Investors Bank Review: Competitive Rates and Lots of Accounts to Choose From

4.5
Our Take: As a community financial institution, Investors Bank maintains a narrow focus on the New Jersey and New York customers it serves. The bank offers a solid range of checking and savings accounts, competitive rates and the convenience of banking in person or online.
  • Convenience
    4.5
  • Breadth of Products
    4.8
  • Rates
    4.3
  • Customer SErvice
    4.5
How did we calculate this?

Pros

  • Large selection of deposit accounts
  • Competitive rates on many accounts
  • Debit card rewards rivaling some credit cards rewards programs
  • Special perks for New York Giants and New Jersey Devils fans who open a team-themed checking account

Cons

  • Lots of fees and account restrictions
  • IRA CDs not available online
  • No credit cards offered

About Investors Bank

Investors Bank is the official bank of the New York Giants and the New Jersey Devils, but you don’t have to be a sports fan to bank here. At its founding in 1926, the bank was committed to making mortgage loans to encourage home ownership in the Millburn-Short Hills area of New Jersey. Today’s Investors Bank has 155 branch offices located throughout New Jersey and New York. In addition to providing loans and deposit accounts to individuals, Investors Bank offers small business as well as commercial and institutional banking products and services.

Investors Bank Products

Investors Bank’s personal banking focuses on just a few things: deposit accounts, personal loans and, in keeping with its original mission, mortgage lending. However, you’ll find a comprehensive selection of products within those categories.

Product Details
Checking Accounts
  • Relationship rates on other products
  • Special rewards for Giants or Devils fans
  • Rewards debit card
  • Mobile couponing
Savings Accounts
  • High-yield savings
  • Basic savings account with a waivable monthly fee
  • IRA savings accounts
Money Market Accounts
  • Tiered interest rates
  • Low opening deposit
  • Waivable monthly fee
CD Accounts
  • Opening deposit of $500
  • Terms from three months to five years
  • Open no-penalty CD online
  • IRA CDs
  • Coverdell education savings accounts
Loans
  • Outstanding selection of home-purchase and refinance loans
  • Home equity loans and lines of credit
  • Personal loans for existing customers
  • Insurance line of credit secured by a whole life policy

Investors Bank Checking Accounts

Investors Bank offers five checking accounts serviced by its branch locations, plus an online-only account. The in-branch accounts range from a basic Consumer Checking account with no minimum balance requirements and a low monthly fee to the YourStyle Plus Checking account designed for YourStyle Plus Money Market or High Yield Savings account customers. Other options include New York Giants and New Jersey Devils themed checking accounts providing team-related perks such as merchandise discounts and exclusive event access.

Features

  • Free online banking, bill paying and e-statements
  • YourStyle Perks such as cell protection, identity theft protection and mobile coupons for discounts on travel, leisure and shopping
  • UChoose Rewards points on debit card purchases and mobile purchases from participating retailers
  • Four free non-Investors Bank ATM withdrawals per month for team-themed accounts and YourStyle Checking and Consumer Checking accounts

Pros

  • Good benefits with New York Giants Checking and New Jersey Devils Checking accounts
  • YourStyle Perks cell protection with to $300 for repair or replacement costs for up to three stolen or damaged phones
  • Competitive APY rates on YourStyle Plus Checking balances of $2,500 and over
  • Valuable rewards programs

Cons

  • Non-waivable Consumer Checking monthly fee of $3
  • Just one interest-bearing account

Investors Bank Savings Accounts

Although Investors Bank has fewer savings accounts available online, the accounts it does offer cover all the bases for most customers. A basic Passbook Savings account and a Retirement Statement Savings account are available in-branch only. YourStyle Savings has a $5 monthly fee that’s waived if you maintain a $300 balance. The High Yield Savings account for YourStyle Plus Checking customers offers a premium rate.

