Customers Bank Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
4.5

Bankrate Score

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Low Minimum Deposit

Top CD rates

Customers Bank requires a large minimum balance to earn its savings APY. If you're looking to deposit $25,000 or more into a savings product, this may be the right bank for you.

  • Savings
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    3.4
  • CDs
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    5.0
  • Checking
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    4.8
  • MMAs
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    4.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Overall

    4.5

    Bankrate Score

    Customers Bank requires a large minimum balance to open and earn the APY on its High-Yield Savings Account.

    What we like

    • The online accounts are available in every state except Alaska, Hawaii, Arizona and New Mexico.

    • The bank offers competitive APYs on its online savings products.

    • The minimum deposit for customers interested in CDs is low.

    What we don't

    • You can find higher rates elsewhere.

    • The mobile banking app has received bad reviews.

    • Most CDs are only available in branches.

    Savings accounts

    3.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The online-only High-Yield Savings Account requires an extremely high minimum opening deposit amount to earn the stated APY — you will need to deposit $25,000. The yield offered is better than the national average, but you can find higher yields elsewhere.

    There is no monthly service fee and the account is available online in all states except Alaska, Hawaii, Arizona and New Mexico.

    What we like

    • The High-Yield Savings Account pays a higher yield than the national average.

    • There’s no monthly service fee.

    What we don't

    • The account requires a steep minimum balance to earn the APY.

    • You can find higher yields elsewhere if you shop around.

    CD rates

    5.0

    Bankrate Score

    Customers Bank offers a number of certificates of deposit across different terms. The minimum deposit for customers interested in CDs is also low ($500).

    The 15-month promotional CD rate is among the best nationwide, but you can only open it in a branch.

    Cashing out a CD before it comes due could cost you, especially if your term is 13 months or longer. The penalty for early withdrawals from these accounts may be equal to 365 days of interest (depending on the principal).

    What we like

    • The bank offers a wide variety of CD terms.

    • CD rates are competitive.

    • The minimum balance requirement to open a CD is low.

    What we don't

    • Most CDs are only offered in branches.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Customers Bank offers Free Checking — an account that only requires $10 to open. Like its name implies, the account doesn’t charge you a monthly maintenance fee. It also doesn’t charge you for using out-of-network ATMs. The overdraft fee is on the lower end, too.

    What we like

    • There’s a low minimum deposit to open an account.

    • There’s no monthly fee.

    • The bank won’t charge you to use ATMs out of network.

    • Overdraft fees are lower than competitors. The bank charges $20.

    What we don't

    • There’s no interest.

    • The bank’s mobile app isn’t highly rated.

    Money market accounts

    4.4

    Bankrate Score

    You'll need at least $25,000 to open the Ascent Money Market Savings account. To earn the highest APY, you will need to keep a daily balance of $250,001 or more. For most, those barriers are steep. There is no monthly service fee, however.

    Unfortunately, the account doesn’t have check-writing privileges. But if you intend on letting this money grow and not touching it, this omission could be thought of as a good feature in that it’s harder to spend this money.

    What we like

    • It offers a competitive APY.

    • You need to open the account in a branch.

    • There’s no monthly service fee.

    What we don't

    • There are no check-writing privileges.

    • The minimum deposit requirement is steep.

    Bank experience

    Reviewers have slammed the bank's iOS and Android app for its design. Still, the mobile banking app lets you deposit checks with your phone as well as pay back a friend — practical features that make everyday chores less frustrating.

    The hours you can reach a bank representative are from 9 a.m. to 6 p.m. Eastern every day of the week.

    About Customers Bank

    Customers Bank is headquartered in Phoenixville, Pennsylvania and it operates 12 branches. It has offices in Pennsylvania, Illinois, Washington, D.C., New York, Rhode Island, Massachusetts, New Hampshire and New Jersey.

    Customers Bank offers savers rates that are better than the national average. Some products are only available online, while others are only available in a branch.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates.