Envision Bank Now Offers Product Line Nationwide

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Deal Summary: Preferred Plus Money Market, 2.35% APY, $50k min; Savvy Savings, 2.27% APY, $10 min; Envision Max Checking (rewards checking account), 2.55% APY, up to $25k.

Availability: Nationwide, with the exception of New York State.

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

  • Balances of $50k+ earn 2.35% APY; balances of $10k-$49,999 earn 0.50% APY
  • Rates in effect for six months following account opening
  • $25k minimum opening deposit of new money
  • Check writing available, but the minimum amount is $250
  • Unlimited free in-branch withdrawals
  • $7 Excessive Transfer Fee per each transaction beyond the six allowed per statement cycle
  • $20 Early Closure Fee if account is closed within 90 days of opening
  • Savvy Savings

    APYMINMAXINSTITUTIONPRODUCTDETAILS
    2.15%$25-Envision BankSavvy Savings
    Rates as of September 16, 2019.
  • Balances of $25+ earn 2.27% APY
  • $25 minimum opening deposit
  • $10 minimum daily balance required to earn stated APY.
  • Unlimited free in-branch withdrawals
  • $7 Excessive Transfer Fee per each transaction beyond the six allowed per statement cycle
  • $20 Early Closure Fee if account is closed within 90 days of opening
  • 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.

    APYMINMAXINSTITUTIONPRODUCTDETAILS
    2.50*%$25$25kEnvision BankEnvision Max Checking
    OTHER TIERS: 0.15% $25k+
    Rates as of September 16, 2019.

    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.

    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.

    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.

    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.

    Related Pages: Boston savings accounts, savings accounts, money market accounts, reward checking accounts, nationwide deals

    Comments
    gregk
    gregk   |     |   Comment #1
    Middle of the pack offers. Will appeal only to depositors not paying attention.
    BTW, why is Orion Bank left off the RCA comparisons? Aren't they still offering 4%APY up to 50K?
    midas89
    midas89   |     |   Comment #2
    gregk, Orion 4% Rewards account is up to $30K per account, not $50K.
    111
    111   |     |   Comment #3
    Gregk - That's a good question - I'd like to know also. Possibly because the Orion account had a couple of things that are fairly unusual for Rewards Checking accounts, it is excluded from the RCA comparison?

    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.
    gregk
    gregk   |     |   Comment #5
    After checking I now realize Orion is a Credit Union rather than a Bank, and so likely excluded from the RCA comparisons for that reason (Ken keeps Bank & Credit Union offerings discrete here).
    theshield44
    theshield44   |     |   Comment #4
    gregk - Compared to Marcus at 2.15, or Barclays, now at 2.10, Envision's 2.27% APY is pretty appealing, not middle of the pack. I haven't heard anything about fees. That would be worth finding out.
    Anonomoose
    Anonomoose   |     |   Comment #6
    Right, 2.27 it's always better than 2.10 or 2.15, but why do any of them when there are quite a few better options?

    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.
    DCGuy
    DCGuy   |     |   Comment #7
    And the minimum amount to earn it is only $25. Not like VUSXX which requires a $50K minimum.
    theshield44
    theshield44   |     |   Comment #8
    Normally, I'd agree with you on those better options. But you have to be careful. Western State Bank's higher interest rate looks terrific until you find out about their $5 inactivity fee, which you don't learn about until AFTER you open the account! Personally, I don't like doing business with banks who charge inactivity fees or high minimums and some of those "better options" do either or both. Otherwise, you're right.
    Randolph Savings Bank Offers Apex Checking In New England And Florida
    Deal Summary: Apex Checking, 2.75% APY, up to $25k.

    Availability: Residents of Connecticut, Florida, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

    Randolph Savings Bank’s (RSB) Apex Checking currently earns 2.75% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.01% APY, as do non-qualifying balances.

    Apex Checking Qualifying Requirements

    • Have at least ten debit card purchases.
    • Direct deposits totaling at least $2.5k.
    • Enroll in E-Statements.

    The Apex Checking account requires a minimum deposit $10 to open. Unlimited foreign (i.e., non-RSB) ATM fees will be reimbursed, if...

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    Randolph Savings Bank is offering several good deals on its CDs and IRA CDs. The most competitive is a 3.15% APY 60-month CD. The other ones include a 2.00% APY 30-month CD special and a 2.50% APY 48-month CD special with a bump option. For the bank's Rhode Island customers, there's a very competitive 10-month CD with a 1.50% APY. Minimum deposit is $1,000. These rates are listed in the bank's Rhode Island rate sheet and the Massachusetts rate sheet as of 7/23/2010.

    The bank has an online application, but it...

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