Investors Bank Review 2020

Published April 2020 by Mary Wisniewski

AT A GLANCE
2.5
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Bankrate Score

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Bank Vault

Low Minimum Deposit

Investors Bank is good for consumers who live in New York or New Jersey and who want to bank with an institution that supports branches in its footprint.

  • Savings
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    2.8
  • CDs
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    2.5
  • Checking
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    3.2
  • MMAs
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    1.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    2.5

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    Bankrate Score

    Investors Bank has been around for more than 90 years and offers a variety of banking products online and at more than a hundred branches.

    What we like

    • Low deposit requirements for CDs and savings accounts.

    • Provides useful digital banking features.

    • Supports branches in its footprint.

    What we don't

    • Physical branches are limited to New Jersey and New York.

    • Not all products are available online.

    Savings accounts

    2.8

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Investors Bank offers several savings accounts. With its high-yield savings account, you will earn a bigger payout on larger balances; however, you can still find more competitive rates elsewhere.

    To earn the highest APY, you will need to deposit at least $5,000 into the account.

    What we like

    • You earn higher rates on higher balances.

    • Minimum to open a savings account is only $50.

    What we don't

    • You can find higher yields elsewhere.

    • YourStyle Plus Checking account is required to get the High Yield Savings account.

    CD rates

    2.5

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    At Investors Bank, customers have access to CDs with 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.

    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

    • Interest is compounded daily and posted monthly.

    • The minimum deposit for the standard CDs is low ($500).

    What we don't

    • CDs must be opened in a branch.

    • CD yields are much lower than what online banks offer.

    • There’s no 18-month CD available.

    Checking accounts

    3.2

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    The YourStyle Plus Checking account earns tiered interest rates. The checking account from Investors Bank can be opened for as little as $50. It’s somewhat tough to avoid the $20 monthly service fee. Account holders must maintain a $20,000 average monthly balance across qualifying accounts and direct deposit at least $1,000; make 15 point-of-sale transactions; or be an eligible investments customer.

    If you don’t care about earning interest on your checking balance, Investors Bank has the YourStyle Checking account. It can be opened with a $50 deposit. The $10 monthly service fee will be waived by maintaining a $1,000 average monthly balance; making a direct deposit of at least $500; or making 10 or more monthly point-of-sale transactions.

    What we like

    • Offers ATM rebates.

    • Interest on all positive balances; $2,500 or more earns the highest rate.

    What we don't

    • Difficult to avoid monthly service fee.

    • Physical branches are limited to New Jersey and New York.

    Money market accounts

    1.7

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    Bankrate Score

    Investors Bank offers several money market accounts. You can earn more interest based on your balance; however, you can find much higher yields elsewhere, including at the bank's online-only brand, Investors eAccess.

     

    What we like

    • You can earn a higher APY with higher balances.

    • You will have some check-writing perks.

    • Only $50 needed to open a money market account.

    What we don't

    • Steeper monthly fees unless you meet certain conditions.

    • You can find much higher yields elsewhere.

    Bank experience

    As a brick-and-mortar bank, Investors Bank doesn’t skimp on its digital banking tools. With your online Investors Bank account, you can link in data from your other bank accounts. In doing so, you can analyze your money across all of your accounts from a single digital hub. You can also pay for things through your smartphone. Bank accounts work with Apple Pay, Google Pay and Samsung Pay.

    While it doesn’t have 24/7 customer service via the phone, you can reach a bank representative on the phone seven days a week.

    About Investors Bank

    Investors Bank was founded in 1926 as an organization trying to make homeownership more affordable to the community.

    Now, Investors Bank, which is based in Short Hills, New Jersey, operates more than 145 branches in New York and New Jersey. It offers certificates of deposits, checking accounts, savings accounts and money market accounts.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.