Investors eAccess Review 2021

Published December 2020 by Lance Davis

AT A GLANCE
3.8

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.

  • MMAs
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    3.8
  • CDs
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    4.2
  • Checking
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    4.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Overall

    3.8

    Bankrate Score

    Investors eAccess is an online-only division of Investors Bank, an institution with more than a 90-year history and close ties to the communities it serves.

    What we like

    • Minimum deposits for opening accounts are low.

    • A no-penalty CD is available for cautious savers who value 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.

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

    Money market accounts

    3.8

    Bankrate Score

    The Investors eAccess money market is available online.

    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. These debits are limited to $250,000 per statement cycle.

    What we like

    • There’s no minimum opening deposit 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

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

    • You can’t make withdrawals using an ATM.

    CD rates

    4.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    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 cautious savers who want to earn a decent yield but keep their money liquid. The bank allows customers to make penalty-free withdrawals six calendar days after opening the account. Withdrawals made before six days of opening the account are charged seven days’ simple interest.

    Both CDs offer a yield that’s above the national average but below what you can find 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.

    Checking accounts

    4.0

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Investors eAccess’ checking account requires a $50 deposit to open. There’s a $10 monthly service fee, but the bank offers a few ways to avoid it; customers have to maintain a $1,000 average monthly balance and do one of the following:


    • Direct deposit $500 to your account during the statement cycle.

    • Make mobile check deposits totaling at least $500 during your monthly account cycle.

    • Make 10 point-of-sale transactions during your 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 Apple Pay, Google Pay and Samsung Pay.

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

    What we don't

    • The account doesn’t pay a yield.

    • Account holders who don’t meet certain criteria will be charged a monthly fee.

    Bank experience

    You won’t have access to branches as part of your Investors eAccess experience. However, checking account holders are eligible for up to $15 in ATM rebates each month.

    You can also 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.

    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. It 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 a checking account; money market account; 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.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the senior editorial director for Bankrate, overseeing content for mortgages, deposits, investing, loans and insurance. Lance leads a team of more than 20 editors and reporters who are passionate about creating content that helps readers make smarter financial decisions. Lance started at Bankrate as a copy editor in 2013, where he learned the finer points of personal finance while reading almost every article before it was published. In this role, Lance saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement and more. Lance also gets involved with fun projects like hosting Bankrate’s webinars with Greg McBride and publishing the annual Best Banks list, which has been cited by MSN, Fox Business, The Points Guy, among others. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. He dreams of being able to retire early and buy a home on a beach where the temperature rarely falls south of 60. Lance earned his bachelor’s degree in journalism from Auburn University in 2013. Have feedback or suggestions for the editorial team? Send Lance an email at lance.davis@bankrate.com.