At a glance

3.9

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

Overall

Customers Bank is best for customers who live near one of the bank’s seven 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.

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Customers Bank banking products

3.0

Bankrate Score

Compare top savings rates

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

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.

Rate history for Customers Bank's Savings account

Customers Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Customers Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Customers Bank CD overview

Customers Bank offers a number of certificates of deposit across different terms. The minimum deposit for some of those CDs is as low as $500, but others are as high as $25,000. The ones in the latter category generally earn more competitive yields.

The CD automatically renews at maturity, but you’ll have a 10-day grace period to withdraw your funds without penalty.

Pros

The bank offers a wide variety of CD terms.
The minimum balance requirement to open some CDs is low.
Some of Customers Bank CDs offer highly competitive APYs.

Cons

Most CDs are only offered in branches.
There’s a $25,000 minimum to open some CDs with high yields.

2.6

Bankrate Score

Compare top money market rates

Customers Bank money market overview

Customers Bank’s Ascent Money Market Savings Account offers an APY well above the national average, but it requires a minimum deposit of $25,000 to earn that yield. For many savers, this is a steep barrier.

Moreover, the account doesn’t have check-writing privileges nor does it come with an ATM or debit card.

Pros

It offers an APY above the national average.
There is no maximum balance limit.

Cons

The minimum deposit requirement is steep.
There are no check-writing privileges.
The account doesn’t come with an ATM or debit card.
You can earn higher yields elsewhere with a lower balance.

4.5

Bankrate Score

Compare top checking rates

Customers Bank checking overview

Customers Bank offers Free Checking — an account that only requires $10 to open. As the name implies, the account doesn’t charge a monthly maintenance fee.

Customers Bank also offers an Interest Checking account that earns a competitive yield. You can open the account with just $50. There’s a base yield applicable to all accounts, but you can earn a bonus APY when you complete one direct deposit or two bill payments per statement cycle. There are no monthly fees.

Customers Bank is part of the Allpoint network, which will give you fee-free ATM access to over 55,000 locations. The bank doesn’t charge a fee for using out-of-network ATMs.

Pros

The account offers a competitive yield.
There’s a low minimum deposit to open an account.
There’s no monthly fee.
The bank won’t charge you to use ATMs out of its network.

Cons

The bank’s mobile app isn’t highly rated.
You must visit a branch to open an account.

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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

Find out: Tips to avoid common bank fees

Customer experience

Mobile app. 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 support. Customer-service representatives for online products are available 9 a.m. to 6 p.m. Eastern time, seven days of the week.

About Customers Bank

Customers Bank is headquartered in Phoenixville, Pennsylvania, and operates seven 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.

How Customers Bank compares 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 just seven branches.

Learn more: The best banks of 2024

Customers Bank FAQs

Customers Bank is best for those living near one of the bank’s nine branches spread across New York, New Jersey and Pennsylvania.
Yes. Customers is an FDIC-insured bank that provides insurance on all deposit accounts up to the limit allowed by law: $250,000 per depositor, per account.
Customers Bank is a lesser known bank with a local feel and relatively short history, established just in 1997. That noted, the bank is FDIC-insured and offers a wide array of deposit products for consumers and small businesses.

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.

Customers Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Customers Bank

Customers Bank banking products

Customers Bank savings overview

Pros

Cons

Rate history for Customers Bank's Savings account

Customers Bank CD overview

Pros

Cons

Customers Bank money market overview

Pros

Cons

Customers Bank checking overview

Pros

Cons

Bank fees

Customer experience

About Customers Bank

How Customers Bank compares to other banks

Customers Bank vs. CIT Bank

Customers Bank FAQs

Who is Customers Bank best for?

Is Customers Bank safe?

Is Customers Bank a reputable bank?

Review methodology

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