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Customers Bank Review 2022
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Overall
4.0
Bankrate Score
Customers Bank requires a large minimum balance to open and earn the APY on its High-Yield Savings Account.
What we like
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The bank offers competitive APYs on its online savings products and doesn’t charge a monthly fee.
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The minimum deposit for customers interested in CDs is low.
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The bank offers a variety of CD terms.
What we don't
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You can find higher rates elsewhere.
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The mobile banking app has received bad reviews.
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Most CDs are only available in branches.
Savings accounts
3.4
Bankrate Score
Member FDIC
Savings account
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.
What we like
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The High-Yield Savings Account pays a higher yield than the national average.
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There’s no monthly service fee.
What we don't
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The account requires a steep minimum balance to earn the APY.
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You can find higher yields elsewhere if you shop around.
CD rates
4.5
Bankrate Score
Member FDIC
CD
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 competitive, but it can only be opened at a branch and find higher rates can be found elsewhere.
What we like
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The bank offers a wide variety of CD terms.
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The minimum balance requirement to open a CD is low.
What we don't
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Most CDs are only offered in branches.
Checking accounts
5.0
Bankrate Score
Member FDIC
Checking account
Customers Bank offers Free Checking — an account that only requires $10 to open. As the name implies, the account doesn’t charge a monthly maintenance fee. It also doesn’t charge for using out-of-network ATMs. At $20, the overdraft fee is on the lower end, too.
What we like
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There’s a low minimum deposit to open an account.
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There’s no monthly fee.
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The bank won’t charge you to use ATMs out of its network.
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At $20, the overdraft fee is lower than competitors.
What we don't
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No interest is paid on account balances.
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The bank’s mobile app isn’t highly rated.
Money market accounts
1.9
Bankrate Score
At least $25,000 is needed to open the Ascent Money Market Savings account, and to earn the highest APY, a minimum daily balance of $250,001 or more is required. For many savers, those are steep barriers. The account also doesn’t have check-writing privileges.
What we like
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It offers an above average APY.
What we don't
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The minimum deposit requirement is steep.
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There are no check-writing privileges.
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You can earn higher yields elsewhere.
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.
Mary Wisniewski @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.
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