Posted by William Charles on September 24, 2019
Bank Account Bonuses

Published on September 24th, 2019 | by William Charles

365

[Expired] Incredible Bank $175 Checking & $100 Money Market Bonus – Available Nationwide

Deal has expired, view more bank account bonuses by clicking here

Offer at a glance

  • Maximum bonus amount: $275
  • Availability: Nationwide
  • Direct deposit required: Yes, $300+
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None/$10 and avoidable
  • Early account termination fee: $10, 90 days
  • Household limit: None listed
  • Expiration date: November 15th, 2019

The Offer

Direct link to offer

  • Incredible Bank is offering up to $300 in bonuses, broken down as follows:
    • Earn $175 when you open a new checking account with promo code TOASTER ($100 minimum at account opening) and establish a recurring direct deposit of $300 or more within 45 days and download the mobile app for incredible bank
    • Earn a $100 bonus when you open a new money market account with promo code TOASTER. Must fund with at least $10,000 and maintain that balance for at least 90 days

The Fine Print

  • Offer expires and is limited to accounts opened online through 12:00am CST, November 15, 2019. Existing customers are eligible if you open one of the specified accounts with new money; opening deposits cannot be transferred from existing accounts at IncredibleBank. IncredibleBank employees and affiliates are not eligible for bonus offers. Offer is subject to change at any time.
  • Qualified bonuses will be deposited into your new IncredibleBank account between January 5 – 8, 2020.
  • Visa® Real Rewards bonus will be awarded after your first purchase, redeemable as 2,500 rewards points (a $25 value).
  • IncredibleBank Checking Bonus:
    • To receive the $175 bonus, you must: open online with a minimum deposit of $100 using promo code TOASTER; establish a recurring payroll direct deposit of $300 or more and is required within 45 days of account opening; and download the mobile app for IncredibleBank. One IncredibleBank Checking Bonus per customer.
  • IncredibleBank Money Market Bonus:
    • To receive the $100 bonus, you must: open online with a minimum deposit of $10,000 using promo code TOASTER, and the account must remain open with, and at least maintain, that balance for at least 90 days. One IncredibleBank Money Market Bonus per customer.
  • Visa® Real Rewards Bonus:
    •  Offer is subject to credit approval and applies only to the Visa® Real Rewards card. To receive the rewards bonus, you must: be 18yrs or older; and make a purchase within 45 days of card approval. Visa® Real Rewards Credit Card: You will earn 1.5 Reward Points (“Points”) for each dollar of eligible net purchases made with your account within a billing cycle (equal to 1.5% cash back). Monthly net purchase points will be applied each billing cycle. Points expire five years from the end of the quarter in which they are earned. One Visa® Real Rewards Bonus per customer.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Checking account has no monthly fee to worry about. Money market account has a $10 monthly fee, this is waived with a minimum balance of $5,000.

Early Account Termination Fee

There is a $10 fee if the account is closed within 90 days.

Our Verdict

Credit card bonus isn’t worth considering as it’s only for $25 and will result in a hard pull. The checking bonus is worth doing as the requirements are fairly easy to meet. The money market account earns 0.5% APY on balances of $10,000+. This with the $100 bonus basically means you’d be earning 4.5% APY during the 90 day period, good but not great. Probably not worth it for most people, but will vary based on what high interest accounts you have. I’ll add these to our lists of the best bank account bonuses.

Hat tip to reader IS250

Useful posts regarding bank bonuses:



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MikeTheCreator
MikeTheCreator

Is this churnable? recently closed my account with them.

Peek

MikeTheCreator Not 100% sure but based on this wording “Existing customers are eligible if you open one of the specified accounts with new money; opening deposits cannot be transferred from existing accounts at IncredibleBank. ” I would say yes. If you can get it while still having an account why would you not be able to get the bonus if you had an account in the past?

Gadget 🕵️

I concur… makes absolute sense.

IS250
IS250

1. Chex – unsure but not sensitive if they pull. 40+/12. No hard pull.
2. No CC funding
3. ETF – $10 if closed within 90 days
4. Opening deposit must be $100 to be eligible for the checking bonus. Don’t get confused with their $50 minimum opening deposit.
5. You can decline overdraft.
6. Applied out of state from VA (they’re in WI) and approved within an hour with a personal call from a banker welcoming me. Confirmed promo was added to my account.
7. Never had an account with them so no idea about churnability.

