Investors eAccess Promotes eAccess Money Market, 2.50% APY

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Deal Summary: eAccess Money Market, 2.50% APY on all balances up to $2 million

Availability: Nationwide (internet bank)

The newly launched Investors eAccess is promoting its initial product, the eAccess Money Market account, which earns 2.50% APY on all balances up to $2 million.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%-$2mInvestors eAccesseAccess Money Market
Rates as of April 24, 2019.

Many thanks to DA reader, AnnO, for the Forum post about Investors eAccess.

Kudos to Investors eAccess for having an amazingly in-depth FAQs document: 11 pages of detailed information, broken down into ten categories. Here’s a sampling of the most “faq FAQs.”

How do I fund my account?

    You can transfer money from an external account to your online account via ACH, as long as your external account is a checking or savings account in the United States, and you are the primary account owner. If funding your account via ACH is not possible, you may fund your account by sending a check via mail. IMPORTANT NOTE: Deposits to this account may be made in any form other than a transfer from or check drawn against an existing Investors Bank account.

What is the minimum balance required to open an eAccess Money Market account?

    There is no minimum balance to open your account.

What is the maximum initial funding limit?

    The maximum initial funding amount is $2,000,000. There is a maximum of $250,000 of deposit insurance from the FDIC for each category of account ownership.

What is the deposit hold time?

    Incoming ACH and Wires – 1 business day. Check deposits – 4 business days.

How can I make withdrawals from my eAccess Money Market account?

    Withdrawals from this account are only permitted to be made via External Account transfer or ACH electronic debits to another financial institution. Outgoing wire transfers or checks are not permitted. The limit on withdrawals from this account is $250,000 per monthly statement cycle.

Is the rate tied to an index?

    How is the rate determined? Rate changes on the eAccess account are within the bank’s discretion and may be made at any time without notice. We do not tie changes to an index. The rate is set based on national rate reviews obtained from Informa Research Services, www.informars.com. Investors assesses the current interest rate environment to determine how much other banks are willing to pay on deposits to ensure the interest rate remains competitive.

Availability

Investors eAccess is the new internet division of Investors Bank, a community-oriented bank serving the residents of New Jersey and the New York City metropolitan area. Currently, the only account offered by Investors eAccess is the eAccess Money Market, which is available nationwide to all US citizens and permanent residents through Investors eAccess’ online banking platform. At this time, only personal accounts (individual and joint) are available, but beneficiaries, PODs, or trustee account are not offered.

As DA reader, AnnO, noted in a recent Forum post, “Investors Bank quietly launched an online-only division called eAccess in January 2019.” While this internet bank is a new entity, Investors Bank used the “eAccess” brand name in May 2018, when it first offered an eAccess Money Market (earning 1.90% APY). There is some concern (as DA reader, Ricochet, wondered in a Forum post) that Investors eAccess came about because Investors Bank was desperate, following an annual deposit growth rate of -1.37%. According to the Investors Bank representative I spoke with, the eAccess brand had been in development for “quite some time” before it was launched, and was not a knee-jerk reaction to a slight decrease in deposits.

Opening an eAccess Money Market account can only be done online. The online application does not have to be completed at one sitting.

You may save your application at any section and resume when it is
convenient for you. You have 14 days in which to complete the application.

Bank Overview

As an online division of Investors Bank, Investors eAccess operates under Investors Bank’s FDIC Certificate and shares its financial history.

Investors eAccess/Investors Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.44% (excellent) based on December 31, 2018 data. The Bank has increased an excellent capitalization level (11.33%), the result of holding $26.27 billion in assets with $2.98 billion in equity. Please refer to our financial overview of Investors eAccess/Investors Bank (FDIC Certificate # 28892) for more details.

Investors Bank was incorporated in 1926 as the Washington Rock Building and Loan Association. The twelve original bank directors were prominent Milburn, New Jersey, businessmen, including a lawyer, a pharmacist, a hardware store owner, and a deli operator.

In April 1942 the association changed its name to Investors Savings and Loan Association. Although the association was smaller than the rival Millburn Building & Loan Association, after enactment of new savings and loan laws in New Jersey, Investors was able to purchase the Millburn Association's assets in July 1942 to bring total assets to $2 million.

Beginning in 1977, a series of nine acquisitions helped Investors Bank grow into the second largest bank in New Jersey, with assets in excess of $26 billion and more than 1.8 million customer accounts.

How the eAccess Money Market Compares

When compared to 167 Money Market accounts tracked by DepositAccounts.com that are available nationwide, Investor eAccess’ eAcess Money Market APY currently shares the top spot with Western State Bank’s High Yield Money Market APY.

Interest RateAccount NameCredit Union/Bank
2.50% APY eAccess Money Market (no min/$2m max)investors eAccess
2.45% APYOnline Money Market (no min/$1m max)MemoryBank
2.41% APYMoney Market (no min/no max)earn.bank

The above rates are accurate as of 4/1/2019.

To search for MMA rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.

Related Pages: money market accounts, nationwide deals, Internet banks

Comments
deplorable 1
deplorable 1   |     |   Comment #1
Interesting account. No monthly fee or minimum, high maximum and a $250,000 daily/monthly ACH transfer limit. I wonder how many external accounts can be linked for ACH transfers or if there are any hidden fees.
midas89
midas89   |     |   Comment #2
The Full FAQ mentions they use ChexSystems to run checks on account applicants. So, no hard pull with Experian, Equifax, or TransUnion.
Bowman
Bowman   |     |   Comment #3
Sounds like it's worth a look. I still have EBSB Direct at 2.5%, but this could be a solid backup option.
roundtown
roundtown   |     |   Comment #4
Would be a lot better if they provided ACH push/pull from their institution.
AnnO
AnnO   |     |   Comment #7
Yeah, that's a pretty fundamental aspect of electronic access for an "eAccess" account to be missing, lol. Can be worked around, at least.
IB_eAccess
IB_eAccess   |     |   Comment #10
Hi AnnO - We are glad that you find value on the Investors eAccess Money Market Account. As a point of clarification, this account offers ACH push and pull. Customers can initiate an ACH to fund the account at the time of account opening, or via our Online Banking portal once the account is opened. If you need additional information, please contact our Client Care Center at (855-422-6548).
Kay
Kay   |     |   Comment #5
Is the rate guaranteed for a year?
AnnO
AnnO   |     |   Comment #6
No guarantee. It's been in place since January so far AFAIK (maybe even longer if Ken says something has existed as "eAccess" since May last year? all I knew is their PDF is dated Jan 2019).

Some say non-guaranteed is a better prospect long-term, since 'guaranteed' ends up meaning 'guaranteed to drop' at the end of the guarantee. I haven't opened this since I'm still in a guaranteed 2.5% period elsewhere, but might do so in a couple months when that ends.
willy12
willy12   |     |   Comment #8
I don't think guaranteed necessarily means guaranteed to drop.

Northern actually RAISED their rate to existing customers and that one is guaranteed thru June. But hopefully longer.
111
111   |     |   Comment #9
For what it's worth - last June when I started my Northern Direct accounts, I was talking with a manager about something unrelated. He said that as far as he knew, after each previous rate guarantee had expired, Northern's rate had NOT dropped (although they had typically not risen either).

Of course, it was different overall rate environment then, versus now.

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