Customers Bank Review 2019

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).

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.

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.

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.

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.