Investors Bank Review

Investors Bank YourStyle Savings Account

0.05% APY

With more than 90 years of experience in New York and New Jersey, Investors Bank offers a wide range of personal banking services to its customers. The bank has a number of savings account and checking account options, as well as a money market account (MMA) and several certificates of deposit (CDs).

Accounts at the bank are accessible to all kinds of bankers, usually with only $50 needed to open an account. Opening certain accounts like the Preferred Checking account will give you access to other premium accounts, increasing the rate at which you can earn interest. You can even earn rewards points toward things like tickets to the New Jersey Devils.

That said, most of the interest rates at Investors Bank are less than competitive, with the exception of the special CD accounts. Further, all the non-CD accounts come with monthly service fees. Most of these fees are avoidable enough, but they’ll be one extra thing to think about, and they may eat into your interest if you’re not careful.

Products Offered

Investors Bank Interest Rate Comparison

Investors Bank Overview

Investors Bank operates more than 150 branch locations in New Jersey and New York. Its headquarters are in Short Hills, New Jersey. Although this article will focus on the personal banking options, Investors Bank also offers business banking services, home lending and wealth management. In the personal realm, the bank offers three types of savings accounts, three money market accounts, three checking accounts and several different CDs. Read on to learn more about each of these options.

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• Savings & MMAs
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Investors Bank Account Features

Many of the deposit accounts at Investors Bank are accessible online or via the bank’s mobile app. Accounts also come with a Visa credit, debit or ATM card, depending on the type of account. With the exception of CDs and the retirement savings account, all deposit accounts come with monthly service fees, all of which you can waive provided you meet certain account requirements that vary in difficulty. You may also face fees for excessive transactions with the savings and money market accounts.

Passbook Savings Account

The Passbook Savings account is the closest thing you’ll find to a free savings account at Investors Bank. You can waive the $3 monthly service fee as long as you keep at least $50 in the account, which should be feasible for just about everyone. The 0.05% interest rate is much lower than some of the best savings accounts out there today, but if you just want a no-frills account with an easily waivable fee, this account will suit your needs.

YourStyle^® Savings Account

Described by the bank as its principal savings account, you can think of the YourStyle^® Savings Account as a slight step up from the Passbook savings account. The monthly service fee is slightly higher at $5 (or $4 with estatements), and you’ll need a higher balance, $300, in order to waive it. However, you’ll also receive two free out-of-network ATM withdrawals each month. If you anticipate need to use a couple out-of-state ATMs each month and you don’t anticipate your balance falling below $300, then you may want to choose this account over the Passbook.

If you’re a student age 18 to 24, above the age of 62, on active U.S. military duty or a U.S. military veteran, then you won’t have to worry about the monthly fee regardless of your account balance.

High-Yield Savings Account

The High-Yield Savings account is only available to bankers who already have an Investors Bank Preferred Checking account, which we’ll cover later in this article. If you have $5,000 between the two accounts, you won’t have to worry about the $20 monthly service fee, so you’ll want to keep an eye on your balance in both accounts, otherwise, you’ll lose any interest you’ve earned and then some.

Your interest rate will quadruple if your balance rises above $5,000, another reason to make sure you stay above that threshold, otherwise it doesn’t make much sense to have this account over the cheaper alternatives.

YourStyle^® Money Market Account

The YourStyle^®  Money Market account provides you with limited check-writing ability and the ability to earn interest at a higher rate if you invest enough money. You’ll also receive two free out-of-network ATM withdrawals each month.

In order to waive the $12 monthly service fee, you’ll need to maintain an average balance of at least $2,500. 

Edge Money Market Account

With the Edge Money Market account, you’ll have the chance to earn interest at a slightly higher rate than with the YourStyle^® Money Market account. However, you’ll need to invest at least $200,000 in order to access that higher rate. Since $200,000 is most likely more money than you’d need immediately accessible to you in case of emergency, you’ll most likely be better served to invest it in a less liquid account (like a CD) that has a higher rate.

Since this account also comes with a higher monthly service fee that’s much more difficult to waive, you likely won’t have a reason to choose it over the YourStyle^® Money Market account.

Maximizer Money Market Account 

The Money Market Account Maximizer is a special offer available only to Investors Bank customers who already have a YourStyle^® checking account. You must also make a deposit of at least $10,000 of new money (money that isn’t currently in a different Investors Bank account), but once you do that, you’ll be able to earn interest at a 0.10% rate, much higher than any other savings or money market account. Such a rate increase may be worth it for you, but this is a special account that you can only have for a maximum of one year. After that, it will be converted to a YourStyle^® Money Market account, and you’ll be back to the normal rates.

