Investors Bank

I had checked the financial history and background of this bank with the numbers provided here on this website as well as checking via google. This bank is publicly traded on the nasdaq Stock Exchange, and it's finances looked well enough for me to feel secure enough to open a savings account with a 50K cash deposit when my 100K Syncrony CD matures this week. However, I did call Investors bank to ask them if their current 1.9% savings rate would remain frozen at that rate even when rates go up in the near future. Folks, make no mistake about it; rates will be going up another 2 or 3 times in the coming year, and this 1.9% rate will not be such the great number that it looks like at the moment. There's a 90% chance that the Fed will raise the rates again come around their June 13 meeting. The bank rep had to go check with his supervisor to confirm to me that this current 1.9% offer is for new clients only, and that I would have to close any current account with them and open up a new account to benefit any future higher rates they offer. I told him that if I wanted to play these games I could always go with banks like Popular Direct or Virtual Bank who offer a higher 2% rate to start with. I told him thanks anyway and goodbye.

I also have a savings account with PurePoint Bank, Cit Bank, and Live Oak Bank. PurePoint and LiveOak automatically raises their rates for you, while CitBank will do so promptly if you call them and request it. PurePoint and Cit are at 1.75% , and LiveOak is at 1.7%. These 3 banks are very well run. I especially like PurePoint. They appreciate my business and even sent me a Birthday gift. I'm still receiving $1,750 interest on 100k while having the security of knowing my money is safe and secure in the same account with the same passwords and security I've had since opening the account over a year when their rate was at 1.25%

For me to have to close an existing account with Investors bank and have to reapply as a new customer and new password in order to obtain each subsequent interest rate increase is a deal killer for me and a bad reflection on this bank's attitude and lack of integrity toward its established clientele. Instead of realizing that people who open online banking accounts are among the most conscientious clients who take the time top shop around and watch things carefully, I feel like they must think we are simpletons and easy pushovers. Unfortunately for Investors Bank, the kind of people who would happily settle with just any prevailing rates are more inclined to be the ones who just leave their cash at a local brick & morter bank.

Online only money market account paying 1.90% with 5K minimum deposit

Investors Bank has two new money CD Specials, $10,000 minimum deposit.

13-month CD Special, 2.10% APY
30-month CD Special, 2.50% APY

"Bank online or at any of our NJ and NY branch locations."