Skip to Main Content

Customers Bank Review 2023

Updated January 1, 2023
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 5 stars out of 5

Savings

Rating: 3.4 stars out of 5

MMA

Rating: 1.9 stars out of 5

About Bankrate Score

Overview

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, it may be the right bank for you.

Highlights

  • Low Min Deposit
  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.50
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.25
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

Pros

  • Checkmark

    The bank offers competitive APYs on its online savings products and doesn’t charge a monthly fee.

  • Checkmark

    The minimum deposit for customers interested in CDs is low.

  • Checkmark

    The bank offers a variety of CD terms.

Cons

  • You can find higher rates elsewhere.

  • The mobile banking app has received bad reviews.

  • Most CDs are only available in branches.

Customers Bank bank products

3.4
Rating: 3.4 stars out of 5
Bankrate Score

Customers Bank savings overview

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.

Pros

  • Checkmark

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

  • Checkmark

    There’s no monthly service fee.

Cons

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

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

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.

Customer-service representatives for online products are available 8 a.m. to 11 p.m. Eastern time, seven days of the week.

About Customers Bank

Customers Bank is headquartered in Phoenixville, Pennsylvania, and operates 15 branches. It offers savers rates that are better than the national average. Some products are only available online, while others are only available in a branch.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.