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
- 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.
This account has no monthly fees.
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.