Customers Bank Review
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Customers Bank boasts several interest-earning accounts with good APYs. Read on for all the details.
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Overall Score | 3.4 | ||
Savings | 3.5 | ||
CD | 4.0 | ||
Checking | 4.0 | ||
Mobile App | 3.0 | ||
Customer Service | 2.5 | ||
Pros and Cons
- Competitive rates
- No monthly fees
- Access to physical branches
- Wire transfer fees
Bottom Line
Solid bank that offers an interest-earning checking account and savings options with good APY
Customers Bank offers various accounts that can help you grow your funds. You can choose from their interest-bearing checking account, high-yield savings account, or CDs.
But, some accounts may come with conditions that are hard to meet. Keep reading to know all the details about each one.
What is Customers Bank?
Customers Bank, founded in 2009, is headquartered in Pennsylvania with physical branches in select states. They provide various financial products for both personal and business needs.
For personal banking, they offer a checking account, a savings account, and CDs. Additionally, you can use Raisin to access their high-yield savings option.
Pros & Cons
Pros
- Competitive APY on savings and CDs
- Interest-earning checking account
- No monthly fees for savings, checking, and CDs
- Access to physical branches and ATMs
- User-friendly online banking platforms
Cons
- $500 opening deposit requirement for CDs
- Wire transfer fees
Customers Bank Checking
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Customers Bank's Interest Checking allows you to earn up to 2.00% APY on your balance. You can earn an additional bonus APY by making one direct deposit or two bill payments per statement cycle. If you fulfill any of these requirements, which are easily achievable, your account will receive a maximum of 2.00% APY.
It has no monthly fees or minimum/maximum balance, making it easy to maintain. All you need is $50 to open an account.[1]
Customers Bank High Yield Savings
Customers Bank offers the Yield Shield Savings account with a competitive APY. It stands out from others because it automatically adjusts the rate to the midpoint of the Fed Funds Target rate (minus 0.25%). But, you do need a minimum of $25,000 to open the account and earn the rate.[2]
If you can't meet the minimum balance, you can still open a Customers Bank high-yield savings account through Raisin. It gives you a high APY; you only need $1 to start.
Customers Bank: High-Yield Savings Account - 5.01% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Customers Bank CDs
Customers Bank currently provides four CD options: 24 months, 36 months, 48 months, and 60 months. The shorter the term, the higher the APY. Regardless of the term length, you'll need a minimum opening deposit of $500 to earn the offered rates.[3]
If you want to withdraw your funds prematurely, you may incur a penalty equal to a year's worth of interest depending on the principal amount.
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with Customers Bank:
Fees to Look Out For
Customers Bank's checking and high-yield savings accounts both boast no monthly maintenance fees. But, below are other charges you may encounter:[4]
- Outgoing Wire Transfer (Domestic) - $20
- Outgoing Wire Transfer (International) - $45
- Incoming Wire Transfer - $10
- Non-Sufficient Funds - $20
- Overdraft Transfer - $5
- Statement Copy - $5
Additionally, for CDs, you'll have to pay a penalty equal to one year's interest (based on how much initial investment) if you withdraw early.
How Does Customers Bank Compare
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
CIT Bank No Penalty CD - 3.50% APY
- 3.50% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
Is Customers Bank a Legitimate Bank?
Yes, Customers Bank is a legitimate financial institution. They are a member of the FDIC (Cert #34444), meaning deposits are federally insured up to $250,000 for individual accounts and $500,000 for joint accounts. This assures the safety of your money with Customers Bank, even if they go under.
Depositing and Withdrawing Funds
To fund your Customers Bank account, you have the option to transfer from an external bank account or an existing Customers Bank account to your new one.
For withdrawals, you can do a wire transfer or use your Customers Bank checking account card at over 55,000 Allpoint ATMs.
How to Open a Customers Bank Account
Customers Bank's Yield Shield Savings is accessible online, but you must open the Interest Checking account at a physical branch. CDs, on the other hand, can be opened either online or in person.
Here's how the process typically goes:
- Fill out the application form for your chosen savings account with your legal name, birth date, address, SSN, and other personal information.
- Submit your application to the bank representative or through the website.
- Set up your online login details and fund your account.
For the high-yield savings option, you can also open an account online through Raisin.
How to Open a Customers Bank Savings Account via Raisin
You can also open a Customers Bank high-yield savings account through Raisin. Simply do the following:
- Go to the Raisin website and select Customers Bank from their high-yield savings offers.
- Open an account with your name, SSN, date of birth, and address.
- Link a bank account so you can fund your savings product.
Just remember, you need at least $1 to open this account via Raisin.
Customers Bank: High-Yield Savings Account - 5.01% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Bottom Line
Customers Bank is a great option for those who want to boost their funds. They offer several personal banking accounts that earn good interest rates. With several physical branches and a robust online banking platform, they are a convenient choice for many.
References
- ^ Customers Bank. Personal Checking, Retrieved 02/04/2024
- ^ Customers Bank. Personal Savings, Retrieved 02/04/2024
- ^ Customers Bank. Grow your savings with a CD from Customers Bank, Retrieved 02/04/2024
- ^ Customers Bank. Consumer Disclosures, Retrieved 02/04/2024
High-Yield Savings Account - 5.01% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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