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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 12 branches and 10 loan offices 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
Free checking and savings accounts
Competitive online savings account interest rates
Low minimum opening deposits
Fee and rate info hard to find online
Uncompetitive in-branch savings accounts and CD interest rates
No credit cards or investments
- Year Founded 1997
- Official Website www.customersbank.com
- Banking Products Offered Savings, checking, CDs, MMA
- Customer Support Phone line: General customer service: Monday–Sunday, 9 a.m. to 6 p.m. (EST), 866-476-2265; Ascent Money Market Savings or Ascent CD: 855-398-8159
- 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 1.00%. 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.
- 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:
- Live in Chicago or along the I-95 corridor from Philadelphia to Boston
- Are searching for accounts with low minimum opening requirements
- Want to avoid monthly fees
- Desire an online savings account with a competitive interest rate
- Need a checking account that will refund other bank ATM fees
What Does Customers Bank Offer?
Customers Bank offers several deposit products that can meet your banking needs.
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 0.25%, which increases to 1.20% when debit card purchases exceed $500 per month.
With the Convenience Checking account, you are not charged a fee when using another bank’s ATM. Fees charged by other banks are reimbursed if you 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)|
|Bonus Checking||$10||$0||0.25% or 1.20% with debit card purchases of $500+|
The savings and money market preauthorized transfer limit of six occurrences per month has been suspended until further notice.
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.
Customer Bank also offers an online-only high-yield savings account with a 0.75% APY and $25,000 minimum opening deposit.
|CUSTOMERS BANK SAVINGS ACCOUNT|
|ACCOUNT NAME||MINIMUM OPENING DEPOSIT||MONTHLY FEE||APY|
|Digital Savings Account||$5,000||$0||0.75%|
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||0.25% on $50,000 or less 0.35% on $50,001 to $100,000 0.50% on $100,001 to $250,000 0.75% on more than $250,001|
|Ascent Money Market||$25,000||$0||1.00%|
Certificates of Deposit (CDs)
Several certificates of deposit (CDs) terms are available from Customers Bank, ranging from three months to five years. However, according to Customers' site, many CDs are currently not being offered. 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.
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|
|15 Months (Ascent)||0.24%|
|15 Months (Promotional)||0.40%|
|Two Years (Promotional)||0.40%|
Other Financial Products Offered by Customers Bank
Customers Bank also offers select bank loans and account types for your banking needs. These include:
- Purchase Mortgages
- Refinance Mortgages
- Home Equity Lines of Credit (HELOCs)
- Personal Loans
- Business Loans
Customers Bank Customer Service
Customers who need service on their accounts should contact their local branch. There are no branch hours listed on Customer Bank's website, so you should call before visiting. Some branches also require setting appointments before coming in.
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.
Customers Bank also offers a mobile app for Apple (3.2 stars out of five stars, 13 ratings) and Android (3.2 stars out of five stars, 32 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.
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 12 branches and 10 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.
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