Looking to consolidate finances at one institution and am considering incredible bank for the following reasons:
1) Highest savings account APY (1.11%) - nationally available, not a promo, no hoops, that also has a high-ish checking account linked. 2) High-ish checking account (0.59%) - easily linked to savings, allows most funds to be kept in savings, but no need to worry about leaving a few thousand in checking due to reasonable interest rate 3) Mobile banking, ATM rebates, etc.
I tried to reply in the old Incredible bank thread, but it's been archived. Just wanted to see if people are using this bank for savings/checking combo, if there are any problems, or if there are better alternatives out there.
I know Alliant/Ally are popular, but I'd like to keep my savings in the highest APY (1.11%), and I'd rather not split checking and savings accounts at different institutions (ie savings at incredible bank, checking at Alliant).
Also, does anyone know if opening accounts at Incredible bank is still a hard pull on credit reports?
I use Alliant now, but don't make use of the savings/checking account linkage. With them, the delta is a bit smaller (1.0 savings, 0.65 checking), and they charge a $3 fee per day. Not worth any juggling at the amounts I'd expect - $3 would probably just about match a month's additional possible interest for me.
Does the incredible account linkage work differently? I didn't see the terms for it on their site.
Two things I didn't like about Incredible (although for the most part I was pleased, as long as I was careful):
(1) Not once, but twice, when I had the highest-rate liquid account-type, they introduced a new account type that had a higher rate. But switching/adding the new account required another pull (hard, IIRC) and jumping through some hoops. E.g., Money Market to Savings. Kind of a bait 'n switch. I refused to go along with the latest bait 'n switch, and went back to wonderful Alliant for my day-to-day.
(2) Fees are *extremely* high should you make a minor mistake that results in insufficient funds. I make such mistakes VERY rarely, but when I do, Alliant (whose fees are lower to begin with) always forgives it (perhaps because of my good standing), but with Incredible don't even bother trying to get it waived. I think their BIG penalties are a key part of their profit model. Heck, they try to trick new customers into paying a big penalty for getting a paper statement, by kind of *burying* the notification that if you don't go in an manually change the *default* of paper to electronic, you will pay a big monthly penalty.
One advantage of Incredible was its extremely fast ACH transfers. But now that we're in the era of same-day transfers, that advantage has gone away.
Operational problems. Hard to open with excessive verification and signing, etc. Got internet message that a related bank was having outages etc., only neither Incredible nor the alleged sending bank had any computer difficulties that day. Next day got message to change all passwords and codes. Being a former banking regulator it seemed like hackers got in; thus did not fund and closed account for safety.
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