Envision Bank Now Offers Product Line Nationwide
Massachusetts-based Envision Bank (formerly Randolph Savings Bank) is now offering a large portion of its product line in 49 states through its online application (New York State is excluded). Envision Bank’s Preferred Plus Money Market, Savvy Savings, and Envision Max Checking accounts can all be opened online and funded by ACH transfer.
Preferred Plus Money Market
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.35*% | $50k | - | Envision Bank | Preferred Plus Money Market | |
| OTHER TIERS: 0.50% → $10k - $50k | |||||
Savvy Savings
Envision Max Checking
Randolph Savings Bank’s rewards checking account (RCA) was the Apex Checking account, which earned 2.75% APY on qualifying balances up to $25k. When the Envision Bank rebrand occurred, the RCA’s name was changed to Envision Max Checking and the rate was dropped to 2.50% APY on qualifying balances between $25 and $25k. Qualifying balances of $25k+ now earn 0.15% APY (a 14 bps increase), as do non-qualifying balances.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.50*% | $25 | $25k | Envision Bank | Envision Max Checking | |
| OTHER TIERS: 0.15% → $25k+ | |||||
Qualifying Requirements
- Have at least ten debit card purchases
- Direct deposit (no minimum)
The Envision Max Checking account requires a $25 minimum opening deposit and a $25 daily minimum balance to earn the stated APY. The $10 monthly service fee, as well as card activity fees, will be waived by maintaining a minimum $2.5k daily balance. Reimbursement of non-Envision Bank ATMs is also dependent on maintaining the $2.5k minimum daily balance. Finally, there is a limit of one Envision Max Checking account per tax reporting owner.
Depositors Insurance Fund
Envision Bank, like all other Massachusetts-chartered savings banks, is a member of the Depositors Insurance Fund (DIF). The DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at Massachusetts-chartered savings banks. The DIF has been insuring deposits since 1934.
The combination of FDIC and DIF insurance provides customers of Massachusetts-chartered savings banks with full deposit insurance on all their deposit accounts. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
Availability
Headquartered in Randolph, Massachusetts, Envision Bank now offers a large portion of its product line to almost any U.S. citizen/resident alien with a valid Social Security number. I say “almost any” because New York State residents are not eligible to open an account at Envision Bank.
Opening a Savvy Savings, Preferred Plus Money Market, or Envision Max Checking account can be done online, or in person at any of five full-service Massachusetts branches located in Braintree, Holbrook, Randolph, and Stoughton (2).
Envision Bank is a member of the SUM® Program. Additional ATM surcharges will not
be imposed on Envision Bank customers who use their cards at SUM® designated ATMs.
Bank Overview
Envision Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.06% (excellent), based on March 31, 2019 data. In the past year, Envision Bank has increased its total non-brokered deposits by $16.59 million, an excellent annual growth rate of 4.41%. Please refer to our financial overview of Envision Bank (FDIC Certificate # 90270) for more details.
Established in 1851 as the Randolph Savings Bank, the Envision Bank rebrand became effective on March 12, 2018. According to a February 2018 press release,
The name change reflects the Bank’s commitment to delivering a people + technology approach in support of healthier financial wellbeing for its customers and communities.
Jim McDonough, President and CEO of Randolph Savings Bank, states, “We are bringing a broad range of services and expertise to customers, all of which they can access with optimal convenience. By adopting innovative online and mobile technologies and building a strong team of advisors, advocates, and educators, Envision Bank will continue to enable our customers to get things done from the comfort of their own home, while at the same time enjoying personal attention when they are engaged in more complex transactions.”
How the Preferred Plus Money Market Compares
When compared to 178 Money Markets accounts tracked by DepositAccounts.com that are available nationwide, Envision Bank’s Preferred Plus Money Market APY currently ranks fifth, regardless of minimum balance requirements.
| Interest Rate | Account Name | Credit Union/Bank |
|---|---|---|
| 2.50% APY | eAccess Money Market (no min) | Investors eAccess |
| 2.46% APY | Money Market Account (no min) | earn.bank |
| 2.45% APY | UFB Premium Money Market Account ($25k min) | UFB Direct |
| 2.36% APY | eMoney Market Special ($100 min) | Virtual Bank |
| 2.35% APY | Preferred Plus Money Market ($50k min) | Envision Bank |
To search for the best Money Market Account rates, either nationwide or in your state, please refer to our Money Market Account Rates Table page.
How the Envision Max Checking Compares
When compared to the High Yield RCAs tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $25k, Envision Bank’s Envision Max Checking APY currently ranks seventh.
| Interest Rate | Account Name | Credit Union/Bank |
|---|---|---|
| 4.00% APY | Kasasa Cash (up to $50k) | TAB Bank |
| 3.33% APY | eCentive Account (up to $25k) | Heritage Bank |
| 3.25% APY | Kasasa Cash (up to $30k) | Main Street Bank (MI) |
| 2.95% APY | Kasasa Cash (up to $25k) | Georgia Banking Company |
| 2.50% APY | Envision Max Checking (up to $25k) | Envision Bank |
To look for the best Reward Checking Account rates, both nationwide and in your state, please refer to our High Yield Reward Checking Account Rates Table page.
How the Savvy Savings Compares
When compared to the Savings accounts tracked by DepositAccounts.com that are available nationwide and have low minimum balance requirements, Envision Bank’s Savvy Savings APY currently ranks tenth.
| Interest Rate | Account Name | Credit Union/Bank |
|---|---|---|
| 3.00% APY | Fitness Savings (12,500+ steps) | FitnessBank |
| 2.52% APY | High Yield Online Savings | Vio Bank |
| 2.51% APY | eOne Savings | Salem Five Direct |
| 2.50% APY | Savings | WebBank |
| 2.27% APY | Savvy Savings | Envision Bank |
Searching for the best Savings account rates, either nationwide or in your state? Please refer to our Savings Account Rates Table page.
The above rates are accurate as of 7/11/2019.
BTW, why is Orion Bank left off the RCA comparisons? Aren't they still offering 4%APY up to 50K?
For example -
- Minimum of $500 in monthly electronic deposits (includes direct deposit, mobile deposit, and electronic transfers from another institution).
- The Premier Checking account has no minimum balance requirement or opening balance requirement, but there is a $5 monthly service fee if the monthly qualification requirements are not met.
Unless there is some special feature to this account that adds value for a particular investor, the rate isn't even worth a second look. It's a big yawn.