Investors Bank Review

Heavy on the perks but light on the interest rates

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Investors Bank

Founded in the 1920s, Investors Bank is a regional bank that serves customers in New York and New Jersey. With more than $20 billion in assets, it’s one of the largest financial institutions based in the Garden State. Want to figure out whether Investors Bank is a good choice for your banking needs? Our unbiased, comprehensive review can help you decide.

  • Pros & Cons
  • Company Overview
Pros & Cons
Pros
  • ATM fees reimbursed each month 

  • Noteworthy perks 

  • Introductory bonus on checking accounts

Cons
  • Regional bank

  • Limited in-network ATMs

  • Low interest rates 

Company Overview
  • Year Founded 1926
  • Official Website www.myinvestorsbank.com
  • Banking Products Offered Savings, checking, CDs, MMA
  • Customer Service Phone line: Monday–Friday, 8 a.m. to 7 p.m. (EST); Saturday–Sunday, 8 a.m. to 6 p.m. (EST): 1-855-422-6548

Pros Explained 

  • ATM fees reimbursed each month – Depending on the checking account, you can have anywhere from two to unlimited ATM fees reimbursed per monthly cycle. (Operator surcharges might apply.) However, if you’re not careful about using non-network ATMs, you could get hit with a $3 ATM fee per transaction. 
  • Noteworthy perks – MyStyle Checking account holders can tap into perks such as cell phone protection, identity theft protection, discounts, and coupons.
  • Introductory bonus on checking accounts – Two of Investors Bank’s checking accounts—YourStyle and YourStyle Plus—are currently offering a generous cash rewards promotion for opening an account. It has to be “new money,” meaning funds that aren’t from another Investors Bank source. 

Cons Explained 

  • Regional bank – Investors Bank is a full-fledged, long-standing financial institution that is only available to those who live in either New York or New Jersey.
  • Limited in-network ATMs As far as ATMs, Investors Bank has about 150 in its network. If you tend to withdraw money or check your account balances through ATMs, be mindful of using non-network ATMs. Depending on which checking account you open, you are eligible for a number of free ATM withdrawals within a statement period. After that, you’re looking at a $3 ATM fee, plus any third-party-operator surcharge fees. 
  • Low interest rates – Investors Bank’s interest rates on its checking accounts aren’t competitive. Even the higher tier interest rate, which kicks in for larger account balances, probably isn’t high enough to justify saving a larger sum in a deposit account.

Who Is Investors Bank Best For?

Investors Bank is a solid regional bank for New York and New Jersey denizens. It could be a particularly good fit for those who: 

  • Want to enjoy free identity theft protection and cell phone protection  
  • Are looking for deposit accounts with low minimum opening requirements 
  • Do a lot of transactions on their debit card
  • Prefer to bank with a larger financial institution that’s been around for a while 

What Does Investors Bank Offer?

As one might expect from a large regional financial institution that has been around for more than 90 years, Investors Bank offers a wide range of products and services.

Checking Accounts 

Consumer Checking is Investors Bank’s no-frills checking account. You’ll need $25 to open one, and there’s no minimum to maintain it. However, there’s a $3 monthly account fee. Unlike some other banks, there’s no way you can get those fees dropped. Overdraft fees can cost you $30 a pop, and you can get dinged with up to five overdraft fees per day, or a total of $150.

However, a nice perk that comes with all Investors Bank checking accounts is that you can get up to four non-network ATM fees reimbursed in a monthly cycle. After that the ATM fees kick in, and they’re $3 per transaction. 

The YourStyle Checking account requires a $50 minimum to open. There’s a $10 monthly account fee, which gets dropped if you do one of the following three things:

  • Maintain a $1,000 average per month
  • Have $500 or more in direct deposits during your statement cycle 
  • Complete at least 10 transactions during each statement

Currently, Investors Bank is offering an attractive $250 bonus when you open an account. You receive $25 a month for the first 10 months. Once you hit either the $250 or 11-month mark, the bonus will end. If you already have a checking account, you won’t be eligible for this promotion.

The YourStyle Checking account features some neat perks. Account holders can receive up to $300 to have their phones repaired or replaced should someone in your household damage their phone. This covers up to three phones per family. Another perk is free identity theft protection, which includes a credit report, a credit score, and identity theft monitoring. To swoop in on free identity theft protection, you’ll need to register and activate your account.

Should you decide to get a debit card, you can activate the Investors Bank uChoose Rewards program. Similar to racking up rewards points on credit cards, you can accrue points on purchases. You can redeem them for travel, tangible items, or toward gift cards. The redemption rate is one point for every $4 you spend.
Note that this is a non-interest-bearing account. If you’d like to earn some interest on a checking account, you’ll need to open a YourStyle Plus Checking account.

