Investors Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Investors Bank’s checking account options

Preferred Checking

Earns interest and comes with some free bank benefits but doesn’t offer enough to make up for the high balance requirement.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01 - $2,4999.99
0.10%
$2,500+
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Investors Bank ATMs and out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

You can open the Investors Bank Preferred Checking account with a deposit of only $50. However, you need to keep a balance of at least $5,000 combined in a Preferred Checking and High-Yield Savings account at Investors Bank or else you will owe the $10 monthly maintenance fee.

With this account, your balance earns interest but the rate is low. You also receive free money orders, notary services and a discount on safety deposit boxes at Investors Bank. Debit card purchases earn points through UChoose® Rewards. These points can be redeemed for concert tickets, cruises, and merchandise.

You can make free withdrawals from Investor Bank ATMs. If you make out-of-network transactions, Investors Bank will not charge a fee. However, they will not refund any fees from the ATM owner.

You can only open the Investors Bank Preferred Checking account by visiting a bank branch. When you sign up, you will need to provide your name, address, Social Security number, driver’s license, government-issued ID and a way to fund the account.

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on Investors Bank’s secure website

Member FDIC

YourStyle® Checking

Limited Time Offer: $250 signup bonus for applicants who don’t already have a checking account. There aren’t too many benefits besides that.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Investors Bank ATMs. Four free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, maximum of five charges per day.

It takes only $50 to open the Investors Bank YourStyle® Checking account. However, this account will charge a $10 monthly fee unless you meet one of the following requirements during the statement cycle:

  • Receive a direct deposit of at least $500.
  • Maintain an average monthly balance of at least $1,000.
  • Make at least 10 point-of-sale transactions with the account debit card.

This account offers a limited time offer: $250 signup bonus for new applicants. To be eligible, you cannot have another existing personal checking account when you sign up. Then, for the first 10 months after opening, you’ll earn $25 each month you have a direct deposit of at least $500 or make 10 point-of-sale transactions on the account debit card. After 10 months, you no longer receive bonus payments even if you haven’t earned the full $250 yet.

This account does not earn interest. Purchases on the debit card earn points through the UChoose® Rewards Program, which can be redeemed for concert tickets, cruises, electronics and other merchandise.

You can make unlimited free withdrawals from Investor Bank ATMs. You can also make up to four out-of-network ATM transactions per month without getting charged a fee; past that limit, and each transaction will cost you $3. Also, this account does not refund fees from the ATM owner.

You can only open the Investors Bank YourStyle Checking account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security number, driver’s license, government-issued ID and a way to fund the account.

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on Investors Bank’s secure website

New Jersey Devils Checking Account

A basic checking account geared towards fans of the NHL’s New Jersey Devils.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Investors Bank ATMs. Four free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

The Investors Bank New Jersey Devils Checking account offers the same banking services as YourStyle Checking. It takes a $50 deposit to open and the account will charge a $10 monthly fee unless you meet one of the following each statement cycle:

  • Receive a direct deposit of at least $500.
  • Maintain an average monthly balance of at least $1,000.
  • Make at least 10 point-of-sale transactions with the account debit card.

This account adds some perks for New Jersey Devils Fans. You can set up your debit card and checks with team branding. When you spend on the debit card, you earn points that can be used for hockey game tickets, fan exclusives, merchandise and other perks for fans.

You can make unlimited free withdrawals from Investor Bank ATMs. You can also make up to four out-of-network ATM transactions per month without getting charged a fee; past that limit, and each transaction will cost you $3. Also, this account does not refund fees from the ATM owner.

You can only open the Investors Bank New Jersey Devils Checking account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security number, driver’s license, government-issued ID and a way to fund the account.

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on Investors Bank’s secure website

Consumer Checking

A basic checking account but with no way to avoid the monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fees: None at Investors Bank ATMs. Four free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, maximum of five charges per day.

The Investors Bank Consumer Checking account only requires an opening deposit of $25 and does not have a minimum balance requirement. The downside is this account charges a $3 monthly fee no matter what. You cannot avoid the fee by maintaining a larger balance or making direct deposits.

This account does not earn interest and does not earn rewards on debit card purchases. It only offers online banking, a debit card and the use ATMs.

You can make unlimited free withdrawals from Investor Bank ATMs. You can also make up to four out-of-network ATM transactions per month without owing a fee. Investors bank charges a $3 for out-of-network transactions past the limit. Also, this account does not refund fees from the ATM owner.

