-
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:
2.0
-
Customer Service:
4.0
-
Website Experience:
4.0
-
Bank Fees:
3.0
Pros:
- Low opening required amounts
- MYSB Direct CDs and MMA
- Classic and jumbo CDs terms offered
- Business accounts offered
Cons:
- Accounts have monthly fees
- CDs have high opening required amounts
- Rates low and require large sum
- Cannot open MYSB Direct accounts online
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.
M.Y. Safra Bank has low opening required amounts for their personal deposit accounts. Their basic checking account requires $25 to open. The rest of their checking, savings, and money market accounts require $100 to open. Their business accounts require $100 to open as well.
Online-only CDs and a money market account are available through M.Y. Safra's online division called MYSB Direct. The CDs earn higher rates than the M.Y. Safra CDs. The CD terms range from three-months to five-years. Each of the CDs and the money market account require $5,000 to open.
M.Y. Safra Bank offers classic and jumbo CDs. The terms for each range from three-months to five-years. The classic CDs require $5,000 to open, and jumbo CDs require $100,000. The rates for the jumbo CDs are only slightly higher than the classic CD rates.
M.Y. Safra offers business accounts. These accounts include a checking, money market, and savings account. Business CDs are also offered. The opening balances for most business accounts are $100. But, to waive the monthly fee requires much higher balances. Those balances range from $1,000 to $5,000, depending on the account.
Accounts at M.Y. Safra Bank have a monthly fee. The fees for personal deposit accounts range from $3 to $20 a month. To waive the monthly fees requires an average monthly balance. Those balances range from $1,000 to $5,000. Not all fees can be waived.
CDs through M.Y. Safra Bank have high opening required amounts. Each term requires $5,000 to open. The terms range from 30-days to 84-months. M.Y. Safra Bank offers jumbo CDs. Those require $100,000 to open. The CDs through MYSB Direct require $5,000 to open.
The interest rates for M.Y. Safra accounts are low. To earn the highest rate requires a large account balance. Personal and business checking accounts require $250,000. The M.Y. Safra savings and money market accounts also require $250,000. Lower amounts earn interest, but the rates are not competitive.
MYSB Direct offers online-only accounts. But to open these accounts, you must visit a branch location or call customer service. Both the online-only CDs and money market account require contacting customer service. They cannot be opened entirely online.
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| 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.