Best Cash Cow readers were first introduced to Incredible Bank in late 2009. The bank is an online division of River Valley Bank, located in Wausau, WI. At the time of the review in November 2009, Incredible Bank was offering a 2.02% APY on its free checking account for balances up to $250,000. In June 2010, the bank also offered a 12-month CD with a 1-year APY of 2.00%. As of today, the bank is no longer accepting new CD applications and the interest rate on the checking account fell to 1.53% APY. The interest rate in the checking account still remains one of the best around, however.

Mobile banking, online bill pay, and ATM transactions are free. E-statements are required if you don’t want to incur fees, as paper statements will cost you $15.00 per month. Prospective customers should be aware the bank pulls a copy of your credit report before it will open an account for you and the bank requires a minimum $1,000 deposit to open an account. Amounts over $250,001 only earn 1.00% APY and, as a reminder, amounts over $250,000 are not FDIC insured.

The dropping interest rate and the fact that the bank stopped accepting applications for CDs only two weeks after its initial offering makes you question how long the APY offer on the checking account will stay around. However, in an economy where some of the best savings account rates only pay 2.00%, a checking account that pays 1.53% is still a great deal. This is not a “rewards” checking account, and there are no monthly requires you have to meet for the interest rate. The parent company, River Valley Bank, has been around since the late 1960’s and has 18 branches in the Midwest. As of March 31, 2010 Bankrate.com gives River Valley Bank a four-star rating and a neutral predictive indicator. Deposits up to $250,000 at both River Valley Bank and Incredible Bank are FDIC insured.

For the best information on savings account rates click the "Savings" tab above, or for the best information debit-card rewards click on "Checking".

USAA, the company originally founded to serve U.S. military officers and their families, has long had an excellent reputation for outstanding products and customer service. While USAA auto and property insurance offerings are still only available to military members and their families, the general public can now take advantage of their banking and investments products including checking and savings accounts, CDs, credit cards, mutual funds and brokerage accounts.

For example, you can get a 5-year CD at 3.00% APY or a 7-year CD at 3.55% with a minimum opening deposit of $1,000. If you invest over $94,999 in a CD, the interest rates increase accordingly. Since FDIC limits are now permanently raised to $250,000, it’s now safe to invest in long-term jumbo CDs.

Regular savings accounts start at a 0.40% interest rate for daily balances below $1,000. There is a tiered interest rate structure, based on your daily account balance, and for balances greater than $25,000, you can earn 0.55%. All savings accounts require a $25 minimum opening deposit.

USAA’s free checking account allows unlimited free ATM use, no matter what ATM you use. If another bank charges you an ATM fee, USAA refunds the charge. This is limited to the first 10 ATM withdrawals per month and USAA will refund up to $15 on other banks’ ATM fees each month. They also offer free overdraft protection (they will automatically transfer the needed funds from your savings account or a credit card for free), they give you free checks, free online bill pay, they have no monthly service fees regardless of your checking account balance, and you get a free rewards debit card (PIN-based transactions are excluded). You also earn 0.10% APY interest on your checking account.

One downside is that USAA doesn’t have any brick and mortar locations; all transactions are done through the mail, online, or over the phone. However, the great banking products and their superior customer service can make up for the lack of physical locations, if you can adjust your banking practices a little. If you are dissatisfied with your current bank, you can take solace in the fact that USAA has been rated as one of BusinessWeek’s “Customer Service Champs” for four straight years.