In the battle for the best online bank, there are many players you may not have heard of. If you're not from the New York or New Jersey area, Investors Bank may be one of them.
However, Investor's Bank has some of the best online savings and CD accounts available to savers. In our Investors eAccess review, we break down their offerings and share why they are always near the top of the pack.
See how Investors eAccess compares to the other top high yield savings accounts and whether you should consider them.
- Online banking from established Investors Bank
- One of the top CDs out there - no penalty 6-mo CD options
- Consistently one of the highest yield APY savings accounts
What Is Investors eAccess?
Investors eAccess is part of Investors Bank, located in Short Hills, NJ. They have branches in New Jersey and New York. There are 147 branch locations in New Jersey and New York.
The offers below are available online, nationwide.
Notice there are two different websites. In this article, we’re looking at Investor’s eAccess.
Investors Bank was formed in 1926. The bank has $25 billion in assets and is one of the largest banks in New Jersey. They appeared on Forbes Magazine on their “Best Bank in America” list since 2013 and have been awarded four stars by Bankrate on their “Safe & Sound” rating system.
What Do They Offer?
There are two products offered as detailed below.
eAccess Money Market
This money market account has a top APY account. Best of all, you can open an account with $0. Their best yields are usually capped, and only applies to balances up to $2 million. Any balance over that amount doesn’t earn interest.
It’s important to know that that APY is variable. In other words, it can change at any time.
Money can be withdrawn through ACH electronic debits only. You can withdraw $250,000 per 30-day rolling month. This might make it difficult to move large sums of money. Any eAccess Money Market transactions must be done online and not in branches, including opening an account.
See how they compare to the other top money market accounts.
The great thing about CDs is that their rates are locked in. However, that may not make sense for you. Investors eAccess offers a no-penalty CD option as well, which is very competitive.
You only need $500 to open a CD.
Both accounts do not offer check-writing, debit, or ATM cards. The only way to withdraw money is through ACH (pull) transfer.
You’ll have full access to your account through the bank’s website and mobile app.
See how they compare to the best bank CD rates.
Are There Any Fees?
For the eAccess Money Market, there are no hidden fees. Neither the money market or CD products have monthly maintenance fees.
The six-month CD is a no-penalty product. You can withdraw money from the CD, including principal, without incurring a penalty. This is not true of the 10-month CD. A penalty will be incurred when money is withdrawn before maturity. The penalty is based on 90-days simple interest against the amount withdrawn.
How Do I Open an Account?
You can open an account online at https://www.investorseaccess.com/Savings.
The following are required to open an account:
- A valid US Social Security number
- Government-issued ID
- You must be a United States citizen or permanent resident
- You must be at least 18 years of age
- You must have account funding information:
- Name of funding bank or financial institution
- Routing transit number
- Funding account number
If you need assistance, the bank has an 800 number that you can contact:
Client Care Center: 855-422-6548
8:00 a.m. to 10:00 p.m. ET (Monday through Friday)
8:00 a.m. to 8:00 p.m. ET (Saturday through Sunday)
You can also contact them through their website at https://www.investorseaccess.com/Contact.
Is My Money Safe?
Yes. Your money is insured by the FDIC. Investors eAccess uses high-grade encryption throughout its website. They also monitor money-related bank transactions for suspicious activity.
Investors eAccess is FDIC-insured up to $250,000 for each depositor.
Is It Worth It?
Their interest rate for a savings account is among the highest you’ll find anywhere on the Internet. The deal gets even better because there is no minimum deposit required. Nearly every high yield savings account requires thousands of dollars to open. This puts Investors eAccess far ahead of the competition.
Their CD product is on the same wavelength. While the savings account interest rate is variable, the CD is fixed for the life of the CD. It only requires a $500 deposit to open.
Of the financial products available by Investors eAccess, the 10-month CD is best. It has a top APY, which requires only $500 to open, and the rate is fixed. If you can spare 10 months, it’s one of the best returns we’ve seen.
Investors eAccess Review
- Interest Rates - 90
- Fees and Charges - 90
- Customer Service - 80
- Ease of Use - 80
- Tools and Resources - 80
- Products and Services - 70
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.