YourStyle Plus Checking has all the bells and whistles of a YourStyle Checking account, plus you can earn a bit of interest. Currently, the annual percentage yield (APY) is 0.01% for balances under $2,500 and 0.05% for balances over $2,500.

The other major difference is that the monthly account fee is $20. This fee gets dropped if you check off one of the following boxes: 

  • Maintain a combined $20,000 average monthly balance between both your checking and another deposit account and have a direct deposit of $1,000 or more per month
  • Have at least 15 transactions on your debit card
  • Are an eligible investment customer

It requires a $50 minimum to open. The Plus Checking intro bonus is $100 higher than the regular YourStyle account. But here’s the kicker: To snag the $350 introductory bonus—to be paid out in $35-a-month increments within a six-month period—you’ll need to open with $25,000 of “new money.” In other words, it can’t be funds transferred from an existing Investors Bank account within six months of opening the checking account. 

Another attractive feature of the Plus Checking is that there are no out-of-network ATM fees whatsoever, and customers receive up to $10 reimbursed in other fees per statement cycle. 

Account holders can enjoy a bit of interest earned on their accounts. The interest rates for the Investors Bank’s YourStyle Plus checking account are: 

Investors Bank Your Style Plus Checking Account Interest Rates
Minimum Balance to Earn Interest APY
Under $2,500  0.01%
$2,500 and over  0.05%
(As of Aug. 3, 2020)

 As the official bank of the New York Giants, Investors Bank offers its customers some perks, even if you can’t catch a game at a stadium for the time being. New York Giants Checking is essentially YourStyle checking but with a couple of perks for the Giants fan, such as discounted merchandise items and a branded debit card and checks.  

Similar to the New York Giants Checking account, New Jersey Devils Checking is for the New Jersey Devils fan. Just swap out the branded checks and debit card with that of the NHL team.

eAccess Checking is an online-only account that must be opened online. As with YourStyle Checking, it requires a $50 minimum opening deposit and has a $10 monthly fee that can be waived for one of the same three conditions. It also offers the same $250 bonus for opening a new account (you can’t already have a checking account). It has no paper checks and no paper statements. You can pay bills at no cost to you and make other electronic transactions online and through the mobile app. It works in conjunction with Apple Pay, Google Pay, and Samsung Pay.

Savings Accounts

Passbook Savings is a bare-bones savings account that requires a $50 minimum deposit to open. And while it’s a no-frills account, the $3 monthly maintenance charge can be waived if you keep at least a $50 balance in your account.

YourStyle Savings requires a $50 minimum deposit to open. There’s a $5 monthly fee—$4 if you opt for paperless statements—unless you check off one of the these boxes: 

  • Maintain at least $300 in your account  
  • Are a student aged 18 to 24 
  • Are over the age of 62 
  • Are on active U.S. military duty 
  • Are a U.S. military veteran

This savings account also offers two free ATM withdrawals at non-network ATMs per statement cycle. Note that operator surcharges might kick in. 

Investors Bank’s High-Yield Savings account is only available if you open a YourStyle Plus Checking account. You need a minimum of $50 to open one. The high-yield savings of 0.10% APY is only for balances over $5,000. If you keep a balance lower than $5,000, it’s a 0.05% interest rate.

For those who are in danger of suffering from a holiday-debt hangover in the new year, the Holiday Club Savings can help prevent that. Money you put into your account is automatically distributed in October. You can have the funds disbursed to another account or via check. What’s particularly nice is that there’s no minimum required balance, and you only need $1 to open.

Money Market Accounts

Money market accounts usually have higher requirements to open and higher interest rates than a checking account. 

YourStyle Money Market is Investors Bank’s de-facto money market account. While you only need $50 to open an account, you also need $2,500 to have the $12 monthly fee dropped.

Unfortunately, keeping that minimum is the only way to have it nixed. Otherwise, you’re looking at $144 a year. As far as ATM fees go, this account comes with two free withdrawals per payment cycle. The interest rates are as follows:

Investors Bank YourStyle Money Market Interest Rates
Minimum Balance to Earn Interest  APY 
$500 to $14,999.99 0.05%
$15,000 to $49,999.99  0.10%
$50,000 or more  0.10%
(As of Aug. 3, 2020)

YourStyle Plus Money Market is only available if you sync it up with a YourStyle checking account. By having both accounts, you can snag a slightly higher interest rate. Unfortunately, the rate isn’t anything to scream about from the rooftops.

