Incredible Bank is getting media attention for it’s no-strings-attached high interest checking account currently offering 1.35% APY and has a $1,000 minimum deposit.
Incredible Bank has recently increased their 12 Month CD APY by 0.15%, from 1.30% to a much more competitive 1.45% APY. The Bank is also introducing a new 18 month CD with a competitive interest rate as well.
The interest rate for each of these CD’s are as follows:
– 12 Month CD at 1.45% APY
– 18 Month CD at 1.55% APY
There are two drawbacks of each of these CD accounts. The minimum balance required to earn the high interest is $10,000. And, like most CD’s, there is a penalty for withdrawing money early. The penalty is 6 months of interest.
If you don’t have $10,000 to deposit into a CD account, you can still earn 1.35% APY with Incredible Bank’s high interest checking account. The minimum deposit is $1,000 and there is no 12 or 18 month commitment. Make sure you elect for electronic statements to avoid the $15 per month statement fee.
All of Incredible Bank’s accounts can be opened online here: