Customers Bank Review

It offers high-yield online savings and CD options

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Customers Bank describes itself as “a super-community bank,” meaning that it has considerable resources but offers small-town service. Headquartered in Phoenixville, Pa., it has $12 billion in assets, plus 13 branches and nine loan offices that are primarily in the Northeast. The bank offers several accounts with no monthly fees and low minimum opening deposits. In addition to its in-branch products, the bank also offers two online-only accounts with competitive interest rates.

  • Pros & Cons
  • Company Overview
Pros & Cons
Pros
  • Free checking and savings accounts

  • Competitive online savings account interest rates

  • Low minimum opening deposits

Cons
  • Fee and rate info hard to find online

  • Uncompetitive in-branch savings accounts and CD interest rates

  • No credit cards or investments

Company Overview
  • Year Founded 1997
  • Official Website www.customersbank.com
  • Banking Products Offered Savings, checking, CDs, MMA
  • Customer Support Phone line: Monday–Sunday, 9 a.m. to 6 p.m. (EST) (online banking) & 8 a.m. to 11 p.m. (EST) (Ascent Money Market Savings or Ascent CD): 866-476-2265 (online banking) & 855-398-8159 (Ascent Money Market Savings or Ascent CD)

Pros Explained

  • Free checking and savings accounts – Customers Bank offers two checking accounts and two savings accounts with no monthly maintenance fees.
  • Competitive online savings account interest rates – The Ascent Money Market Savings Account earns 1.10% on all balances. There are no fees on this account, but you must have at least $25,000 in the account to earn this annual percentage yield (APY).
  • Low minimum opening deposits – Customers Bank requires a $50 or less opening deposit for many accounts. Several accounts can be opened for as little as $10.

Cons Explained

  • Fee and rate info hard to find online – Finding information about fees and rates can be a challenge on the Customers Bank website. This makes it difficult for potential customers to evaluate whether to open an account or not.
  • Uncompetitive in-branch savings accounts and CD interest rates – The interest rates on the primary accounts from Customers Bank are not competitive. To receive a competitive interest rate, customers need to open the online-only Ascent Money Market Savings Account.
  • No credit cards or investments – If you’re looking for one bank to handle all of your banking and investment needs, this is not the bank for you. While some accounts have attractive features, Customers Bank does not offer investments, insurance, or credit cards.

Who Is Customers Bank Best For?

While Customers Bank should most likely appeal to consumers who live near one of its branches on the East Coast, its online savings account is also a good option for consumers anywhere in the U.S. This bank may be a good fit if you:

What Does Customers Bank Offer?

Customers Bank offers several deposit products that can meet your banking needs.

Checking Accounts

There are three checking accounts offered by Customers Bank, all of which can be opened with a deposit of just $10. The Free Checking and Bonus Checking accounts have no monthly maintenance fees. By comparison, the Convenience Checking account requires an average combined balance of $5,000 among your deposit accounts, mortgage, and consumer loans. Bonus Checking accounts earn 0.05%, which increases to 0.95% when debit card purchases exceed $500 per month.

You are not charged a fee when using another bank’s ATM. Fees charged by other banks are reimbursed if you have a Convenience Checking account and maintain a combined average balance of $5,000 in your deposit and loan accounts.

CUSTOMERS BANK CHECKING ACCOUNTS
ACCOUNT NAME MINIMUM OPENING DEPOSIT MONTHLY FEE ANNUAL PERCENTAGE YIELD (APY)
Free Checking $10 $0 N/A
Bonus Checking $10 $0 0.05%
0.95% with debit card purchases of $500+
Convenience Checking $10 $29 N/A
(As of Aug. 19, 2020)

Savings Accounts

The Reserve Savings is the main savings account from Customers Bank. It can be opened with as little as $10 and has no monthly maintenance fee.

The savings and money market preauthorized transfer limit of six occurrences per month has been suspended until further notice.

CONSUMERS BANK SAVINGS ACCOUNT
ACCOUNT NAME MINIMUM OPENING DEPOSIT MONTHLY FEE APY
Reserve Savings $10 $0 0.05%
(As of Aug. 19, 2020)

Money Market Accounts

Customers Bank offers one in-branch and one online money market savings account. The Money Market account can be opened with $50 and offers a tiered rate of interest. You must maintain a minimum daily balance of $1,000; otherwise, there is a monthly fee of $5.

