Customers Bank Review April 2024: multiple CDs alongside checking, money market, and high-yield savings accounts

Customers Bank holds about $21 billion in assets. Although headquartered in Pennsylvania, Customers Bank has provided banking products and financial services to individuals and businesses across Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, and Texas since 2009.

With this bank, you can open various accounts, including checking, savings, money market accounts (MMAs), and certificates of deposit (CDs) to earn as high as 5.14% annual percentage yield (APY). Customers Bank also partners with Allpoint to enable surcharge-free ATM access in over 55,000 locations across the United States. Learn more about its offerings in this Customers Bank review.

All rates and fees are current as of March 22, 2024, and are subject to change.

Customers Bank

Checking accounts:	No monthly fees
Savings accounts:	Earn as high as 5.14% APY
CD Rates:	Earn up to 4.35% APY

Pros and Cons

Pros

Competitive APY on your savings
No monthly maintenance fees
Higher APY when you fund your checking account via a direct deposit or bill pay during a statement cycle

Cons

Only one savings, checking, and money market accounts
Only available in 10 states
The minimum opening deposit for its high-yield savings account is $25,000

Who is Customers Bank good for?

If you’re looking for a bank that rewards customers for saving a lot of money, you’ll find Customers Bank suitable, with its high-yield savings account. Plus, this bank cumulates a higher APY for customers who run an active checking account. Even if you don’t run an active account, you’ll enjoy its checking account, which doesn’t require a minimum balance or charge maintenance fees.

Who shouldn’t use Customers Bank?

If you want to keep multiple checking or savings accounts, you’ll likely prefer another bank since you’ll only get one savings, checking, and MMA with Customers Bank. What’s more—Customers Bank’s savings account requires a minimum opening deposit of $25,000, which makes it unsuitable for low-income earners. Also, it only has branches in nine states, making it impossible to do a walk-in or even open specific accounts if you’re outside those states.

Learn More

Customers Bank rates and products

While Customers Bank previously offered more banking products and account options, it currently offers only one checking, savings, and MMA. Its CDs are also limited to four term lengths.

Checking accounts

Customers Bank offers one checking account. This free checking account doesn’t require a monthly service fee, and you’ll earn 1.00% APY on your account. While there are no account bonuses for opening a new account, customers who make a direct deposit or two bill payments within a month will earn an additional 1.00% APY on their checking account.

Savings accounts

Customers Bank offers one of the best high-yield savings accounts. The bank currently provides over 5% APY to customers through its Yield Shield savings account, making saving worthwhile. However, you need at least $25,000 to open a savings account with Customers Bank.

Customers Bank savings rates compared to current top rates*

While Customers Bank is a great option for those looking for high interest on their savings, some institutions offer higher interest rates even with lower minimum balances. Compare the rates above to this list of competitors:

Money market accounts (MMAS)

Customers Bank allows you to open a MMA from your computer to earn 1.50% APY, which is compounded and deposited in your account monthly. You can deposit money in that account from your Customers Bank account, another bank, or via mail check, and there’s no maximum deposit. However, to avoid an account closure, you must deposit within 30 days of your MMA approval.

Certificates of deposit (CDs)

Customers Bank provides customers with four CD term and rate options, with terms between 24 and 60 months. While the interest on your CD account gets compounded and credited to your account monthly, there’s an early withdrawal penalty if you withdraw the funds. You’ll have 10 calendar days to withdraw your funds when they mature. Otherwise, the account renews automatically.

Other services Customers Bank offers

Customers Bank offers more financial services to individuals and businesses, including:

Personal loans: Whether you need a loan to consolidate debt, fund a considerable purchase, settle unplanned expenses, or help out a family member, it doesn’t matter. Customers Bank offers personal loans between $5,000 and $25,000 without origination fees.
Business loans and solutions: Customers Bank offers businesses financial services, including cash management tools and loans, such as Small Business Administration (SBA) loans and business lines of credit, to help them achieve their financial goals.
Mortgage loans: Whether you want to buy a new home or refinance one, there are several mortgage loan options to choose from. They include Federal Housing Administration (FHA), Veterans Affairs (VA), and U.S. Department of Agriculture (USDA) loans, and prequalification is free. However, not all mortgage loan options are available in all nine states.
Equipment financing and leasing: Customers Bank offers equipment loans and leases to customers in various industries, including construction, manufacturing, packaging, and food and beverage companies.

Online banking

While technically not an online bank, Customers Bank allows you to operate your accounts from your desktop. It enables new customers to open specific accounts online and conduct transactions without walking into one of its physical branches. You’ll see your current balance and pending transactions and can also stop unauthorized payments even when out of your resident state.

Compare Customers Bank alternatives

Is Customers Bank right for you?

If you’re particular about banking with a financial institution with higher APYs for dedicated saving habits, you’ll love Customers Bank with its savings account APY, which is beyond the national average, and the bonus APY it awards account holders that keep an active account. However, if your interest is in finding a bank with multiple checking, savings, and money market accounts, you won’t like this one, which only has one of each and provides four CD options.

Frequently asked questions

Is Customers Bank insured?

Yes, all deposits with Customers Bank are insured up to $250,000, the limit allowed by law for each depositor per account category. This Federal Deposit Insurance Corp. (FDIC) insurance guarantees you’ll get your money if the bank fails.

Who is Customers Bank associated with?

Formerly known as New Century Bank, Customers Bank is a subsidiary of Customers Bancorp Inc. It partners with Raisin to create customers’ savings accounts and Allpoint® to enable access to thousands of ATMs nationwide.

Is Customers Bank by Raisin legit?

Yes, Customers Bank is legitimate, offering banking products and financial services like other banks. Access your funds by walking into a physical branch, using one of the 55,000 surcharge-free ATMs, or using online banking. You’ll also receive up to 250,000 in case of bank failure.