EDWNY
EDWNY

got the “Thank you for your application! One of our Incredible Concierges will call or email you within two business days about the status of your application.”

FullChurn

got the same message as well.

Ktn 💸
Ktn 💸

Same here.

EDWNY
EDWNY

FullChurn Ktn 💸 lets hope we get our accounts open

EDWNY
EDWNY

Checked the status and got approved today! just waiting for account information now.

J
J

I don’t have a direct deposit. Is there any way to meet this requirement?

Maisel
Maisel

I didn’t read carefully and accidentally funded my checking account with $50 instead of $100. Do you think this is a dealbreaker? Any thoughts on how to fix this?

EDWNY
EDWNY

I did the same here… Hoping it’ll go through

Peek

Maisel I did the same thing. On the email they send there is a link “Click here to access the Application Status page.” I went to that page (had to put in identifying information) and sent them a message asking them to change my amount to $100, we’ll see if it goes through. That is assuming I get approved at all.

EDWNY
EDWNY

I did the same and they changed my opening deposit to $100.

Peek

EDWNY William Charles Maisel I got this in reply to my message, so looks like they will change as EDWNY mentioned but they also don’t require it to be $100 anyway:
“We appreciate your email! We are no longer requiring a $100 initial deposit to qualify for the promotion , so we can process as is. Have an Incredible Day!”

Dan
Dan

I did the same thing. Sent them a message and just got a reply back that they changed my initial deposit from 50 to 100.

Tom
Tom

Establish a recurring payroll direct deposit of $300 or more and is required within 45 days of account opening; and download the mobile app for IncredibleBank.
Does this mean we need to do it monthly until we get the bonus? or just once?

Mark
Mark

I am unclear about the recurring payroll direct deposit requirement of at least $300. Will one DD satisfy the requirements? Or do you need ongoing DD’s of at least $300?

john mccann
john mccann

If you need to make more than 1 DD just ACH most of your money back to your preferred account. Hopefully no fee.

Gadget 🕵️

There is no ACH in/out fee for Incredible. I can’t speak for the pushing bank.

brad
brad

so does the $300 dd have to keep happening till january 2020? what do they mean by recurring. or is a one time $300 dd enough to trigger the bonus

A M
A M

Usually recurring means more than once

Steve F
Steve F

Recurring means more than once always.

Zack
Zack

Well yeah, but the question is how many recurring payments are needed?

Josho
Josho

I applied and received this message, “Congratulations

Your application is already being processed! We will call or email you within 1-2 business day with an update about the status of your application.”

They asked identity verification questions at the end, one of them being “Which of the following are the last 4 digits of your primary checking account?” to which I guessed the answer because I have XX checking accounts and I know the account numbers to exactly none of them.

Samosa
Samosa

For many of us it’s hard enough to remember the wedding anniversary and they expect us to memorize last 4 for each of the 40+ checking accounts…Wow.

Gadget 🕵️

This is not the most dreaded question on the identity KBA’s… it’s the: You may have opened a credit card in September 2017 with the following bank:

American Express
Citi
Some Unheard of Bank in India
Chase
Bank of America

Then your scrambling to open Credit Karma before the application gets locked.

Just joking… usually the banks are not so common.

People who have bought and sold a lot of cars, and don’t particularly pay attention to the brand or model, have a crappy time too.

Curmudgeon
Curmudgeon

Wait until you see “You opened an American Express card in June 2017. Which one was it?”
A. ending in 1001
B. ending in 1001
C. ending in 1001
D. ending in 1001.

blank check
blank check

I’ve actually seen that one before! lol

Gadget 🕵️

That’s just a decoy question. Usually that is the “none of the above” question. How would any bank know what your primary checking account is? They don’t.

total luddite
total luddite

so, can I download the mobile app on my computer (as I dont have a smart phone)? I googled and found an article titled “Use WhatsApp on PC Using BlueStacks,” but could I do that (or something else) to download the mobile app for Incred Bnk? Since I dont have a smart phone, I have no experience w/mobile apps so dont know if it’s possible to use it on a computer.

Gadget 🕵️

I have used Bluestacks before, but not for banking apps – it might work, but I would think it could fail due to not being GPS or SMS capable.

I think you would be better off borrowing a phone and install the app – login one time – uninstall – hand the phone back, and buy the phone owner a milkshake or a beer. I don’t think they are really going to QA anything other than you were logged in at least once with the mobile app. This is just a ploy to make sure you tried out the mobile app.

