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Customers Bank Review 2023

Updated May 19, 2023
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At a glance

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

CDs

Rating: 3.3 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 3.7 stars out of 5

MMA

Rating: 3.6 stars out of 5

About Bankrate Score

Overview

Customers Bank offers a wide array of deposit products, but the affordability of those accounts and the strength of those yields are inconsistent. Moreover, the bank is highly localized with only a handful of branches across three states. Customers looking for a large branch network should look elsewhere.

Highlights

  • Top CD Rates
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info
As of 6/5/2023
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/5/2023
Rating: 4.7 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.
Bank logo
Member FDIC
Savings Account
4.85
%
APY
APY
Info
As of 6/5/2023
Rating: 4.9 stars out of 5
$5000
Min. balance for APY
View offer Arrow Right
Promoted offer: No Monthly Fees. $5,000 balance required for highest rate.

Overall

Customers Bank is best for customers who live near one of the bank’s nine branches in New York, New Jersey and Pennsylvania, as many of the accounts require you to visit a branch to open. Moreover, savers will generally find higher yields with lower minimum deposit requirements elsewhere.

Pros

  • Checkmark

    The minimum deposit for some of the bank’s 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.

  • You must visit a branch to open most of the bank’s deposit accounts.

Customers Bank banking products

3.7
Rating: 3.7 stars out of 5
Bankrate Score

Customers Bank savings overview

The 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, but you must open this account at a branch.

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.

  • You must open the account at a branch.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info
As of 6/5/2023
Rating: 4.4 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: It only takes about 5 minutes to open a fee-free account.

Bank fees

Fee Charged?
Overdraft fee $5
Non-sufficient funds fee $20
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee None

About Customers Bank

Customers Bank is headquartered in Phoenixville, Pennsylvania, and operates nine branches. It offers savers rates that are better than the national average, but generally lower than what you can find at other banks. Most of the accounts are only available at a branch.

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 9 a.m. to 6 p.m. Eastern time, seven days of the week.

How does Customers Bank compare to other banks?

Customers Bank vs. CIT Bank

CIT Bank is the online division of First Citizens Bank. In general, it offers more competitive yields on its savings products. And those CIT APYs are more easily attained as the minimum deposit requirements are much lower than at Customers Bank.

CIT also offers a better online experience, with its mobile apps receiving much higher scores than Customers Bank. However, those who choose CIT as a bank will need to be comfortable with an online-only experience whereas Customers Bank has nine branches across three states.

Customers Bank FAQs

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.