Certificates of Deposit

Investors Bank offers a variety of certificate of deposit (CD) accounts with term lengths ranging from three months to five years. While the rates for the shorter term lengths are pretty low, they’re a bit more competitive on the longer end of the spectrum.

If you find you need to withdraw your money before your term length expires, you’ll be forced to give up some of your earned interest in the form of an early withdrawal penalty. The amount of your penalty will depend on both your term length and the amount you’re withdrawing.

Special Certificates of Deposit

Investors Bank also offers three special CD accounts with significantly more competitive rates than their standard alternatives. The catch is that you’ll need to deposit at least $10,000 of new money. Once your CD matures, there’s a chance it will renew as the closest standard CD and not at the special rate, so make sure you act during your grace period if you want to avoid that.

Consumer Checking Account

This is the most basic checking account option at Investors Bank. You’ll need at least $25 to open the account, but you won’t have a balance requirement to worry about after that. Additionally, you’ll receive four free withdrawals at any foreign ATMs per statement cycle. The downside to this account is that the $3 monthly fee is unavoidable. There’s no balance or activity threshold you can meet to make it go away. With so many of the best checking accounts out there being free, this definitely hurts.

YourStyle^® Checking Account

The YourStyle^® checking account is a step up from the Consumer Checking account in both cost and perks. On the cost side, you’ll have a $10 monthly service fee. This fee, however, can be waived in a number of ways, so this account can actually be cheaper if you’re fastidious about meeting the requirements.

On the perks side, you’ll get the same four free withdrawals at any foreign ATMs per statement cycle as with the Consumer account. You’ll also receive identity theft and cell phone protection, and you’ll be able to open a Money Market Maximizer account at the bank.

If you’re a New Jersey Devils fan, you may also be interested in the New Jersey Devils Checking account. You’d get all the benefits of this account, plus a Devils branded debit card and checks and the ability to earn rewards towards tickets and merchandise.

Preferred Checking Account

This is the interest-bearing checking option at Investors Bank. You’ll only need $50 to open the account, but you’ll need at least $5,000 to waive the $10 monthly service fee. To make that a bit easier, you can combine balances from certain other Investors Bank deposit accounts to reach that threshold.

A big perk of the Preferred Checking account is that you’ll have access the High-Yield Savings account, but you’ll also receive free money orders, free notary service, and discounted safe deposit box rentals.

Where Can I Find Investors Bank?

Investors Bank operates more than 150 branch locations throughout both New Jersey and New York. The bank also has 138 ATMs spread throughout the same service area.

What Can You Do Online With Investors Bank?

While you can’t open accounts online, you can manage all accounts except CD accounts on the Investors Bank website, and you can also manage your accounts with your smartphone via the Investors Bank app. On iTunes, the app has a 2.3 star rating and 12 reviews as of this article’s publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at any Investors Bank ATM. If you use an out-of-network ATM, you may face fees from both Investors Bank and whichever third party operates the ATM, although certain accounts will allow a limited number of free foreign ATM transactions per statement cycle. And, of course, you can visit a Investors Bank branch to access funds.

How Can I Save More Money With Investors Bank?

The best rates by far of any account at Investors Bank come with the special CD accounts. If you have $10,000 of new money to invest and you don’t mind letting it sit untouched for at least 13 months, then that’s where you’ll find the best bang for your buck.

What’s the Process for Opening an Account With Investors Bank?

You can apply for most deposit accounts by calling the bank at (855) 422-6548, or you can also visit your nearest branch in person to open any account. To open an account, you’ll need enough money to meet the minimum opening deposit requirement for your desired account as well as a driver’s license or other form of government-issued ID. You’ll also need your Social Security number, date of birth, current home address and email address.

What’s the Catch?

Unless you invest an awful lot of money or purchase a special CD account, you’ll find very low interest rates at Investors Bank. You’ll be able to find better rates for savings and checking accounts at other brick-and-mortar banks in the tri-state area, and you’ll find significantly better rates if you look online.

Furthermore, the absence of free checking or savings accounts is another mark against Investors Bank. Although you can waive some of the monthly fees with relative ease, a waivable fee is still less desirable than no fee at all.

Bottom Line

For bankers in New Jersey and New York looking for an in-person banking experience, Investors Bank offers a high degree of accessibility and a lot of options. You probably won’t have to go far to find a branch or ATM, and the low minimum opening balances for most accounts make it very easy to get started.

For those who don’t live in New York or New Jersey, Investors Bank makes little sense, especially since you can’t open accounts online. Additionally, if you’re looking to maximize your interest-earning potential, you’ll be able to find better options elsewhere.