If you want to earn a competitive interest rate, look beyond the bank’s in-branch products and open its online account. The Ascent Money Market Savings Account earns a competitive interest rate, but it requires at least $25,000 to earn interest.

CUSTOMERS BANK MONEY MARKET ACCOUNTS
ACCOUNT NAME MINIMUM OPENING DEPOSIT MONTHLY FEE ANNUAL PERCENTAGE YIELD (APY)
Money Market $50 $5 0.05% on $50,000 or less
0.10% $50,001 to $100,000
0.15% $100,001 to $250,000
0.25% More than $250,000
Ascent Money Market $25,000 $0 0.00% under $25,000
1.10% $25,000 and up
(As of Aug. 19, 2020)

Certificates of Deposit (CDs)

There are several certificates of deposit (CDs) terms available from Customers Bank, ranging from three months to five years. Although the website tells customers to contact the bank for terms, you can find the available CD terms and interest rates by reading the bank’s consumer disclosures.

There is a minimum deposit of $500 to open an in-branch CD with Customers Bank. The online-only Ascent CD account requires a minimum opening deposit of $25,000.

With CDs you may withdraw the interest that is earned at any time. However, you cannot withdraw the principal from your account before maturity. You may request an early withdrawal, but approval is at the bank’s sole discretion and will incur a penalty ranging from three months of interest (terms up to one year) to 365 days of interest (terms greater than one year).

CUSTOMERS BANK CD RATES
TERM APY
Three Months 0.05%
Six Months 0.15%
Nine Months 0.25%
One Year 0.50%
13 Months 0.50%
15 Months (Promotional) 0.75%
15 Months (Ascent) 0.24%
18 Months 0.60%
Two Years 0.75%
Two Years (Promotional) 0.75%
30 Months 0.75%
Three Years 0.75%
Four Years 0.75%
Five Years 0.75%
(As of Aug. 4, 2020)

Other Financial Products Offered by Customers Bank

Customers Bank also offers select bank loans and account types for your banking needs. These include:

Customers Bank Customer Service

Customers who need service on their accounts should contact their local branch. Branches are open Monday through Thursday from 9 a.m. to 5 p.m. EST and on Friday from 9 a.m. to 5:30 p.m. EST. They are closed on Saturday and Sunday. Some branches require setting appointments before coming in, so check with your local branch before visiting.

Online banking assistance is available seven days a week from 9 a.m. to 6 p.m. EST at 866-476-2265. Digital banking customers for the Ascent Money Market Savings Account or Ascent CD may call dedicated customer service at 855-398-8159, seven days a week from 8 a.m. to 11 p.m. EST.

Customers Bank also offers a mobile app for Apple (2.8 stars out of five stars, 111 ratings) and Android (1.7 stars out of five stars, 88 ratings). 

How to Bank With Customers Bank

Many of Customers Bank’s accounts can be opened at a branch or online. However, some accounts are only available in one of those two ways.

Although some branch accounts can be opened online, it seems that you can only do so once you have an established relationship with Customers Bank, as there is no “Open Account” option from the primary website.

The Ascent Money Market Savings and Ascent CD accounts can be opened online.  However, you have to know that these accounts exist because there is no mention of either from the savings or CD pages. We only found these accounts by thoroughly reviewing consumer disclosures.

Verdict

Customers Bank offers economical checking and savings account options for customers looking to avoid monthly fees and start with a small deposit. Its in-branch interest rates are not competitive, but you can earn a better rate with its online-only Ascent Money Market Savings and Ascent CD accounts.

If you live near one of its 13 branches and nine loan offices, Customers Bank could be a good fit for you. The online-only savings account is a good option for customers who want a competitive interest rate and can meet the minimum balance requirement.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.

Article Sources

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  1. Consumers Bank. "Account Disclosures and Privacy Notice." Accessed Aug. 4, 2020.

  2. Apple.com. "CB Mobile Access." Accessed Aug. 4, 2020.

  3. Google.com. "CB Mobile Access." Accessed Aug. 4, 2020.

  4. Customers Bank. "The Ascent Money Market Savings Account." Accessed Aug. 4, 2020.

  5. Customers Bank. "The Ascent CD Account." Accessed Aug. 4, 2020.