Customers Bank Review 2023
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
CDs
Checking
Savings
MMA
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
-
The minimum deposit for some of the bank’s CDs is low.
-
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
FEATURES
Customers Bank savings overview
There is no monthly service fee, but you must open this account at a branch.
Pros
-
The High-Yield Savings Account pays a higher yield than the national average.
-
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.
-
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Customers BankAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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.
Thank you for sharing your experience with Bankrate
