bank rates

Investors Bank In NJ: MMA Rate Guarantee

New Jersey quarterInvestors Bank is offering a money market account that pays a guaranteed 1.25% APY for a full year to residents who live near a branch in one of four New Jersey counties, as well as several communities outside those counties.

This offer tops both the best nationally available money market account and the best 1-year certificate of deposit on our CD Rates Leaderboard.

While Florida-based EverBank offers a guaranteed 1.40% APY on its MMA, the rate lock lasts just six months. After that, the rate plunges to the standard MMA rate, currently a not very competitive 0.61% APY.

The full-year APY for this account is 1.01%, considerably less than the Investors Bank yield.

In addition, EverBank pays its top yield on balances to $50,000. The Investors Bank offer is good for balances up to $2 million.

To take advantage of the special Consumer Money Market account offer at Investors Bank, you must make a minimum deposit of $10,000, and you must keep at least that much in your account to earn 1.25% APY. Lower balances earn just 0.10% APY.

Your deposit must be new money – cash not held in the bank after April 1.

The Consumer Money Market is only available if it’s opened at branches in Burlington, Camden, Gloucester and Mercer counties, as well as at certain locations in the communities of Edison, Monmouth Junction, Cream Ridge and Whiting.

It must be opened by Oct. 4, and the guaranteed rate will last for one year after the opening date.

Once the 12 months is up, the rate resets to Investor Bank’s standard MMA rates, which vary based on your balance.

Currently, balances of $500 to $2,499 earn 0.05% APY. Balances of $2,500 or more earn 0.10% APY. If you don’t keep at least $500 in your Consumer Money Market, you’ll pay a $7.50 monthly service fee.

Give those yields, you should consider this a one-year investment only.

Investors Bank is based in Short Hills, New Jersey, and has more than 125 locations in New Jersey and New York.

For more information, visit the offer page at www.myinvestorsbank.com or call 855-422-6548.


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