Investors Bank Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
3.4

Bankrate Score

bank-logo

Low Minimum Deposit

Investors Bank is good for consumers who live in New York or New Jersey and prefer a community bank with numerous branches within its footprint.

  • Savings
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    2.4
  • CDs
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    3.6
  • Checking
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    3.6
  • MMAs
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    2.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    3.4

    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

    • Deposit requirements for CDs and savings accounts are low.

    • 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

    2.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    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, seniors and the U.S. military. Otherwise, a $300 balance is required to avoid the monthly fee.

    What we like

    • You earn higher rates on higher balances.

    • The interest kicks in with only a $50 balance.

    • The minimum deposit to open YourStyle Savings is only $50.

    What we don't

    • You can find higher yields elsewhere.

    • You must have a YourStyle Plus Checking account to open the High-Yield Savings account.

    • You must have at least $5,000 in the High-Yield Savings account to earn the best rate.

    CD rates

    3.6

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    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

    • 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

    3.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    The YourStyle Checking account is a non-interest-bearing account that can be opened with a $50 deposit. The $10 monthly service fee can be avoided by maintaining an average monthly balance of $1,000,  depositing at least $500 each month or making at least 10 debit card transactions per month. Account holders get four free out-of-network ATM transactions per statement cycle. After that, there is a $3 fee per out-of-network transaction.

    YourStyle comes with other perks, such as cellphone and ID theft protection and mobile couponing. Account holders have free access to online and mobile banking, bill pay and e-statements.

    If you want an interest-bearing account, check out YourStyle Plus Checking. Consumer Checking is the most basic checking account, with a $25 opening deposit, no minimum balance requirement and a $3 monthly fee. There are also accounts with special perks for New York Giants and New Jersey Devils fans.

    What we like

    • Investors Bank has a choice of checking accounts to meet different needs.

    • The opening deposit requirement for all checking accounts is low.

    • All checking accounts come with access to mobile and online banking, bill pay and e-statements.

    • The checking accounts allow for limited out-of-network ATM transactions without charges.

    • YourStyle Plus offers unlimited out-of-network ATM transactions and refunds up to $10 in ATM fees from other banks.

    What we don't

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

    • It might be hard to avoid the monthly service fee.

    • You can find other banks that pay a much higher APY than Investors Bank's YourStyle Plus checking account.

    Money market accounts

    2.3

    Bankrate Score

    Investors Bank offers several money market accounts. Its principal MMA is the YourStyle Money Market account. You can earn more interest with higher balances. However, you can find higher yields elsewhere, including at the bank's online-only division, Investors eAccess. Opening deposit requirements are a low $50.

    What we like

    • There are limited check-writing privileges.

    • The opening deposit is only $50.

    What we don't

    • Monthly fees are steeper unless certain conditions are met.

    • You can find much higher yields elsewhere.

    Bank experience

    Investors Bank is a brick-and-mortar bank that 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. Existing customers with online banking have access to a 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 and New Jersey. 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 Twitter Created with Sketch. @EAWELLS77

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells, Bankrate's chief copy editor, has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She has spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.