biggest plus of this account, however, is the fact that it charges no fees to use in-network ATMs, and it provides unlimited automatic ATM refunds on domestic out-of-network ATMs. So if you need to withdraw cash from anywhere in the U.S., you really can’t lose.

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How IncredibleBank’s checking account compares

As we mention in our list of the best online checking accounts out there, the best options come with:

  • No monthly fees
  • An easy-to-navigate mobile and online platform
  • No ATM fees and refunds offered
  • The ability to earn interest

IncredibleBank’s checking account gets points for the first three items on that list, but the fact that it can’t earn interest is a drawback. Many of the accounts on our list have much lower minimum opening deposit requirements, too, so we say consider opening one of those instead.

IncredibleBank’s savings account option

High Yield Savings

This account offers just an OK rate on a sky-high balance requirement.
APYMinimum Balance to Earn APY
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • Overdraft fee: $10 per item; maximum of $100 a day

Although it has a much higher minimum opening deposit requirement than the checking account, the High Yield Saving account is a much better option because it can earn interest at two ties.

As with the checking account, IncredibleBank’s savings account comes with online and mobile banking capabilities. But IncredibleBank does not issue ATM cards for this account, and users are not able to make any ATM transactions.

Additionally, since it’s a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions up to six per month. If you exceed this limit, IncredibleBank will charge you a $10 fee per transaction.

Keep in mind: There is a $5 fee if you choose to receive paper statements instead of electronic ones.


on IncredibleBank’s secure website

Member FDIC

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How IncredibleBank’s savings account compares

The rate on IncredibleBank’s higher tier for this savings account can compete with the accounts on our list of the best online savings accounts out there. But that tier can be hard to qualify for, and most of the accounts on our list don’t have such high balance requirements to earn the APY. Some don’t have minimum balance requirements at all and even offer rates higher than IncredibleBank’s lower tier.

IncredibleBank’s CD rates

Certificates of deposit

These CDs have decent rates, but they only come in three term options.
TermAPYMinimum Balance to Earn APY
12 months1.00%$1,000
24 months1.26%$1,000
36 months1.51%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Six months worth of interest for the 12- and 24-month terms; nine months worth of interest for the 36-month term

IncredibleBank’s CDs are offered for one, two and three years, and their rates are pretty standard compared to the competition. As with the checking and savings account, these CDs have free mobile and online banking capabilities.


on IncredibleBank’s secure website

Member FDIC

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How IncredibleBank’s CD rates compare

These CD rates are in line with those found on our list of the best available CD rates. But there are several on our list that offer higher rates with a lower or even no minimum deposit requirement, so we suggest considering one of those to get the most bang for your buck.

How to get IncredibleBank’s personal banking products

Customers can easily open IncredibleBank’s checking and savings accounts or CDs online.All you have to do is take a picture of your driver’s license or government-issued ID on a smartphone camera, and then IncredibleBank website’s auto-fill feature will capture the rest of your application details for you. You’ll also need your Social Security number handy, as well as a bank account and routing number to fund your new account.

Overall review of IncredibleBank’s personal banking products

We’ll be honest with you: None of IncredibleBank’s personal banking products are standouts. But the fact that you can easily apply for its products online and navigate its online and mobile interface are a plus.

The checking account’s unlimited ATM refunds are another strong suit for IncredibleBank. Unfortunately, you won’t earn interest on your balance, which is something you could find at another financial institution.

As for the savings account and CDs, the rates don’t beat out the many better options out there. But IncredibleBank does offer some solid rates on the few term lengths it offers. We still recommend that you do your research before settling on a banking product from this bank.