You can only open the Investors Bank Consumer Checking account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security number, driver’s license, government-issued ID and a way to fund the account.

SEE DETAILS Secured

on Investors Bank’s secure website

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How Investors Bank checking accounts compare

As checking accounts go, the ones at Investors Bank are mostly disappointing. Only Preferred earns interest and the rate is very low, especially considering you need to keep a $5,000 balance between two accounts to avoid the monthly fee. We also don’t like that its basic Consumer Checking account charges a fee no matter what, despite offering very little in return.

Accessing your money with these accounts could be expensive as none of them refund out-of-network ATM fees. Investors Bank also charges another $3 fee per transaction if you make more than four out-of-network transactions per cycle; that’s on every checking account except Preferred.

As far as the positives, if you don’t already have a checking account, the $250 signup bonus on YourStyle Checking is an attractive offer and helps make up for not earning interest. Fans of the New Jersey Devils might also like an account that lets them show off their team while earning points for NHL tickets and merchandise.

Still, most prospective customers would be better off with a checking account that earns interest and provides lower-cost access to the money. These online checking accounts accomplish just that.

Investors Bank’s savings account options

YourStyle® Savings

Even though this savings account has low fees, it just doesn’t earn enough interest.
APYMinimum Balance Amount to Earn APY
0.05%
$50
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 ($4 with e-statements) – Can be waived
  • ATM fees: None at Investors Bank ATMs. Two free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, maximum of five charges per day.

The Investors Bank YourStyle® Savings account earns interest but the rate is low. You need to deposit at least $50 to open the account and if your balance falls below $50, you stop earning interest.

This account charges a $5 monthly maintenance fee if you receive paper statements or a $4 monthly fee if you opt for e-statements. However, you can avoid this fee by meeting one of these requirements:

  • Keep an average monthly balance of at least $300.
  • You are a student aged 18-22.
  • You are over the age of 62.
  • You are on active U.S. military duty or are a U.S. military veteran.

You can make unlimited free withdrawals from Investor Bank ATMs. You can also make up to two out-of-network ATM transactions per month without getting charged a fee. Investors bank charges a $3 for out-of-network transactions past the limit. Also, this account does not refund fees from outside ATM owners.

You can only open the Investors Bank YourStyle Savings account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license/government ID and a way to fund the account.

SEE DETAILS Secured

on Investors Bank’s secure website

Member FDIC

Investors Bank Passbook Savings Account

An old school savings account which only lets you make transactions with the passbook. This means no ATM access.
APYMinimum Balance Amount to Earn APY
0.05%
$50
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3 (can be waived)
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: Up to $30, max of five charges per day.

If you’d like a taste of the past, you could open the Investors Bank Passbook Savings account. With this account, you get the passbook listing your account information and tracking your balance. To deposit or withdraw money, you need to present the passbook at a branch and the teller will update the ledger in your book. This means you can’t make withdrawals on your own at an ATM.

For this bit of nostalgia, Investors Bank lowered the fees and balance requirements on this account. It only charges a $3 monthly fee which you can avoid just by keeping a $50 minimum balance. This account earns interest but the rate is very low for a savings account.

You can only open the Investors Bank Passbook Savings account by visiting one of its bank branches. Their accounts cannot be opened online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license or government-issued ID, and a way to fund the account.

SEE DETAILS Secured

on Investors Bank’s secure website

Member FDIC

High-Yield Savings

The highest-earning savings account at Investors Bank. But even this account doesn’t earn much.
APYMinimum Balance Amount to Earn APY
0.05%
$1 - $4,999.99
0.10%
$5,000+
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

You can only open an Investors Bank High-Yield Savings account if you already have a Preferred Checking account. If so, you can open this savings account with a deposit of at least $50.

However, the interest rate on this account is very low until you have a balance of at least $5,000. At that level, the rate is better but still not great for a savings account, especially one marketed as high-yield.

This account charges a $20 monthly maintenance fee which you can avoid only by keeping a combined average balance of at least $5,000 between your High-Yield Savings account and Preferred Checking accounts at Investors Bank.

You can only open the Investors Bank High-Yield Savings account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license or government-issued ID, and a way to fund the account.

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on Investors Bank’s secure website

Member FDIC

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How Investors Bank’s savings account compares

If you want to earn a decent interest rate on your savings account, you won’t get it at Investors Bank. Most of their accounts pay an extremely low rate. Even their High-Yield Savings account, which requires a balance of at least $5,000 to earn what’s touted as a higher rate, still doesn’t pay nearly enough.

