Investors eAccess Review 2019
Amanda Dixon is a senior reporter covering banking. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.
2.6/5
Investors eAccess is a new online-only division of Investors Bank, an institution with a 90-year history and close ties to the communities it serves.
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About Investors eAccess
Investors eAccess debuted in early 2019. Its parent company, Investors Bank, is based in Short Hills, New Jersey, and has branches throughout the state as well as New York. The bank was originally known as the Washington Rock Building and Loan Association of Millburn when it was founded in the 1920s and did not adopt its current name and branding until 2011. Today, it’s one of the largest banks in New Jersey.
Currently, Investors eAccess offers three online products: a high-yield money market account; a six-month, no-penalty CD; and a 10-month fixed-rate CD. The bank serves customers nationwide and allows account holders to bank online and through their mobile phones.
Investors eAccess could be a good fit for savers looking to earn more interest than what’s offered by their local bank. If you’re looking for mid- or long-term CDs or you want your checking and savings accounts under the same roof, you’re better off banking somewhere else.
Pros
- Customers have access to a high-yield money market account offering a competitive APY.
- A no-penalty CD is available for cautious savers who value liquidity.
- Minimum deposits for opening accounts are relatively low or nonexistent.
Cons
- The bank offers a limited number of products.
- There is no checking account option.
- CD rates are not as competitive as other online bank offerings.
- There is no branch access for customers.
- Though customer service representatives can be contacted daily, they are not available 24/7.
Investors eAccess Services
4.3/5
The Investors eAccess money market is available in 48 states — every state except for New Jersey and New York. Account holders can earn a top-tier APY that's about 10 times the national average. If you decide to open the account, you won’t have ATM access. However, you can make withdrawals by using online banking to initiate ACH debits of the eAccess money market. These debits are limited to $250,000 per month per 30-day rolling month.
Pros
- Money market account offers APY about 10 times the national average.
- No minimum opening deposit required to open an account.
Cons
- Balances over $2 million won’t earn interest.
- You can’t make withdrawals using an ATM.
- The account isn’t serviced by Investors Bank's brick-and-mortar branches.
MMAs available from other banks
2.0/5
In addition to its high-yield money market account, Investors eAccess currently offers 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 are available to be opened with a relatively low minimum deposit. Note: Bankrate's bank review scores are calculated using each bank's 12-month CD offering. In the absence of a 12-month CD, the 10-month CD was used to assess Investors eAccess.
Pros
- The bank offers a no-penalty CD.
- Low minimum deposit needed to open CDs.
- Interest is compounded daily.
Cons
- Few CD terms are available.
- CD laddering isn’t an option.
- Yields aren’t as competitive as other online banks’ offerings.
CDs available from other banks
2.6/5
You won’t have access to branches as part of your Investors eAccess experience. However, you can monitor and manage your money with the bank’s online banking portal and mobile app. You can also fund your money market account by taking photos of your checks with the mobile banking app. Customer service hours are not 24/7, but you can still reach someone seven days a week. On weekdays, you can reach a live representative on the phone from 8 a.m. to 10 p.m. Eastern. On weekends, you can reach a representative from 8 a.m. to 8 p.m.