Edgar
Edgar

Only says downloading, nothing about having to log in.

Gadget 🕵️

OK, I agree. They probably just added it to the terms just as a nice to do thing. But are you willing to take that chance? If you want to split hairs, it just says download, so you don’t even have to install it.

But, how would they know you downloaded? I would assume they are checking who LOGS IN via mobile app. Which, I am certain they have the ability to do.

I can only speak for Android, but my Gmail account tied to my phone has no link to my normal e-mail address I would use for a bank account. And pretty sure Google Play would not give them a list of e-mails or phone numbers that d/l their app anyway.

Edgar
Edgar

As you know, what’s in the terms is not always enforced. In this case, they cannot know whether you downloaded the app or not. Enough people will download the app giving them a boost in the download charts. Maybe that’s all they care about.

Kyle ❤️
Kyle ❤️

I download the app for all the banks that I open. Apps make my life way easier when I’m unable to get to a laptop. Requirement or not, downloading the app is just part of my set up process.

Dubya
Dubya

If you have no experience doing this, starting with an emulator (which is what Bluestacks is), is a bad idea.

A M
A M

Gotta ask: why TOASTER?

Curmudgeon
Curmudgeon

Many years ago banks would give away small appliances, frequently toasters, as incentive to open a new account since I think they were prohibited from giving actual cash opening bonuses. The promo code is probably a tongue-in-cheek nod to those times.

A M
A M

D’oh (pun intended). It’s all very strongly hinted at on the page lol

Also love this degree of clarity: “Check your account on January 8, 2020 for your $175”

Carl
Carl

Agreed. Wish more banks were this transparent.

guy bucktastik
guy bucktastik

That’s what bank bonuses used to be.

icemule1
icemule1

Because you’re gonna screw up the requirements and then get BURNED with the bonus

Gadget 🕵️

Nice.. but you would get burned by the toaster… or, by the bank…

anthonyjh21
anthonyjh21

Because they’re obviously Klay Thompson fans.

Sexy_kitten7
Sexy_kitten7

Bc the URL is “we have the bread!” Bread is slang for money and also something you put in a toaster. It’s a pun.

Drew
Drew

They won’t give out the bonuses for the checking account ($175) and money market ($100) until January 8th 2020.

Gadget 🕵️

Yeah, I was just doing the math on that. If you wait, you would optimize your time spent messing with this bank. However, if you wait too long, the offer might GO UP IN SMOKE… if the toaster is stuck on high!

Date calculator is your friend…. https://www.timeanddate.com/date/dateadd.html

Heritage
Heritage

I think it makes sense to apply and open the account right now.. in case they change the language later to exclude past customers, etc. What do you think? I’m tempted to wait, but don’t want to risk them changing the terms of the promo.

Gadget 🕵️

I can’t argue with that logic. Unify FCU recently changed their terms mid-promo from nationwide to a small footprint. Bank of America stopped a $300 promo after a week. It can happen.

Currently I am waiting because I just signed up for a local inquiry sensitive bank… so hopefully everyone doesn’t annoy the crap out of this bank in the first week.

A M
A M

There is this, whatever it means…

“Offer is for a limited time only. But don’t worry, supplies will last. After all, we are a bank!”

Gadget 🕵️

Yeah, I saw this. I was surprised how much money they gave out last time and thought for sure they would never be back for more punishment. The referral program they had going was a huge hit… around here anyway. I made much more than $300, so oddly enough, this program is a cutback. Time will tell as to what else they learned.

Natalia from New Orleans

I can not believe I fell for That !

Pauline the Bean
Pauline the Bean

Gadget 🕵️ Did you open an account at Incredible or did you hold off because of your recent signup at that inquiry sensitive bank?

Gadget 🕵️

Held off… I thought I would wait until closer to the deadline. I am a little annoyed, but I will be ok. Apparently anything that comes across DoC as “Nationwide” we have to bum-rush it. I am more annoyed about the BofA $300 than this one.

Heritage
Heritage

I don’t have a real DD, so indeed this will be a long wait after doing some pushes.

Gadget 🕵️

They weren’t picky last time around, in 2018, but, they might be more picky now. That’s the chance you take. GL!

Pikachu
Pikachu

I’m not sure if it’ll be same for all banks but when I transferred (ACH) my money from my Varo account to Chase, it coded it as “DD from Bankcorp” .

Gadget 🕵️

Unfortunately it’s different at every bank on how transfers code. It’s possible it will work no matter what the statement says, but not absolute. Some of the common entries you see are P2P, A2A, ACH, WEBACH, PTP, DDA. That’s why DoC keeps a list of what works and what doesn’t for each bank.

Flea
Flea

+1 for your prescience (lol)

Gadget 🕵️

Thank you. Yeah, I am going to setup a fortune-telling service. 🤪

Duke I.
Duke I.

At least we know the exact date and not have to keep checking the account everyday to see if the bonus posted.

Betelgeuse
Betelgeuse

Does anyone plan to open only the checking account? 175$ is a small bonus…

Gadget 🕵️

Man, you are picky. 🙂 DoC’s low limit for reporting is $100.

Incredible bank is pretty painless, as I recall. There is no fees to avoid as long as you don’t do crazy crap (overdraft, order checks, etc). If I remember right, they don’t even pull Chex, and probably just soft pull one of the big three CRA’s.

Assuming they don’t manually QA DD’s, this is a decent bonus.

A M
A M

I’m doing just the checking. Should be painless to set up a DD from work and not have to have any money tied up here long term

Peek

Checking only as well, the amount required for the MM isn’t worth it to me with the holding of 10K and the potential fees if under 5K. Checking is a small bonus but it’s also a small DD and no other requirements and no fees to duck. Doing it for me and P2 makes it $350 which is definitely worth it.

Betelgeuse
Betelgeuse

I was going to move some money from Orion back to heritage so Probably won’t open the mm account. But the checking does sound easy :). Plus I can change my work dd online.Thanks Gadget 🕵️ Missjenniferd1🦁🦉 Peek A M William Charles for your reply!

HH
HH

If I chose Incredible checking with min$50, there is space to input promo code….
However, “IncredibleBank Checking Bonus: To receive the $175 bonus, you must: open online with a minimum deposit of $100 using promo code TOASTER; establish a recurring payroll direct deposit of $300 or more and is required within 45 days of account opening; and download the mobile app for IncredibleBank. One IncredibleBank Checking Bonus per customer.”
If I chose Incredible Checking Plus (minimum $100)…there is no space to input promo code…
Anyone can share how to resolve it ?

Gadget 🕵️

When you select the Incredible checking account, you click Continue, and on that screen there is a space for Promo Code. Just because $50 is the MINIMUM to open, you should be able to fund with more than that later in the application.

HH
HH

Well noted! thank!

vince
vince

Gadget 🕵️ I did not get a pop up window asking me for promo code. Is the promocode after or before you enter your personal details?

Additional feature(s)
Do you want IncredibleBank to authorize and pay ATM and everyday debit card transactions if they overdraw your account?*
I am interested in receiving paper checks for my IncredibleBank checking account. The cost is $34.45.*
YesNo
Which word or phrase would you like to appear in the subject line of all e-statement notification emails from IncredibleBank? This word or phrase will be used for all of your accounts.

The last one about the word is just a security feature not for a promo code.. hmmm

Gadget 🕵️

I see that as well – the application is no longer asking for a promo code.

– It’s possible they have stopped the promo, but they didn’t take down the page yet.

– It’s also possible they are assigning every new account that promo code by default, so they stop getting 10 thousand questions about whether or not the promo code is attached.

I wouldn’t sign up until this gets clarified. FYI William Charles

Curmudgeon
Curmudgeon

You need to choose the correct checking account to start – “IncredibleBank Checking.” About three screens later it asks you to input your opening deposit amount, where you can change the $50 minimum to $100, or if you’re like Will and Chuck, you can fund the max of $5 million through ACH transfer. 😀

HH
HH

I see, thanks for the explanation!

HelpyBoi
HelpyBoi

I love the unusual amount of transparency they have, for example telling you what date bonuses will post.

But more unusually, they get the distinction between 1. non-resident and 2. non-resident (for tax purposes) but residing in the USA , correct on their form!

Their question is :
“For Federal Tax Purposes, I am considered a(n):*.

A lot of forms (looking at you, Citibank and HSBC), will simply ask if you’re a resident or not.

Rob
Rob

So for the recurring dd, would having two $300 employer dd satisfy it then. Or are people gonna keep $300 dd’s going all the way to January?

David Malson
David Malson

Do y’all think $150 2x a month will work, or it’ll have to be a $300 total DD?

Duke I.
Duke I.

To be on the safe side, I would do $300 for each DD.

