Posted by Chuck on April 3, 2019
High-Yield APY Accounts

Published on April 3rd, 2019 | by Chuck

54

Investors Bank 2.10% eAccess Money Market with No Minimum [Nationwide]

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

Direct link to 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.



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Sam
Sam

I think they also have a fairly low push ACH daily limit.

jp P thoms
jp P thoms

Edit: spoke with cs and they claimed that funds could be “pushed” from the account to an linked external account or “pulled” from the account. This is contrary to what is posted above in the “our verdict” section, but could vary depending on who you speak with. Only way to find out is to open and try to push funds. Either way, not a big deal as work around benefits listed below.

From what I can see online FAQ, the only way to withdrawal funds is via ACH PULL from another bank with $250K daily/monthly limit. This is actually good, since with Marcus or Citzens Access, when initiating an ACH pull from another account, the funds are immediately posted to account earning interest, but clearly not avail for withdrawal for the holding period, which is fine.

Sam
Sam

Data point: Recently found out that it works the other way too (e.g., if you pull from Marcus on a Friday, it doesn’t get processed till the Monday, but Marcus stops paying you interest as of Friday)

jp P thoms
jp P thoms

Data Point: After opening account, found out that you can push funds to linked accounts (no limit to external accounts) The “low push ACH daily limit” of $5k daily or $10K monthly limitations will revert to the $250K/daily/monthly limit once the account is funded. I noticed the $5k/$10K limitation, but spoke with cs and they gave me this information.

jp P thoms
jp P thoms

Well, what they told me was true, prior to funding completion the transfer limits were $5K daily $10K monthly, my initial $2 deposit posted and the limits went to $250K daily or monthly. The opening was simple yet there were some questions asking number of deposits or transfers out and what $$ amounts. As for the pushes, it seems to allow me to do so. The delivery time is unlike Marcus or Citizens’ next day posting, they have a clear timeline which is basically 3 days for pushes, request Thurs, withdrawal Friday, arrive in external bank Tues.

K
K

I doubt this rate will stay that long but I moved $5000 from my Discover into this.

Sign up process is very quick and it does look like out of state will work, even though I am in NJ. You do need to verify your email address before completing though.

jp P thoms
jp P thoms

I guess you would need to keep an eye on the rate

Dave
Dave

A reader at Depositaccounts.com says that this rate has been in
effect since [at least] January..

AP
AP

So… who else is making the jump from their previous/current high-yield savings account to Investor Bank?

Tom
Tom

I’ve got my money tied up in Marcus for 90 days due to their promotion but if this rate holds up I plan on moving it to Investor Bank.

qmc
qmc

Not me. I’ve been earning 2.50% since July 2018 guaranteed through December 2019. (With the current new account guarantying through December 2020).

I’ve got other funds between 2.2% and 2.45% (discover, Ally, pnc, memory, Marcus) … should probably close a few.

AP
AP

qmc 2.5% on Western State Bank, Customers Bank, All America Bank, or Red Neck Bank?

qmc
qmc

A local bank, in-branch signup only — https://www.depositaccounts.com/banks/poppy-bank/offers/ At the time I signed-up, the best APY was around 1.85%

Sam E.
Sam E.

Where are you getting guaranteed until 2020?

qmc
qmc

A local bank, in-branch signup only — https://www.depositaccounts.com/banks/poppy-bank/offers/

Deke
Deke

Looks like they may have taken down the application for now. I get an error on the page.

Sam
Sam

Interesting that bankrate.com actually says

” United States citizens and permanent residents 18 years or older throughout the U.S. are eligible for the eAccess Money Market account, as long as they don’t live in New Jersey or New York.”

https://www.bankrate.com/banking/money-market/rates/

Both of which are pretty odd restrictions.

Alex Bad
Alex Bad

Applied for the account and was given a notice that my account approval is in review. I used an out of state address, FL.

Alex Bad
Alex Bad

DP: was denied the account for being out of state.

jp P thoms
jp P thoms

$10 min ACH push out so I will have to wait till I get more funds in the account. So looks like ACH push is allowed with the $10 min amount.

S
S

Live in NJ applied and under review

jacob
jacob

same any update

joe
joe

Who do they soft pull from? need to know who to unfreeze

AlarmingConsequence
AlarmingConsequence

Did you learn which credit reporting bureau they use (Chex, Equifax, TransUnion, or Experian)?

John Guest
John Guest

Does interest post monthly or just once a year?

jp P thoms
jp P thoms

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.

Schmekel
Schmekel

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.

icemule1
icemule1

Are you using a VOIP number like Google Voice?

ssss
ssss

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.

paul
paul

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.

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