Incredible Bank 1.42% apy Checking account

Yes that is very true....but they also have the sense of humor like Redneck Bank as you will see on their website......

Oh yes...i should mention that regarding ach transfers...you may link up to 3 outside bank accounts to them....and Max Amount in per day is $200,000...Max Amount out per day is $5,000 but it is being upped to $10,000 out within the next few weeks....and they are fast (1 day transfers) and when you transfer in, unlike some online savings accounts, the money is immediately available...

And you're welcome!....I'm really liking the set-up and even using it for my day to day banking checking as well as a high yield savings account.....

actually, i have "trimmed back" considerably....got it down to just BOA (for local account)....Alliant CU and Incredible Bank....I also still have the Schwab Investor Checking but haven't been active with it....though i do use my Schwab brokerage account...

this account at Incredible Bank reminds me of the Schwab when it had the high yield....like the Schwab it has unlimited atm rebates....and ach transfers....though a bit more convenient to do....I hope they will be able to maintain a competitive rate....but since it's an all electronic account (no paper checks) and e statements only...they may be able to do so, since it helps keep the costs down...

oh, by the way...you do have to open with at least $1000 on this account....but you do not have to maintain it...you can keep as little as $1 in it with no fees and get the high rate...

Arfanbarkler said: You realize that posting an individual thread for this bank almost ensures the rate won't last long?

hopefully it won't...and i actually did hesitate to do so for that reason....but we were discussing it a lot on the "high yield savings" thread and i realized it wasn't fair to dominate the thread with a discussion of this account over there....and since people here were already aware of it....i thought it might not make too much difference....

Alliant CU has managed to keep their rates up, despite a lot of talk about them here....so i am hopeful it will be ok....and it's not like people here can't get other 2% accounts...Alliant of course, and Shore Bank Direct is close as well (1.95%)...and several others.....also, there are many here that don't mind the debit card requirements and like to do the much high yielding Reward Checking Accounts.....

This is more like for someone who likes Alliant's type of set up but with perhaps a bit more polish to the Online Banking/Bill Pay...likes the extra simplicity of 1 account and enjoys having the extra flexibility of atm rebates (not to say that Alliant doesn't have vast convenient atm coverage as well).....

lray said: All these banks with their credit pulls are annoying.....

I agree...but that seems pretty common these days for security reasons i think...especially with banks that open accounts outside their home base area.....kind of worth it though for the really nice set up they have....

craig10x said: lray said: All these banks with their credit pulls are annoying.....

I agree...but that seems pretty common these days for security reasons i think...especially with banks that open accounts outside their home base area.....kind of worth it though for the really nice set up they have....
Thats bull, I have a freeze and most banks that require a pull have found other ways to verify me. Biggest reason they do the pull is to see what other products they can try and push on you.

I also have a freeze, and don't want to bother lifting it. Banks should be flexible and verify me another way....

Alliant wasn't willing to.

Will the APY is sort of introductory, I don't want many accounts.
I've Orange Savings account which gives 1.3% APY. Please suggest. Thanks

ThursdaysChild said: Craig10x, you said you can link 3 outside banks -- is this like ING where they have to be checking accounts? Or can you link a bank savings and/or CU member/share accout?

Also, for the sake of those not familiar with ACH limits, can you confirm that the limit of $200K in and $5K or $10K out per day is only if you use Incredible's system? That you can pull more out if you use the system of an outside institution?
The 3 external links can be savings or checking accounts.

Current limits for ACH transfers initiated by Incredible Bank are:
1. Three inbound transfers per day not to exceed a total of $200,000
2. Three outbound transfers per day not to exceed a total of $5,000

No limits imposed by Incredible bank on ACH transfers initiated by external banks.

I see mh83 answered the question, thursdayschild...and that is exactly right...either checking or savings can be included in the 3 max links....And no restrictions when using outside banks for pulls and pushes...Also, as i mentioned, while it's currently $5,000 out per day on their system, it will be increased to $10,000 within a few weeks...they have to make some system changes for it...and the transfers are super fast on their system...next business day if executed by 4 pm Central Standard Time....

and to answer barringer, as i mentioned in the intro post, the account was introduced at that rate when they began their Online Banking Account two months ago....it's not a teaser rate but they say their goal is to keep the rate competitive in whatever the current interest rate environment is (which is what Alliant does)....so hopefully they will stick to that plan....
it will probably help greatly if people here that sign up for the account, "use it and not abuse it"

wizardknight said: I was looking at the FAQ, and found something interesting if you want to rack up a few more points on CC.

