Customers Bank Review: High Savings Rates and Low Fees
Review
Updated
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Customers Bank has quality checking and savings account options, plus solid CDs with low minimums. It's not the most convenient choice for those who are looking to bank online, since a large portion of its products must be opened at one of its branch locations.
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Customers Bank is right for you if:
Customers Bank has fees associated with many of its products, including the following:
| Customers Bank Fee | Charge |
|---|---|
| Business account unauthorized ACH | $5.00 |
| Cashier’s check | $10.00 |
| Court attachments/levy | $75.00 (plus attorney fees) |
| Domestic outgoing wire transfer | $20.00 |
| Foreign check fee (Canadian and Canadian US funds) | $12.00 per check |
| Foreign check fee (all other foreign checks) | $30.00 per check |
| International outgoing wire transfer | $45.00 |
| Overdraft transfer | $5.00 |
| Replacement ATM/debit card | $5.00 |
| Safe deposit box inventory | $25.00/hour (minimum one hour charge) |
| Safe deposit box late payment | $5.00/month |
| Safe deposit box lost key replacement | $10.00 |
| Stop payment | $20.00 |
Customers Bank offers a high-yield savings account with a $1 account minimum requirement through Raisin, an online platform that links customers with federally insured financial institutions.
If you don't want to use Raisin, you can sign up for Customers Bank's Yield Shield Savings Account, which offers a high interest rate, but has a $25,000 minimum to open the account.
Customers Bank High-Yield Savings Account
With Customers Bank, Powered by Raisin, you get an APY that outpaces most high-yield savings accounts on the market. Deposits are held with Customers Bank, a midsize regional bank, and are managed via Raisin's secure online platform. Customers Bank is FDIC insured, so your funds are protected up to the legal limit. The trade-off for the high APY is a limited feature set, with ACH transfers to and from a single external account being the sole method for deposits and withdrawals. Still, it's a great match if you desire an exceptional APY with a no-frills online banking experience.
Terms for Customers Bank CDs range from 24 to 60 months, and only four terms are available, so options are more limited than what you can find with some other banks. If you have savings you want to put in a CD for 12 or 18 months, you'll need to look elsewhere.
Rates are reasonable, but a bit lower than the very best CD rates. On a positive note, all of Customers Bank's CDs have a minimum deposit of just $500. That's less than what many banks require, and it makes Customers Bank CDs an option if you don't want to lock up too much money.
They also work well if you want to divide your savings among several CDs to build a CD ladder -- Customers Bank CDs could be a winner if you're looking for longer-term CDs specifically.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.00%
|
Term:
10 Months
|
Min. Deposit:
$500
|
Open Account for
On Secure Website. |
|
|
APY:
3.75%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Customers Bank Interest Checking has just about everything you'd need from a checking account. There's no monthly fee, and also no minimum balance requirement to worry about.
It gives you easy access to your money, both online and through an ATM network partnership. You can use your debit card for fee-free withdrawals at over 55,000 ATMs nationwide.
This also has one of the higher APYs we've seen on a checking account. It earns up to 2.00% APY, dependent upon receiving one direct deposit or two processed and posted bill payments per billing statement cycle.
Customers Bank Interest Checking
A checking account that checks all the boxes. It allows you to avoid common banking fees, including monthly and ATM fees, while also earning a generous rate on your balance.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
The Customers Bank Ascent Money Market Savings Account offers a 1.50% APY for accounts with balances of $25,000 or more. While it's not the highest APY we've seen, it is a better rate than what you can get through many traditional savings accounts.
Customers Bank Ascent Money Market Savings Account
The Customers Bank Ascent Money Market Savings Account can be a good option for customers who want the ability to earn interest on their savings and withdraw or deposit funds at any time. Keep in mind that while some money market accounts offer debit cards, the Ascent Money Market Savings Account isn't meant for everyday spending and does not come with ATM cards, debit cards, or checks.
The Customers Bank customer experience is mixed -- some people love how easy it is to use the services and get great rates, while others have a hard time reaching customer service.
Customers Bank has an A+ rating with the Better Business Bureau, but its customer reviews are a mixed bag. With both the Better Business Bureau and Trustpilot, it has some highly positive reviews, but also several 1-star reviews. This sort of disparity is common for online bank reviews -- people like to complain on the internet.
A rating of A+ rating with the BBB means that when members have complaints, the bank works to resolve them.
You can contact Customers Bank for personal banking needs seven days a week, 9 a.m. - 6 p.m. ET, by calling 866-476-2265.
Customers Bank's mobile app gets mixed reviews online. In the past, customers have complained about functionality. Most of the negative reviews are very dated, so it's possible that the bank has since improved its apps.
Customers Bank has locations in Colorado, Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island and Texas. However, many services are only available by appointment.
ATMs are available in New Jersey, New York, and Pennsylvania.
If you're not near a Customers Bank ATM, you can use the 55,000 ATMs in the Allpoint network for free.
If you're interested in more options, here are a couple of other banks worth checking out.
Discover® Bank has many of the same benefits as Customers Bank. It keeps fees to a minimum, has a widespread ATM network, and offers high rates on deposits. It also has excellent customer satisfaction scores and fantastic credit cards.
One of the most notable differences with Discover® Bank is that it doesn't offer a checking account that earns an APY. Instead, it has a debit card that earns cash back.
American Express National Bank has outstanding customer service and a full suite of banking products. These include a high-yield savings account, CDs, and a checking account (you must be an Amex card member to open a checking account, however).
It's another great pick if you're looking to avoid fees, and it also has a wide range of CD terms available.
Customers Bancorp, Inc. is the parent company of Customers Bank. You can see its full leadership team on its About page.
Yes, Customers Bank is a real bank with FDIC insurance to protect your money.
Yes, Customers Bank is FDIC insured, which means in the event of a bank failure, your money is protected up to $250,000 per depositor, per account ownership category.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