Gadget 🕵️

Almost certain that would not work. Says “establish a recurring payroll direct deposit of $300 or more”. Not cumulative. Not total.

David Malson
David Malson

Thanks! Just wanted a second opinion

Mark
Mark

With regard to the number of recurring DD, I reached-out to the bank’s Concierge:

“We do not have a set required number. We expect to see reoccurring payroll direct deposits through the payout.”

And I confirmed that each DD needs to be at least $300.

Her email, if you wish to follow-up on your own is: [removed]

Amex Fangirl
Amex Fangirl

I don’t think it’s a good idea if too many people ask a banker “how to skirt the rule” type of questions. That’s how easy banks start tightening up.

Ven
Ven

Applied for checking and MMA, got pending status saying their concierge will call/email and let me know the status of my application.

Ven
Ven

Update: Got a message in their portal, to upload DL, Passport and SSN. Really Incredible!!

Jim
Jim

Wonder how the savings duration is calculated. Must fund by November 15, then maintain for 90 days.

But payout is first week of b January, so that’s less than to 60 days?

Gadget 🕵️

I noticed that. I would think either they are going to pay it out early, or they are going to make you wait until 90 days are up, and you might have to ask. Pretty sure they will just pay the MM bonus separate, but, I could be wrong. With savings balance bonuses, there really isn’t much debate on whether you qualified… Do the 90 days, expect to get paid, and if you don’t, you remind them. If you want to get ahead of the issue, contact them in advance.

Bob
Bob

Anyone know which credit agency they pull with? I have all mine frozen.

Wayne
Wayne

Mine is frozen also. I’m thinking since it’s a soft pull they’ll ask a few questions to verify identity.

Gadget 🕵️

Good luck with that. That’s not how it works. If you have frozen CRA’s, existing creditors can pull your reports, but not new creditors. It will fail..

blank check
blank check

What’s funny is I had just froze my credit reports for the first time ever a few days before applying for this account.. it didn’t even occur to me to unfreeze it for a bank account, I was only thinking about unfreezing it for credit card applications. Now I realize I have to unfreeze before each new bank account application? In this case, I just double-checked and saw that my Transunion was not frozen like I originally thought. Just the other two. Anyways, I got the verification questions at the end of the Incredible Bank application, so that must have meant they were able to pull just fine?

Gadget 🕵️

If you were able to get the identity questions, you are probably good to go. But, it’s possible they will do a different soft pull on EX later.

See Cons, 3rd bullet: https://www.doctorofcredit.com/sould-i-keep-my-credit-report-frozen-a-look-at-pros-cons/

Gadget 🕵️

https://www.doctorofcredit.com/incredible-bank-175-checking-100-money-market-bonus-available-nationwide/#comment-814625

TU & EX… apparently. Keep in mind, if you want to play the bank bonus game, be prepared to have to dodge this bullet every time.

Bob
Bob

Yep had to unfreeze them, account is open now. Already got DD setup. App is having issues atm.

Betelgeuse
Betelgeuse

What are the options to fund the MM account? Do they ask for ach during account opening?

Tom
Tom

This morning I received a message from them:

“Please contact the credit agencies, Transunion and Experian, to have the “freeze” temporarily lifted so we can gain access to the needed information. Please respond back through this conversation log when the freeze has been lifted so we may continue with the application process.

We will also be giving you a call to ask 4 anti-identity theft questions. These questions did not populate during the application process due to the credit freeze”.

Dan
Dan

I got the same message today, minus the Experian part. I messaged them to ask if this means they’re attempting a hard inquiry.

Tom
Tom

I was approved after I lifted credit freeze. No hard pull.

Sexy_kitten7
Sexy_kitten7

I also forgot to fund 100. Never crossed my mind since they don’t take credit cards. And you have to have EX thawed since they use it for KBA questions.

Dan
Dan

Recommend messaging them via the status page. They were able to up the deposit for me prior to approval.

Tony
Tony

The new terms state $50 required funding. I just called them (because I had only funded $50 originally) and they did say the minimum is $50 (and the system doesn’t let you do less than $50, so you should be good.

Millennial Outrage

I think they just updated the terms language. Now says minimum deposit for the checking is $50.

Gadget 🕵️

Probably the initial wave of folks who only funded $50 were contacting the bank on how to proceed…. CSR’s going nuts answering the same question. They call marketing, who tells the IT dept to change the website. Circle complete.

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