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Investors Bank Review 2022
Insured by NCUA
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Overall
3.5
Bankrate Score
Investors Bank has been around for more than 90 years and offers a variety of banking products online and at more than 150 branches.
What we like
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Deposit requirements for CDs and savings accounts are low.
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The bank provides online and mobile banking tools.
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It has a large branch network.
What we don't
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Physical branches are limited to New Jersey, New York and Pennsylvania.
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Not all accounts can be opened online.
Savings accounts
2.4
Bankrate Score
Insured by NCUA
Savings account
Investors Bank offers several savings accounts, including a high-yield account that earns more with larger balances. However, more competitive rates can be found at other banks.
The principal savings account is YourStyle Savings, which can be opened with $50. The monthly $5 monthly fee ($4 with eStatements) is waived for students age 18 to 24, seniors 62 and older and U.S. military veterans and active-duty personnel. Otherwise, a $300 balance is required to avoid the monthly fee.
What we like
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You earn higher rates on higher balances.
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The interest kicks in with only a $50 balance.
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The minimum deposit to open YourStyle Savings is only $50.
What we don't
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You can find higher yields elsewhere.
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You must have a YourStyle Plus Checking account to open the High-Yield Savings account.
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You must have at least $5,000 in the High-Yield Savings account to earn the best rate.
CD rates
3.6
Bankrate Score
Member FDIC
CD
At Investors Bank, customers have access to eight CD terms ranging from three months to five years. The standard CD rates aren’t competitive, but from time to time, there are CD specials available that pay a higher yield. There are no specialty products, such as bump-up or no-penalty CDs.
Penalties for early withdrawals depend on the length of the CD term. For 12-month CDs, pulling money out before the term ends will cost you 180 days of interest.
What we like
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The minimum deposit for standard CDs is only $500.
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There is a range of terms that allows depositors to build a CD ladder.
What we don't
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You can find CDs with much higher yields at some online banks.
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There are no specialty products such as bump-up or no-penalty CDs.
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An 18-month CD isn’t offered.
Checking accounts
4.2
Bankrate Score
Member FDIC
Checking account
The YourStyle Checking account is a noninterest-bearing account that can be opened with a $50 deposit. There are several ways to avoid the $10 monthly service fee: Maintaining an average monthly balance of $1,000; direct-deposit at least $500 per statement cycle; or make at least 10 point-of-sale using your Investors Bank Visa debit card per statement cycle. Account holders get four free out-of-network ATM transactions per statement cycle. After that, there is a $3 fee per transaction.
Account holders have free access to online and mobile banking, bill pay, e-statements and person-to-person payments using Zelle.
Investors Bank also offers an interest-bearing account, YourStyle Plus Checking, as well as Consumer Checking, its most basic checking account, which has no minimum balance requirement and a $3 monthly fee. It can be opened with a $25 deposit.
What we like
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Investors Bank has a choice of checking accounts to meet different needs.
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The opening deposit requirement for all checking accounts is low.
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All checking accounts come with access to mobile and online banking, bill pay and e-statements.
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The checking accounts allow for limited out-of-network ATM transactions without charges.
What we don't
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Physical bank branches are limited to New Jersey, New York and two branches in Pennsylvania.
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Monthly service fees can be difficult to avoid.
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You can find other banks that pay a much higher APY than the YourStyle Plus checking account.
Money market accounts
2.2
Bankrate Score
Investors Bank offers several money market accounts, including its principal YourStyle Money Market account that features tiered rates, which pay more interest on higher balances. But higher yields can be found elsewhere, including at the bank's online-only division, Investors eAccess.
The opening deposit requirement for the YourStyle MMA is a low $50, and it allows limited check writing. The $11 monthly maintenance fee can be avoided by maintaining a $$2,500 balance.
The YourStyle Plus MMA offers the highest yield, but only on balances of $200,000 or more.
What we like
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Limited check-writing privileges are included.
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The opening deposit is only $50.
What we don't
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There is a relatively high balance requirement to avoid a monthly fee.
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Much higher yields can be found elsewhere.
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At least $200,000 is needed in the YourStyle Plus MMA to earn the highest yield.
Bank experience
Investors Bank is a brick-and-mortar bank that doesn’t skimp on its digital banking tools. With an online Investors Bank account, data can be linked from other bank accounts, enabling users to analyze all of their accounts from a single digital hub. Purchases can be made using a smartphone, tablet or smartwatch by connecting an Investors Bank debit card to Apple Pay, Google Pay or Samsung Pay. Its mobile app gets mixed reviews among iOS and Android device users.
A bank representative is available by phone 8 a.m. to 8 p.m., Monday through Friday, and 8 a.m. to 6 p.m., Saturday and Sunday. Existing customers with online banking have access to a secure live chat feature.
About Investors Bank
Investors Bank was founded in New Jersey in 1926 to make homeownership more affordable to the community.
Today, Investors Bank, which is based in Short Hills, New Jersey, operates 154 branches in New York, New Jersey and Pennsylvania. It has over $20 billion in assets. Investors Bank offers certificates of deposit, checking accounts, savings and money market accounts, and mortgages and personal loans.
Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.
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