subject: Incredible Savings with 12 Month and 18 Month CD Rates from Incredible Bank [print this page] Incredible Savings with 12 Month and 18 Month CD Rates from Incredible Bank
Incredible Bank has made a name for itself because of its high yield interest bearing checking account. But the new high yield rates for 12 and 18 month CDs is well incredible! If you are looking for a long term savings account plan, take a close look at Incredible Bank. There are some serious considerations, and the initial investment is hefty, but it will pay very well in the long run. Read below to see what I mean:Incredible Bank has been offering an interest bearing checking account that at 1.35 that rivals the rates offered by many banks for a 12-Month CD and well over the regular savings account rate for many banks. It is not unusual for someone to attempt using a checking account with this kind of interest as a savings account. But, now they have raised the bar even more by introducing two new higher CD rates. At this writing, they are offering:12-Month CD earning 1.45% APY 18-Month CD earning 1.55% APYIn the past their checking account was the only product they offered besides a 12-month CD. The CD was paying 1.30% making it more attractive to park money in a checking account than a CD. The 0.15% rate increase now brings the 12 month CD ahead of the game as one of the best CD rates available. This makes opening a savings account by investing in the CD more attractive at incredible bank than it has been in the past. Below is a comparison from MyBankTracker.com of the leading CD rates as on 14th February 2011:Incredible Bank offers 12 months CD at 1.45% APY and 18 months CD at 1.55% APY and the minimum balnce required to earn APY is $10,000 whereas the APY for 12months CD offered by Bank of Internet is 1.31% and the minimum deposit amount is $1.000. In the case of Auroro Bank it is 1.40% for 18 months CD and the minimum balance required is $5,000Though Incredible Bank's rates are quite remarkable, it is important to take a good look at the other aspects of the CD before you make a decision. The minimum balance is quite high, and there is a steep penalty for early withdrawal. At 10,000 dollars it is the highest required minimum balance. Still at this rate, interest on that amount of money will add up quickly. The early withdrawal of 6 months interest is another consideration. It would be wise to have an alternative plan for emergencies should they arise, or sustain a sizable loss.If you are looking for a long term savings account plan, and have a sizable amount to deposit, Incredible Bank has a great offering for you. If you can also open a checking account with Incredible Bank, you can still earn interest as you would with a savings account but retain easy access to your funds. Do be careful to watch your checking balance as there is a minimum balance required for this relatively high interest rate checking account.Incredible Bank is the online banking arm of River Valley Bank and is accessible nationwide. The application and banking procedures can be conveniently completed online. Anyone who has access to the internet can open an account. There was a time when online banking was a scary thought, but those days are all but gone. Online banks abound and better technology and security has made it much safer to bank online. All accounts are FDIC insured.For information on current money marketrates