Investors Bank YourStyle Plus Money Market Interest Rates
Minimum Balance to Earn Interest  APY
Under $20,000  0.05%
$20,000 to $49,999.99 (relationship rate)  0.05%
$50,000 to $199,99.99 (relationship rate)  0.05%
$200,000 to $499,99.99 (relationship rate)  0.10%
$500,000 or more (relationship rate)  0.10%
(As of Aug. 3, 2020)

You don’t need a ton of money to get started with an Edge Money Market account, just a $50 minimum opening deposit. However, there’s a $25 monthly fee, which comes to $300 a year. To have that monthly fee waived, you’ll need to keep at least $50,000 in your account.

The interest rates are tiered, but it’s not a significant interest rate. You’re probably better off parking money in a standard savings account that has several ways you can have the fee dropped. 

Investors Bank Edge Money Market Interest Rates
Minimum Balance to Earn Interest APY
Below $50,000 0.05%
$50,000 to $99,999.99 0.05%
$100,000 to $199,999.99 0.05%
$200,000 to $499,999.99 0.10%
$500,000 or more 0.10%
(As of Aug. 3, 2020)

In the scheme of Investors Bank’s money market accounts, along with the Edge Money Market account, if you want to avoid fees, Money Market Maximizer probably isn’t for you if you don’t have at least $2,500 to get started.

You’ll need at least $10,000 to open an account. A year after you open this account, it kicks over to the YourStyle Money Market account.

eAccess Money Market is a no-fee online-only account that must be opened online, which can take as little as 10 minutes. It has no minimum opening deposit, a fixed-rate APY of 0.40%, and can earn interest on up to $2 million. It has a limit of six transactions per cycle totaling $250,000, and you can link it to up to five external bank accounts. You access it either online or through Investors Bank’s mobile app.

CDs

CDs typically earn you more in interest if you can commit to locking in your money for a given amount of time. To open an Investors Bank CD, you need at least $500 to get started.

Currently, Investors Bank offers two “Special” CDs: the seven-month Special and the 13-month Special. These feature higher interest rates than its other CDs. However, they also have higher minimum account requirements.

Both Special CDs require a $10,000 minimum deposit of “new money,” which means money pulled from a non–Investors Bank account. The terms range anywhere from three months to five years, and the interest rates are: 

Investors Bank CD Interest Rates
Term APY
Three Months 0.20%
Six Months 0.20%
Seven Months (Special) 0.60%
Nine Months 0.20%
One Year 0.25%
13 Months (Special) 0.85%
Two Years 0.45%
Three Years 0.60%
Five Years 1.00%
(As of Aug. 3)

Withdraw early and suffer a penalty. The early withdrawal penalty fee is a portion of interest fees earned and depends on the time frame of the CD. The only CD without an early withdrawal penalty is the six-month CD.

Investors Bank offers two online-only CD accounts via its eAccess CDs, with terms of either six or 10 months. Their fixed interest rate is 0.40% APY, and after opening they have a $500 minimum initial funding transaction, with only one transaction allowed, after which the CD is locked until it matures. There is no maximum funding limit. There is no early withdrawal penalty for the six-month CD (after six calendar days have passed), but there is an unspecified one for the 10-month CD. If your early withdrawal leaves less than $500 in the CD, it will be closed. The self-service accounts can be accessed either online or through the mobile app.

Due to COVID-19, appointments aren’t required, but they are recommended. Investors Bank encourages customers to use drive-throughs and online services for many transactions.

Other Financial Products Offered by Investors Bank

Investors Bank also offers a full range of other banking products and services: 

Investors Bank Customer Service 

Customer reps are available 1-855-422-6548, Monday through Friday from 8 a.m. to 7 p.m. EST, and Saturday and Sunday from 8 a.m. to 6 p.m. EST. You can also book an appointment to meet with a rep at one of Investors Bank’s branches or shoot the bank an email. If you’re an existing client, you can chat with a rep once you login to the member portal.

How to Bank With Investors Bank 

The eAccess money market, CD, and checking accounts are the only accounts you can open online. While you can get your questions answered and learn more about the other deposit accounts available online, you have to come into a branch to open them. 

Verdict

Investors Bank is a solid regional bank with some interesting perks and benefits. Before opening a deposit account, it’s important to look at the requirements to have the fees waived or to tap into the higher interest rates.

The current cash reward promotions to open either the YourStyle savings or YourStyle checking accounts are certainly enticing. And if you tend to use your debit card a lot, you could have the monthly account fee dropped plus take advantage of the rewards program.

However, high-volume ATM users need to be watchful of ATM fees that kick in after a certain number of uses or after a number of withdrawals or balance inquiries per statement cycle. Each checking account has a different number of free withdrawals, so be sure to choose carefully.

Methodology 

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.

Article Sources

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  1. Investorseaccess.com. "Find the right products that fit your needs and lifestyle." Accessed Aug. 3, 2020.