Investors Bank Business Checking Review
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
If you’re looking for a traditional bank with low cash deposit fees that caters to small businesses with low and moderate business volume, Investors Bank is a great choice. It has more than 150 branches in Pennsylvania, New York, and New Jersey and offers two business checking accounts: YourStyle Business Checking and YourStyle Business Premier Checking. Both have waivable fees and provide generous free monthly transactions at 250 and 500, respectively. The bank also has online and mobile banking access and Merchant Services.
What We Like
- High free monthly transaction limits
- Waivable fees
- $5,000 and $10,000 free monthly cash deposits, depending on account
What's Missing
- Branches only in Pennsylvania, New York, and New Jersey
- No free business checking account
- No annual percentage yield (APY)
Features
- Business Visa debit card
- Online and mobile banking
- Pay bills, transfer funds and deposit checks via the mobile app
- Two free wires under YourStyle Business Premier Checking
- Full range of small business lending options
How Investors Bank Stacks Up With Its Competitors
APY | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 YourStyle Business Checking | N/A | Up to $5,000 per month free, then 20 cents per $100 | Free at Investors Bank ATMs; $3 per nonnetwork withdrawal | $50 |
 Business Checking | N/A | Up to $5,000 monthly free; then 25 cents per $100 per statement cycle | $3/transaction at any non-PNC Bank ATM; two reimbursements for non-PNC Bank ATM per statement period | $100 |
 Clearly Better Business Checking | N/A | Up to $5,000 per month free, then $2.50 per $1,000 per statement cycle | Free at Citizens ATMs, $3 per transaction at nonnnetwork ATMs | None |
When Investors Bank Is a Good Fit
- You have low to moderate transaction volumes: You get up to 250 free transactions each month with YourStyle Business Checking.
- You have moderate to high transaction volumes: With YourStyle Business Premier Checking, 500 free transactions are allocated per month.
- You receive regular wire transfers: Both domestic and international incoming wires are $10, which cost less than other banks. You also get two free wires when you have a YourStyle Business Premier Checking account.
- You want low-cost cash deposit fees: Investor Bank offers a fair amount of free cash deposits each month, starting at $5,000 for the basic account and $10,000 for its highest option. If you exceed these amounts, you only need to pay 20 cents for every $100, which is lower than competitors’ cash deposit fees.
When Investors Bank Is Not a Good Fit
- Businesses that want a variety of business checking account options: If you want more choices to meet your specific business needs, you can check out Regions Bank and First Citizens Bank.
- Businesses outside Investors Bank’s service areas: Investors Bank has more than 150 branches in Pennsylvania, New York, and New Jersey, but it’s still limited to three states. You can opt for Chase, Bank of America, or Wells Fargo for nationwide branch locations.
- Business owners that need free business checking accounts: Even if the monthly fees are waivable for Investors Bank’s business checking accounts, the required balances are still high. You can consider Bluevine, Axos Bank, Novo, and Grasshopper Bank for free accounts as long as your needs can be met by digital-only financial institutions.
Check out more providers in our list of the best small business checking accounts if your business meets one or more of these scenarios.
Investors Bank Business Checking Overview
Investors Bank Business Checking Requirements
You can visit a branch to open a business checking account. Only US Citizens or permanent residents who are at least 18 years of age can open an account. You’ll be requested to provide the following information:
- Contact information
- Physical US address
- Valid email address
- Social Security number
- Government-issued ID (driver’s license, US passport, permanent resident ID, or state-issued nondriver’s ID)
Before opening an account, see our guide on how to open a business bank account. It has a free downloadable checklist of required documents.
Investors Bank Business Checking Features
Investors Bank’s Business Checking accounts offer a debit card, online and mobile banking access, remote deposit capture, and Citizens Merchant Services.
Online & Mobile Banking
Investors Bank lets you securely transfer funds online, pay bills, deposit checks through your mobile phone, and view your balances. Reviews for the Investors Bank app are good on both the Apple App Store (4.8 out of 5) and Google Play store (3.9 out of 5 stars). Users rated it positively for its simple layout and ease of use, although some had issues with frequent crashes and difficulty logging in, leading to lower ratings.
