-
Financial Rates:
5.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
Bank Fees:
3.0
Pros:
- No monthly maintenance fees
- High-interest rates on accounts
- Money market account for businesses
- ATM fee reimbursement
Cons:
- High opening required amounts
- Limited options for accounts
- Highest rates require a large balance
- Checking account does not earn interest
-
Financial Rates:
5.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- No required balance or account fees
- High account interest rates
- Variety of terms lengths of CDs
- Personal loans available
Cons:
- Only savings account and CDs offered
- Must link accounts to another bank
- No ATM or debit card offered
- Opening balance for CDs is $500
IncredibleBank accounts do not have monthly fees. The checking and savings accounts are completely free accounts. The CDs do not have a monthly fee. The only fees are from withdrawing your money before the CD reaches maturity.
The interest rates on the IncredibleBank saving account and CDs are high. They are competitive with other online-only accounts. The interest rates are much higher than your typical brick and mortar interest rates. Even the interest rates offered for lower balances in the accounts are competitive.
IncredibleBank offers a money market account specifically for businesses. This account comes with free online banking, mobile banking, and bill pay. To open the account requires $2,500. If your balance falls below $2,500, a fee of $10 will be charged. There is a $5 monthly fee if you do not sign up for electronic statements. This account earns a competitive interest rate for money market accounts for businesses.
With an IncredibleBank checking account, you will be reimbursed for domestic ATM fees. ATMs through the MoneyPass network are free. If you use an ATM not part of that network, IncredibleBank will reimburse you the fee you are charged. This does not apply to international ATM fees.
The required amounts to open IncredibleBank accounts are high. The opening required amount for checking accounts are $500. To open a savings account with IncredibleBank requires $2,500 to open. All the different CD terms require $1,000 to open.
IncredibleBank has a limited amount of accounts available. There is only one checking account and one savings account to choose. IncredibleBank offers CDs, but only three different term lengths. Those terms are a 12-month, 24-month, and a 36-month term.
To earn the highest interest rates, IncredibleBank requires a large balance. The savings account requires $25,000 to earn the highest rate offered. Balances below that amount still earn competitive interest rates. The lower rates are higher than your typical brick and mortar bank rates.
The IncredibleBank checking account does not earn interest. To open the account requires $500. The account does not have monthly fees or a required amount, but you do not earn interest on the account. Only the savings account and CDs through IncredibleBank earn interest.
There is no required amount to open the account or to keep in the account. Marcus does not have monthly maintenance fees. You start earning interest on anything over $1 in the high yield savings account.
Marcus offers very competitive interest rates on their savings account and CD accounts. The interest rates are competitive with other online-only accounts. They are much higher than your typical bank rates.
Many different term lengths of CDs are available. Marcus offers nine different CD term lengths from six months to six years. The longer the term, the higher interest rate you earn. All the CD interest rates are very competitive with other online-only banks.
The personal loans offered through Marcus do not have fees. The loans are a fixed-rate interest loan. You can borrow up to $40,000. These loans can be to consolidate debt or for home improvement projects. The loans range in length from 36 to 72 months.
Marcus only offers deposit accounts of CDs and a high yield savings account. Checking accounts, money market accounts, and business accounts are not offered.
Since Marcus does not offer checking accounts, you cannot transfer money between Marcus checking and savings accounts. The easiest way to deposit money into your Marcus savings account is to link to an external bank account. You can also send a wire or check. Marcus does not charge a fee to send or receive a wire transfer, but the external bank might.
Marcus does not offer an ATM or debit card for the high yield savings account. To access your money, you must transfer the money back into your external bank account. You can also request a wire transfer.
To open any CD with Marcus, $500 is required. That amount opens the CD and is the amount needed to start earning interest. The interest rates vary depending on the term length of the CD. The longer the CD term, the higher the interest rates.
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From Our Partners
| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.