It’s also a problem that Investors Bank does not refund out-of-network ATM fees. If you don’t live near a branch, it could get expensive to access your money.

For a savings account which earns interest and provides more convenient access to your money, check out these other savings account options instead.

Investor Bank’s certificates of deposit

CD rates

While these offer a nice selection of terms and require a low opening deposit, the CD rates are just too low.
TermAPY
3 Months0.20%
6 Months0.20%
9 Months0.20%
12 Months0.25%
24 Months0.30%
36 Months0.45%
60 Months0.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty is based on how close you are to the maturity date:
    • 90 days interest for less than 12 months left
    • 180 days interest for more than 12 months but less than 24 months left
    • 360 days interest for more than 24 months but less than 48 months left
    • 730 days interest for more than 48 months until maturity.

It only takes a deposit of $500 to open an Investor Bank CD. After opening, you must keep a balance of at least $500 to earn the APY. Investors offers a wide range of terms, from 3 months all the way up to 60 months. Unfortunately, the interest rates at every level are low.

These CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty is based on how close you are to the maturity date:

  • Less than 12 months left = 90 days interest
  • More than 12 months but less than 24 months left = 180 days interest
  • More than 24 months but less than 48 months left = 360 days interest
  • More than 48 months until maturity = 730 days interest

You can only open the Investors Bank CDs by visiting one of its bank branches. A certificate cannot be opened online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license or other government-issued ID, and a way to fund the CD.

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on Investors Bank’s secure website

Member FDIC

SPECIAL CD rates

These promotional CDs offer excellent rates but are only available for new deposits into Investors Bank.
TermAPY
7 Months0.50%
  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: The penalty is based on how close you are to the maturity date:
    • 90 days interest for less than 12 months left
    • 180 days interest for more than 12 months but less than 24 months left
    • 360 days interest for more than 24 months but less than 48 months left
    • 730 days interest for more than 48 months until maturity.

Investors Bank offers a few promotional CDs to attract new clients. These accounts pay higher rates than the regular CDs. The SPECIAL CDs also have a much larger deposit requirement, as you need to put in at least $10,000 to open.

You can only open these CDs with new money, that is, funds that aren’t already deposited at Investors Bank. At the end of the term, you cannot renew the SPECIAL CD; the only reinvestment option then is into a regular Investors Bank CD.

These CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty is based on how close you are to the maturity date:

  • Less than 12 months left = 90 days interest
  • More than 12 months but less than 24 months left = 180 days interest
  • More than 24 months but less than 48 months left = 360 days interest
  • More than 48 months until maturity = 730 days interest

You can only open the Investors Bank SPECIAL CDs by visiting one of its bank branches, not online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license and a way to fund the SPECIAL CD.

SEE DETAILS Secured

on Investors Bank’s secure website

Member FDIC

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How Investors Bank’s CD rates compare

The Investor Bank SPECIAL CDs offer terrific interest rates. They definitely put their best foot forward to attract new clients. Besides these promotional rates, the rest of the Investor Bank CDs are not a good choice as they pay very little interest. Even some online checking accounts earn more than the Investor Bank CDs.

If you want a CD for $10,000 and your money isn’t already at Investors Bank, it could be worth taking up one of their promotional offers and then moving on at the end of the term. Or you could consider one of these top CDs which consistently offer excellent interest rates that won’t necessarily end at the end of term.

Investors Bank’s money market account options

YourStyle® Money Market

Low interest rates plus high balance requirements and a monthly fee makes for not a great deal.
APYMinimum Balance Amount to Earn APY
0.05%
$500 - $14,999.99
0.10%
$15,000 - $49,999.99
0.10%
$50,000+
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 ($11 with e-statements) – Can be waived
  • ATM fees: None at Investors Bank ATMs. Two free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

While you can open an Investors Bank YourStyle® Money Market account with just $50, realistically you will need to keep much more in this account. If your average monthly balance is less than $2,500, this account charges a costly $12 monthly fee ($11 if you only use e-statements).

This account earns interest but the rates are very low for a money market account. You need to keep at least $15,000 in this account before it starts earning more than the basic Investors Bank Savings account.

Since this type of account is governed by Federal Reserve Reg D, which limits how often you can take money out, you can only make six certain transactions per statement cycle, like online transfers, checks and debit purchases. If you try to make more than six, Investors Bank will contact you saying you’ve reached the limit. If you want to take out more money during the statement cycle, you will need to go to an Investors Bank branch to make a withdrawal.

You can also make up to two out-of-network ATM transactions per month without getting charged a fee. Investors bank charges a $3 for out-of-network transactions over the limit. Also, this account does not refund fees from an outside ATM owner.

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on Investors Bank’s secure website

Member FDIC

Edge Money Market

For large increase in the balance requirement you get a small bump in interest.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01 (below $50,000)
0.05%
$50,000 - $99,999.99
0.05%
$100,000 - $199,999.99
0.10%
$200,000 - $499,999.99
0.10%
$500,000+
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25
  • ATM fees: None at Investors Bank ATMs. Two free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, maximum of five charges per day.

The Edge Money Market account has a minimum opening deposit requirement of $50. They set this oddly low considering if you don’t maintain an average monthly balance of at least $50,000, this account charges a whopping $25 monthly fee.

This account earns interest and the rates increase as you deposit more before maxing out when you have a balance of at least $500,000. Even at this high level, this account still pays a mediocre interest rate.

Since this is a money market account, Federal Reserve Reg D limits you to six certain transactions per month, like online transfers, checks and debit purchases. If you try to make more than six, Investors Bank will notify you that you’ve reached the limit. If you want to take out more money during the statement cycle, you will need to go to an Investors Bank branch to make a withdrawal.

You can also make up to two out-of-network ATM transactions per month without incurring a fee. Investors bank charges a $3 for out-of-network transactions past the limit. Also, this account does not refund fees from the ATM owner.

SEE DETAILS Secured

on Investors Bank’s secure website

Member FDIC

Money Market Maximizer

Offers a decent money market rate but it’s only available for new deposits and the promotional rate ends after one year.
APYMinimum Balance Amount to Earn APY
0.05%
$1 - $9,999.99
0.35%
$10,000 - $24,999.99
0.50%
$25,000 - $4,999,999.99
0.05%
$5,000,000+
  • Minimum opening deposit: $10,000 (new money only)
  • Monthly account maintenance fee: $12 ($11 with e-statements) – Can be waived
  • ATM fees: None at Investors Bank ATMs. Two free transactions per statement cycle at out-of-network ATMs then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

The Investors Bank Money Market Maximizer account is a promotional account designed to attract new clients by offering a high interest rate. The rate on this account is much higher than what you would earn on the other Investors Bank money market accounts.

You must have a YourStyle Checking Account before you can open this account. Your opening deposit must be at least $10,000 and come from new money — that is, funds that aren’t already deposited at Investors Bank. As long as you keep at least a minimum balance of $2,500, this account waives the monthly fee. However, the interest rate sharply drops when your balance falls below $10,000.

This account only lasts for one year. Roughly 30 days before the expiration date, Investors will give you your options for converting the Money Market Maximizer account into an alternative.

Since this is a money market account, Federal Reserve Reg D limits how often you can take money out. You can only make six certain transactions per statement cycle, like online transfers, checks and debit purchases. If you try to make more than six, Investors Bank will notify you that you’ve reached the limit. If you want to take out more money during the statement cycle, you will need to go to an Investors Bank branch to make a withdrawal.

You can also make up to two out-of-network ATM transactions per month without incurring a fee. Investors bank charges a $3 for out-of-network transactions past the limit. Also, this account does not refund fees from the ATM owner.

SEE DETAILS Secured

on Investors Bank’s secure website

Member FDIC

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How Investors Bank’s money market accounts compare

The Investors Bank Money Market Maximizer offers a terrific interest rate. If you earn its highest rate by depositing more than $25,000, it’s comparable with even the very best money market accounts in the country. It’s too bad you can only use the Money Market Maximizer for only a year because outside of that promotion, the Investor Bank money market accounts are pretty weak.

Their interest rates are low, they have high balance requirements and they charge high monthly fees whenever you fall below the balance requirement. If you go with Investors Bank, we would recommend only using their Money Market Maximizer for a year before switching out.

Also, you can only open the Investors Bank money market accounts by visiting one of its bank branches. Their accounts cannot be opened online or by phone. Once there, you will need to provide your name, address, Social Security number, driver’s license or government-issued ID, and a way to fund the account.

Otherwise, try one of these money market accounts which can just as much and will not end after one year.

Investor Bank’s IRA account options

Retirement CD

These are Investor Bank’s low-paying CDs but in a retirement account.
TermAPY
3 Months0.20%
6 Months0.20%
9 Months0.20%
12 Months0.25%
24 Months0.30%
36 Months0.45%
60 Months0.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty is based on how close you are to the maturity date:
    • 90 days interest for less than 12 months left
    • 180 days interest for more than 12 months but less than 24 months left
    • 360 days interest for more than 24 months but less than 48 months left
    • 730 days interest for more than 48 months until maturity.