Features

  • Standard and high-yield accounts
  • Competitive rates on regular-yield account balances that earn interest
  • Two free non-Investors ATM withdrawals per statement period with YourStyle Savings

Pros

  • $5 monthly fee for YourStyle Savings waived for students, seniors and active-duty or retired U.S. military personnel
  • Monthly fee can be waived with a $300 balance
  • Limited free non-Investors ATM withdrawals
  • Competitive rates on Retirement Statement Savings

Cons

  • $50 minimum opening deposit for YourStyle Savings
  • No interest on savings balances below $50
  • Comparatively low rates on High Yield Savings account

Investors Bank Money Market Accounts

You’ll find no fewer than four money market accounts available online or in-branch at Investors Bank, plus an online-only eAccess Money Market account. Maximizer Money Market is essentially a promotional account that automatically converts to a Consumer Money Market account after one year. In the meantime, it earns Investors’ best non-Relationship rates. YourStyle Plus, the relationship account available to YourStyle Plus Checking account holders, pays the highest rates, currently 0.30% APY to 0.55% APY, depending on the balance. The eAccess account’s rate falls short of the relationship account’s, but you can open an account with $0 and earn interest on up to $2 million.

Features

  • Up to six transfers per month to other accounts
  • Limited check writing
  • Tiered interest rates
  • All balances pay interest
  • Two free non-Investors Bank ATM withdrawals from YourStyle Money Market account per statement cycle

Pros

  • Low $50 minimum opening deposit for Edge Money Market and YourStyle Money Market accounts
  • Waivable service fees
  • YourStyle Plus relationship rate increase of 0.25% APY to 0.40% APY, depending on the balance

Cons

  • Maximizer Money Market account requires a high $10,000 opening deposit
  • No premium rate on balances less than $200,000 except with the Relationship account

Investors Bank CD Accounts

You can open most Investors Bank CDs with a $500 deposit, but you’ll need $10,000 for the 13-month Special CD, which offers the same annual percentage yield as the 36-month CD. The IRA version of the 13-month Special CD requires a $5,500 opening deposit. Investors Bank also offers an online-only eAccess CD with terms of six or 10 months. Most CDs have penalties for early withdrawal, but they’re a good choice for earning interest on longer-term savings.

Features

  • Terms from three to 60 months
  • No-risk, tax-advantaged retirement savings with IRA CD

Pros

  • eAccess CD allows no-penalty withdrawals for the first six months
  • Special CD offers a comparatively higher rate with the convenience of a shorter term
  • Reasonable $500 minimum deposit for all except Special CD

Cons

  • High opening deposit for Special CDs
  • IRA CDs not available online

Banking Experience

Your experience with Investors Bank is likely to be a positive one as long as you have flexibility in where you bank — at a branch office or online. Although you can open and maintain most accounts either way, Investors does have in-branch-only accounts and online-only accounts that might work better for you than the hybrid offerings. 

Customer Service

Customer support is available by phone at 855-422-6548 during the hours of 8 a.m. to 7 p.m. Monday through Friday, and from 8 a.m. to 6 p.m. on Saturdays and Sundays.

Current customers can chat with customer service reps or use secure messaging through online banking. If you’re not yet a customer, you can use the email form on the Investors Bank website to send a general question or support request.

Branch Availability

Investors Bank has 155 branch offices in New Jersey and New York, concentrated in North Jersey, the northern beach areas and the Interstate 95 corridor. New York branches extend across to the western half of Long Island and into the boroughs.

Appointments are recommended due to restrictions on the number of customers permitted in branch offices. Use the appointment request form on the bank’s website to schedule a visit.

Mobile and Digital Experience

Manage your accounts, pay bills, check your credit score, review statements, send money, manage YourStyle Perks security features and connect to your Quicken software through Investors Bank’s online banking. Most online banking services are available 24/7.

Use mobile banking to access and manage your accounts on the go, send money with Zelle, deposit checks and pay for purchases using a mobile wallet. Facial and fingerprint recognition give you fast and secure access to your accounts. The app gets 3.9 out of five stars on Google Play and 4.8 stars in the App Store.

Convenience

Customers who do some banking online and live near a branch office should find Investors to be a highly convenient place to bank.

