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Investors eAccess Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
3.5

Bankrate Score

bank-logo

High APYs

No monthly fees

Investors eAccess is a good fit for savers looking for an online bank that offers a range of deposit products or a short-term, no-penalty CD.

  • Checking
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    4.4
  • CDs
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    3.2
  • MMAs
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    3.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Bask Bank

    Member FDIC

    Savings account

    1.25 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    0.90 % APY

    $ 0

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    Overall

    3.5

    Bankrate Score

    Investors eAccess is the online-only division of Investors Bank, an institution with a more than 90-year history with branches in New Jersey, New York City and Long Island.

    What we like

    • Minimum deposits for opening accounts are low.

    • A no-penalty CD is available for savers who value/need liquidity.

    • The bank offers ATM rebates up to $15.

    What we don't

    • CD rates are not as competitive as other online bank offerings.

    • There is no branch or in-network ATM access for customers, and cash deposits are not permitted.

    • Yields are decent but below top-tier offerings at some other online banks.

    Checking accounts

    4.4

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Investors eAccess’ checking account requires a $50 deposit to open. There’s a $10 monthly service fee, but customers who maintain at least a $1,000 average monthly balance can avoid it with a $500 direct deposit, mobile check deposits of $500 or 10 debit card transactions, during the monthly statement cycle.

    The checking account doesn’t earn a yield, but it comes with a range of features, including Apple Pay, Google Pay and Samsung Pay; credit monitoring; and bill pay. In addition, checking account holders are eligible for up to $15 in ATM rebates each month.

    What we like

    • The account requires only $50 to open.

    • It offers a range of features including mobile payments.

    • Account holders are eligible for up to $15 in ATM rebates each month.

    What we don't

    • The account doesn’t pay interest.

    • Account holders who don’t meet certain criteria will be charged a monthly account maintenance fee. Some other online banks don’t charge such fees.

    CD rates

    3.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Investors eAccess currently offers only two short-term CDs: a six-month no-penalty CD that allows customers to withdraw savings without paying a penalty or forfeiting any interest in the process, and a traditional 10-month CD. Both CDs can be opened with a $500 deposit and are FDIC-insured.

    The no-penalty CD is a good option for savers looking to earn a decent yield but want to keep their money liquid. The bank allows customers to make penalty-free withdrawals six calendar days after opening the account. Withdrawals made before then are charged seven days’ simple interest.

    Both CDs offer a yield that’s above the national average but below what can be found at other online banks offering top-tier rates.

    What we like

    • The bank offers a no-penalty CD.

    • Both CDs require only a $500 minimum deposit.

    What we don't

    • Few CD terms are available.

    • Yields aren’t as competitive as other online banks’ offerings.

    Money market accounts

    3.2

    Bankrate Score

    The Investors eAccess money market is an online account and doesn’t provide ATM access. Withdrawals are made using online banking to initiate ACH debit transactions, which are limited to $250,000 per 30-day period. Transactions are also limited to six per statement cycle and checks are unavailable.

    What we like

    • No minimum deposit is required to open an account.

    • The account doesn’t charge a monthly service fee.

    • Customers can link up to five external bank accounts.

    What we don't

    • APYs aren’t as competitive as other online banks’ offerings.

    • ATM withdrawals aren’t available.

    • There’s a $250,000 limit on withdrawals per statement cycle.

    Bank experience

    Investors eAccess customers don’t have access to branches, but the bank’s online banking portal and mobile app provide customers with the ability to monitor and manage their accounts. Cash deposits aren’t permitted, but checks can be deposited using the bank’s mobile app, and checking account customers are eligible for up to $15 in ATM rebates a month.

    Customer service hours are 8 a.m. to 8 p.m. Eastern time, Monday-Friday, and 8 a.m. to 6 p.m., Saturday and Sunday. Customers can also submit queries via email.

    About Investors eAccess

    Investors eAccess got its start in early 2019 and offers checking and money market accounts, a six-month no-penalty CD and a 10-month fixed-rate CD. The online bank serves customers nationwide through its website and a smartphone app.

    Its parent company, Investors Bank, has branches throughout the state as well as New York City and Long Island, though Investors eAccess accounts are not serviced at these locations. Investors Bank, based in Short Hills, New Jersey, was founded in the 1920s as the Washington Rock Building and Loan Association of Millburn and adopted its current name in 2011. Today, it’s one of the largest banks in New Jersey.

    In July 2021, Citizens Bank announced it had agreed to acquire Investors Bank, a deal that is expected to close in the first quarter or 2022. Citizens Bank has an online bank, Citizens Access, that debuted in July 2018.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth