Customers Bank Review 2019
Matthew Goldberg is a consumer banking reporter at Bankrate. He graduated from Illinois State University with a bachelor's degree in mass communication and earned an MBA at William Paterson University. He began his writing career in 1998 at Sun Publications in Crystal Lake, Illinois. He was sports editor at The Daily Vidette, a sports reporter at The Journal Standard and a sports writer at The Quincy Herald-Whig. His work has also appeared in Sports Illustrated On Campus. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. He also has more than seven years of financial services experience, in both banking and insurance.
3.4/5
Customers Bank has some of the most competitive APYs on its online-only savings products, though the bank requires a large minimum balance to earn those APYs. If you're looking to deposit $25,000 or more into a savings product and want a competitive yield, this may be the right bank for you.
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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).
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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.
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About Customers Bank
Customers Bank is headquartered in Phoenixville, Pennsylvania, and closed 2018 with $9.8 billion in assets, according to the bank.
Customers Bank offers a very competitive APY on its online high-yield savings products. Both the Ascent Money Market Savings Account and the High-Yield Savings Account offer some of the highest APYs around. They both require at least $25,000 for those APYs, however. Both accounts are available in all states except Alaska, Hawaii, Arizona and New Mexico.
While those two accounts — and the Ascent 15-month CD — are only available online, Customers Bank does have some accounts that are available both in branch or online (Free Checking/CB Free Checking and Convenience Checking) and some only available in its branches (Bonus Checking, Money Market, Promo Money Market, Retirement Savings Account, Reserve Savings and various CDs & IRA CDs), according to its Consumers Disclosures on its website.
Customers Bank has 13 branches in New Jersey, New York and Pennsylvania — with 11 of these in Pennsylvania. Customers Bank also has six Commercial and Private Banking offices in Illinois, Massachusetts, New York, Rhode Island and Washington, D.C. It also has two offices in Philadelphia and one in New Hampshire.
Pros
- The online accounts are available in every state except Alaska, Hawaii, Arizona and New Mexico.
- The mobile app allows you to view your balance and deposit checks.
- Competitive APYs on online savings products.
Cons
- Online savings accounts don’t have ATM access available.
- The Ascent Money Market Savings doesn’t have check-writing privileges.
- Most CDs are only available in branches.
Customers Bank Services
3.0/5
Customers Bank offers a number of certificates of deposit across different terms. With the exception of the promotional CDs, yields are low. The minimum deposit for customers interested in CDs is also low ($500). 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).
Pros
- All standard CD terms are available.
- Promotional CDs offer higher yields.
Cons
- Most CDs are only offered in branches.
- Early withdrawal penalties are harsh for customers with mid- and long-term CDs.
- Other banks pay much higher yields.
- Interest is compounded monthly.
CDs available from other banks
3.3/5
The online-only High-Yield Savings Account made its debut on March 11. It launched with one of the highest APYs offered. The account has a high minimum opening deposit amount and minimum amount to earn the stated APY — both requirements are $25,000. Unfortunately, the High-Yield Savings account lacks ATM access. But it’s a good option if you want your savings to not be an easy ATM withdrawal away, so that it keeps growing without withdrawals slowing this process. The account is available online in all states except Alaska, Hawaii, Arizona and New Mexico.
Pros
- High-Yield Savings Account offers one of the most competitive APYs around.
- App can be used to view your balance and deposit checks.
Cons
- Account requires a larger minimum balance than other competitors.
- No ATM access for account. To access funds, you must visit the bank’s website.
Savings accounts available from other banks
4.4/5
Customers Bank offers the interest-bearing Bonus Checking. The account can be opened with just $10 and doesn’t come with a monthly maintenance fee. Those who spend at least $500 a month using their debit card are able to earn a bonus interest rate that’s more generous than that offered by some savings accounts. Other options from Customers Bank include Convenience Checking, which allows users to get ATM fee refunds and waive the $29 monthly fee if they maintain an average total balance of $5,000 in their deposit accounts and Free Checking, which has no minimum balance requirements.
Pros
- One of the best interest rates offered for a checking account.
- Low minimum deposit to open account.
- No monthly fee to maintain account.
Cons
- Bonus Checking must be opened within a branch.
Checking accounts available from other banks
2.9/5
The Ascent Money Market Savings Account has a top-tier APY. It’s one of the rare money market accounts that guarantees a minimum APY for a certain period of time. Most money market accounts have a variable APY that the bank can change at any time. But in early 2019, Customers Bank was guaranteeing its competitive APY on this account through the end of the year. Unfortunately, the account doesn’t have check-writing privileges or ATM access. But if you intend on letting this money grow and not touching it, this could be thought of as a good feature since it’s harder to spend this money that you may have earmarked for saving. The Ascent Money Market Savings Account is available online in all states except Alaska, Hawaii, Arizona and New Mexico.
Pros
- Offers a top-tier APY.
- APY is guaranteed through the end of the year.
Cons
- No check-writing privileges.
- Higher minimum balance than other money market accounts with similar or higher APYs.
MMAs available from other banks
1.7/5
Recent reviewers have dinged 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 functionality to make chores less frustrating. The hours you can reach a bank representative vary by the product you possess. For online banking or branch product issues, customers can reach someone from 8:30 a.m. to 5 p.m. Eastern. More impressively, the bank lists the cellphone numbers of branch managers on its website. If you are in the Ascent Money Market Savings program, have a digital-only CD or the new High-Yield Savings Account, you can reach someone seven days a week from 8 a.m. until 11 p.m. Eastern. If you’re a Convenience Checking account customer and maintain a minimum balance of $5,000 across all of your accounts with the bank, you will have free access to any ATM in the U.S. — the bank will refund surcharge amounts incurred.