Business Services
- Citizens merchant services: Traditional or virtual POS terminals, credit card and debit card payment, including Visa®, Mastercard®, American Express®, and Discover®, gift certificate cards, and loyalty cards
- Treasury management services: Automated clearing house (ACH) payments, wire transfers, payroll and human resources (HR) services, ACH blocks and filters, ACH Positive Pay, Check Positive Pay, zero balance accounts, Demand Deposit Marketplace (DDM) Sweep, account reconciliation process (ARP), and federal electronic data interchange (EDI) reporting
Remote Deposit Capture
You can skip bank trips and make check deposits in your office with Investors Bank’s Remote Deposit Capture service. It allows you to deposit a batch of checks instead of single items. If you submit your deposits before 7 p.m. Eastern time, your account will be credited on the same day.
Other Banking Products
Investors Bank has plenty of banking products and services that match the needs of business owners, from money market accounts to small business loans:
- Business money market: Business owners can choose between opening a YourStyle Business Money Market or Maximizer Business Money Market account. Under YourStyle Business Money Market, you can earn tiered interest rates as your balance increases. A minimum $100 opening deposit is required and a $2,500 daily minimum balance must be maintained to avoid the monthly fee. With Maximizer Business Money Market, you can maximize your business savings with a higher tiered rate by opening $10,000 of new money and maintaining $2,500 as an average monthly balance to waive the $12 monthly fee.
- Small business lines of credit: For more capital funding, small business owners can apply for lines of credit with terms of up to three years. Businesses can qualify for up to $1,000,000 total credit.
- Small business term loans: For additional working capital or new equipment purchases, you can apply for term loans with flexible terms of up to 10 years and competitive interest rates.
- Small business owner-occupied mortgages: For business property financing or refinancing, you can apply for mortgages with flexible terms and competitive rates.
- Commercial and institutional products: You can open commercial checking accounts and commercial savings accounts. You can also apply for commercial loans for equipment financing, commercial real estate, and acquisitions.
- Industry solutions: Investors Bank provides public service banking services, healthcare lending services, escrow accounts for landlords and property managers, and banking solutions for nonprofit organizations.
Investors Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Two free wires for YourStyle Business Premier Checking | No online account opening |
| Low cash deposit fees when you exceed the limit | Limited business checking options |
| Low-cost wire fees | High monthly fee and maintaining balance to waive the fee for YourStyle Business Premier Checking |
Investors Bank provides great business checking advantages with its low cash deposit fees in case you exceed the number of free cash deposits each month. If you receive incoming wires regularly, the fees for both domestic and international wire transfers are low-cost at $10, helping business owners save money. You also get two free wires when you open YourStyle Business Premier Checking.
However, opening an account requires heading to a brick-and-mortar branch. Another drawback is there are only two business checking accounts to choose from, unlike other banks. Lastly, the monthly fee for YourStyle Business Premier Checking is substantial at $35, and you need to maintain a combined balance of up to $25,000 to waive the fee.
Alternatives To Investors Bank Business Checking
Investors Bank has great business checking accounts. However, you’ll have to look elsewhere if you’re interested in generating an APY, want more physical brick-and-mortar branches, or need a fully online bank for more convenient services.
Here are three options to consider:
- Chase is best for business owners needing in-person banking in nationwide service areas.
- First Internet Bank is best for businesses seeking full-service banking from an online-only bank.
- Bluevine is best for businesses wanting to earn a high APY when qualifying deposits are met.
Bottom Line
Opening business checking accounts at Investors Bank is a good choice if your business is located near one of its branches. You can enjoy a high free transaction limit and free cash deposits each month when you open YourStyle Business Checking. If your transaction volume increases, you can switch to the higher-tier YourStyle Business Premier Checking to avoid additional costs. Investors Bank also extends several lending products to small business owners needing financing, making it a great banking option.