You can open any of the Investor Bank CDs through an individual retirement account, with the exact same terms and interest rates as on regular CDs. The IRA CD can be opened with a minimum deposit of $500; you’re required to keep at least that much in the account to earn the APY.

These IRA CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty is based on how close you are to the maturity date:

  • Less than 12 months left = 90 days interest
  • More than 12 months but less than 24 months left = 180 days interest
  • More than 24 months but less than 48 months left = 360 days interest
  • More than 48 months until maturity = 730 days interest.

Like with other Investors Bank accounts, you can only open the IRA CDs at a branch. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license and a way to fund the IRA CD.

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on Investors Bank’s secure website

Member FDIC

SPECIAL IRA CDs

Excellent rates for a promotional IRA CD but only available if you make a large deposit of money not already at Investors Bank.
TermAPY
7 Months0.50%
  • Minimum opening deposit: $5,500
  • Minimum balance amount to earn APY: $5,500
  • Early withdrawal penalty: The penalty is based on how close you are to the maturity date:
    • 90 days interest for less than 12 months left
    • 180 days interest for more than 12 months but less than 24 months left
    • 360 days interest for more than 24 months but less than 48 months left
    • 730 days interest for more than 48 months until maturity

Investors Bank also offers much higher promotional rates for people opening an IRA CD with new money. You can only open these SPECIAL IRA CDs with funds that aren’t currently deposited with Investors Bank. Your opening deposit also must be at least $5,500.

The SPECIAL IRA CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty is based on how close you are to the maturity date:

  • Less than 12 months left = 90 days interest
  • More than 12 months but less than 24 months left = 180 days interest
  • More than 24 months but less than 48 months left = 360 days interest
  • More than 48 months until maturity = 730 days interest.

You can only open the Investors Bank SPECIAL IRA CDs by visiting one of its bank branches. Its accounts cannot be opened online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license and a way to fund the SPECIAL IRA CD.

SEE DETAILS Secured

on Investors Bank’s secure website

Member FDIC

Retirement Savings

This is a no-fee, low-balance IRA which earns a moderate interest rate.
APYMinimum Balance Amount to Earn APY
0.25%
$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None

If you want a bit more flexibility for your IRA, you can open the Investors Bank Retirement Savings account. This account only requires an opening deposit of $1. You earn the same interest rate regardless of how much you deposit.

There is also no minimum time commitment. You can move your money out whenever you want without Investors Bank charging an early withdrawal penalty, as they do on the IRA CDs.

You can only open the Investors Bank Retirement Statement Savings account by visiting one of its bank branches. Its accounts cannot be opened online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license and a way to fund the account.

SEE DETAILS Secured

on Investors Bank’s secure website

Member FDIC

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How Investor Bank’s IRA accounts compare

The Investor Bank SPECIAL IRA CDs are excellent when you first sign up and qualify for the promotional rates. But once you get through the initial stretch, the standard IRA CD rates are mediocre.

With the Retirement Savings account, you can open an IRA with a small amount and still earn a steady return without any early withdrawal restrictions. These are some nice features but unfortunately the interest rate is just too low to build any real retirement wealth.

Of the Investor Bank IRAs, it may be worth using the SPECIAL IRA CDs until it expires and then move into something better at the end of the term. If you want to earn a high IRA CD rate without bouncing around, try these top IRA CD options instead.

Overall review of Investor Bank’s banking products

Investors Bank offers some lucrative sign-up bonuses and high promotional rates, like on their SPECIAL CDs and Money Market Maximizer.

It’s a shame the core banking products behind the short-term promotions are not better. None of their deposit accounts pay a competitive, long-term interest rate. They also have high deposit requirements to earn these low interest rates or else you will face steep monthly fees.

If you don’t live close to an Investors Bank branch in New York or New Jersey, accessing your money could get expensive because none of their accounts refund out-of-network ATM fees. Since you can only open their accounts in-person, we imagine most people considering these accounts live close to a local branch but that’s something to keep in mind if you don’t.

Investors Bank might be worth using for a short-term deposit which qualifies for their bonuses and promotional rates. Long-term, you should look elsewhere. That is, unless you’re a die-hard New Jersey Devils fan and want to support the bank behind your team.

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