How To Open an Account

You can open most accounts online using your computer, smartphone or tablet. Have the following items ready before you start:

  • Contact information
  • Physical address
  • Valid email address
  • Social Security number
  • Government-issued ID, such as driver’s license or passport
  • Current bank account information to make the opening deposit in your new Investors Bank account

Key Information

Customer Service Number: 855-422-6548

Routing Number: 221272031

Investors Bank Fees

Most Investors Bank accounts have monthly service fees, which you can avoid by meeting minimum balance and transaction requirements. Other fees, such as overdrafts and out-of-network ATM transactions, can be avoided by keeping track of your balances and minimizing the number of withdrawals you make. 

Here are fees you might encounter at Investors Bank:

Type Amount
Overdraft and non-sufficient funds $30
Returned check $15
Excess withdrawals -$3 after four allowed with most checking accounts
-Two allowed from Statement Savings and YourStyle Money Market accounts
Wire transfers -Incoming: $10
-Domestic outgoing: $25
-International outgoing: $45
Inactivity fee $5 per month

Investors Bank vs. Competitors

It pays to compare several banks before deciding which is the best bank for you. Here’s a look at how Investors Bank stacks up against other community banks located in the New Jersey or New York area.

Bank Best For
Investors Bank Selection of accounts and account perks
OceanFirst Bank Free rewards checking
ConnectOne Bank Competitive rates
Columbia Bank Free high-yield checking

Investors Bank vs. OceanFirst Bank

OceanFirst has a free rewards checking account with unlimited U.S. ATM use. But when it comes to rates, Investors Bank is the clear winner.

Investors Bank vs. ConnectOne Bank

ConnectOne Bank’s rates for online savings accounts beat Investors Bank savings account rates by a wide margin on balances of $2,500 and up. However, you won’t earn any interest at all unless you have a $2,500 balance. Most Investors Bank accounts earn interest from the first dollar you deposit.

Investors Bank vs. Columbia Bank

Columbia Bank offers a Yield Plus Checking account that outearns Investors Bank’s rates on balances of $1,000 or more — and it’s free. That said, Investors Bank comes with perks that can save you more money in the long run than you’re likely to earn in interest — especially if you take advantage of the exclusive benefits offered by the Giants- and Devils-themed accounts.

Final Take

If you’re looking for a community bank focused on serving New Jersey and New York residents, Investors Bank could be the one for you. Solid account choices and a robust digital platform make this an excellent choice, especially for customers who might need other bank services, such as a home loan.

More Banks With Competitive Rates

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    Editor’s Favorite

    Investors Bank’s team-themed accounts are standouts. The perks they offer are certain to appeal to Giants and Devils fans.

    Investors Bank FAQ

    Here are the answers to some commonly asked questions about Investors Bank.
    • How does the Investors eAccess bonus work?
      • The Investors eAccess Checking bonus rewards new checking customers with a bonus of $25 per month for up to 10 months after you open your account. To be eligible, you must maintain an average balance of $1,000 each month. You must also receive $500 in automated clearing house or mobile deposits or make 10 point-of-sale debit purchases each month.
    • What is the Investors Bank customer service number?
      • The customer service number is 855-422-6548.
    • How do I find an Investors Bank near me?
    • Where is the Investors Bank headquarters?
      • Investors Bank's corporate headquarters is located in Short Hills, New Jersey.
    • Does Investors Bank offer free money for signing up for an account?
      • Yes. Investors Bank is offering the same bonus described above, for Investors eAccess Checking, to customers who open a YourStyle Checking account. You must be a new Investors Bank checking customer to qualify. 

    Rates are subject to change. Information on accounts is accurate as of Feb. 3, 2021.

    This content is not provided by Investors Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Investors Bank.

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    About the Author

    Daria Uhlig is a personal finance, real estate and travel writer and editor with over 25 years of editorial experience. Her work has been featured on The Motley Fool, MSN, AOL, Yahoo! Finance, CNBC and USA Today. Daria studied journalism at the County College of Morris and earned a degree in communications at Centenary University, both in New Jersey.

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