Update 6/30/20: Rate is now down to .40%.
Rate reduced to 1.35%
Update 9/8/19: Rate reduced to 2.10%.
Update 8/29/19: Rate reduced to 2.20%.
Update 8/6/19: Rate reduced to 2.40%.
[Update 5/7/19: they’ve now added a 2.50% APY 6-month no-penalty CD as well. Not sure if there’s any advantage to that account over the 2.50% money market.]
Offer at a glance
- Interest Rate: 2.50% APY
- Minimum Balance: None
- Maximum Balance: $2M
- Availability: Nationwide
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
The Offer
- Investors Bank offers their eAccess money market account with an interest rate of 2.50% APY and no minimum balance requirement.
The Fine Print
- Open an eAccess Money Market Account and earn a rate of 2.467% and an Annual Percentage Yield (APY) of 2.50% on balances between $0 to $2,000,000. Balances over $2,000,000 will not earn interest.
- This is a variable rate account; your interest rate and APY may change at any time.
- This account does not offer any check-writing or debit card capabilities.
- This account is an Electronic Transfer Only account.
- Deposits to this account are permitted at any time in the form of ACH direct deposit, incoming wire transfer, paper check, or electronic check; cash deposits are not permitted.
- Deposits to this account may be made in any form other than a transfer from or check drawn against an existing Investors Bank account.
- Withdrawals from this account are only permitted to be made via ACH electronic debits via Online Banking and are limited to $250,000 per month.
- Withdrawals via wire transfer, paper checks, ATM/POS, branch, or electronic checks are not permitted.
- Deposits are permitted via ACH, wire transfer, or paper check and are limited to $250,000 per month when originated through Online Banking.
- Account may only be opened online and accessed via Online and Mobile Banking, and cannot be transacted upon in a branch.
- Fees may reduce earnings. Please review complete details during the online application process.
Avoiding Fees
This account has no monthly fees.
Our Verdict
The bank is regional in the NJ/NY, but the landing page states clearly that this is available for ‘US Citizens & Permanent Residents’, and it’s working everywhere in the US. That makes them from the best currently available saving rate anywhere. We don’t have any rate history with this bank, and no knowledge of whether this rate will stick around for the long haul; it’s likely the rate will just remain as is, given that interest rates have not been climbing, it could be a good deal for a while.
One limitation of the account is that withdrawals are only available via ACH debits; there’s no way to push out from the account, you’ll have to pull the funds out by debiting it from a different account or using bill pay from your credit card or similar.
Rate now down to 0.75%.
1.35 % APY for now.
Looks like rates were lowered down to 2.40% (2.37% APY)?
William Charles
I’ll update, thanks. I wonder if it affects existing accounts.
10BP reduction, not that bad. I am thinking they would not want to reduce the full 25bp in fear of losing a ton of funds accumulated since going to 2.5%. Reduction enough to mimic the rate cut but showing a desire to be competitive. Might consider moving lower earning accounts to this one. One problem is that I have not pushed funds from here. I’ve only pulled out with accounts that do it next day, like Marcus, Citizens Access etc. Guess I should try to push funds and see the turnaround time.
Cut again, checked this morning 2.27% apy
I’ll update, thanks
Cut again to 2.2% effective 8/28
Now it makes sense for me to look at my Live Oak Bank savings still at 2.3%, but for how long?
Lowered again to 2.2% unfortunately
Down to 2.10%
I’ll update, thanks
I think they may have moved it down to 1.9% unfortunately. The past few times they were sending an email when they lowered, but when i went to check my account this morning it said 1.879% which i believe is a 1.9% APY. Might wait a few more days to see how the lowered fed rates ripple through some of these banks as we get updated rate numbers and then move my money accoridngly. Kinda stinks considering I just opened the account in April
Just chatted with Investors Bank. There’s no way to require two-factor authentication via a SMS code on every log in. Even if you want the security that 2FA provides, it’s not an option.
I’ve open an account yesterday and there was no option to designate beneficiary. Today I spoke with representative and stated that I can’t add one to eaccess account. I am disappointed and going to cancel my account.
Why does it matter if you need to pull or push since they are both done via ACH and there is no fee? Sorry if this is a basic question.
Declined – Could not verify phone number and residential address.
I have never had this phone number questioned by any other financial institution.
I frequently have my residential address questioned, but in almost every case sending them additional verification solves the problem.
This bank has everything done automatically per a supervisor.
There is no reconsideration/verification/underwriting department that can help me get verified.
So it seems I am a victim of the cruddy software verification they use, and the fact that according to the supervisor there is no human that can help with getting me verified if I supply additional verification.
Are you using a VOIP number like Google Voice?
Does interest post monthly or just once a year?
posts monthly, also has an intra-month earned but not posted interest tally. So I can see when I pushed funds to the account the actual earned yesterday so I know it is earning the 2.467% APR.
Who do they soft pull from? need to know who to unfreeze
Did you learn which credit reporting bureau they use (Chex, Equifax, TransUnion, or Experian)?
Live in NJ applied and under review
same any update