If I fund my account with a credit card how is the transaction posted to my card account?
Your transaction funded by a credit card will post as a purchase transaction.

For the life of me I can't figure out why a bank would allow this. It would seem that if they are to maintain top tier rates than they would have to compete with (among other things) low costs. This is far from a low cost way of receiving money for Incredible Bank. I see no benefit to them, even as a marketing tool, deposits made this way are likely to be short lived deposits which actually screws it up more because the fee they pay to the credit card company will be amortized over a shorter term! What gives? Why are they doing this?

Initial deposit or not...I still fail to see how this makes any sense. When you consider that these accounts only pay about 2% and that the cost of bringing in the money is no less than 1% (assumed credit card transaction fee...probably higher) when done through a credit card, this method is increasing their cost of funds 50% on these dollars assuming the depositor keeps the account a full year. If they keep it less, it really drives the cost up. What part of this am I not getting?

That's a good point, but (and this is an honest question, I don't participate in a lot of "account opening" threads on FWF) are those types of bonuses typically available for price leaders?

craig10x said: As suggested in the High Yield Savings Rate thread...i decided to make this thread for this account which seems to be generating some interestIt was "suggested" in the HYS thread b/c they did not want you cluttering that thread with an inferior product, with this Incredible Bank account offering a very customer friendly limit of just $340 in daily NSF fees. Indeed, that is Incredible

edrucker said: So I'm in the process of signing up for an account and there are a couple new wrinkles with the credit card funding option:

Max allowed: $10,000
Card types: Visa & Mastercard only

Meaning a nice $200 from Schwab from this. Not doing it myself since I like to keep my Schwab for everyday uses and not overdo it with exploiting a loophole in the system.

I couldn't have put it better, glxpass.....and couldn't agree more...c'mon have a little common sense here...don't keep mentioning about funding and exploiting the set up..it's the fastest way to kill a potentially excellent long run, high yield account....To answer the earlier question...what sense does it make for them to do that...as i mentioned, Alliant and many others do that for just the initial funding....to give a little extra incentive to open (sure they realize you may be getting some points or Cash Back on it) but the idea is to get you to try the account and see the set up that they have...

So, please don't keep "harping" on it....just open if you choose to try them and use the account sensibly after you open...ok? Thanks

RS4Rings said: Better to rape the bank before they try and rape you.

c'mon Scott...behave yourself....you aren't taking advantage of them....you are actually taking advantage of whatever card you use to fund it...
no further discussion about funding would be appreciated....discuss the product itself, setting things up...etc....that is what the thread is really here for....

Well, again i don't know what their exact motivation is to have it available on the initial deposit...but again, there have been plenty of other banks that have done that as well, so i can't imagine why that factor is being singled out here...the bottom line is that they offering a nice product with very good features and a very good yield and THOSE are the best reasons to open an account with them and not the funding angle of it...."nuff" said i think....

glxpass said: Sometimes a bank or CU will read a FWF thread dedicated to their product. We know from past experience that lots of discussions devoted to sensitive opportunities and exploitation of same will likely reduce their lifespan. Repetition of details that could be tactfully stated in just the Quick Summary is both unnecessary and undesirable.

It's also hard to imagine that questioning the FI's financial acumen or talking about exploiting a bank in the same dedicated thread will have a good result, especially if the thread's subject becomes aware of it.

I doubt that I'll apply for the account, and no insult is intended, but it's a shame to see a good deal possibly end sooner than it might due to a lack of restraint in discussing it and taking advantage of it.

The fact that they have a $10,000 cap indicates that they are aware of the potential for abuse. Our discussion of this feature that is ADVERTISED by them, is unlikely to bring it to an end, just like talking about all this interest they pay is unlikely to bring that to end.

Also, if you don't mind pointing me somewhere else...to something like a discussion forum on the internet...maybe something focused on finance...i'll just go talk about this there. Maybe they will have a topic dedicated just to this deal and I can post my thoughts about it there...

craig10x said: I must say that i got the debit card super-fast....when i opened they ordered it the next day after my account was set up and received it in just a few days.....
the nice part is you don't have to wait to receive a random pin...you activate the card AND select your own custom pin # using a special phone number provided....As a security measure,
you must call from the phone number on record with them, of course...

It's quite attractive also...nice orange/brown reflective background with their "logo" on it.....pretty cool looking i think...
Craig, after the account is opened, how soon can you get the login credentials?