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Customers Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon

Pros:

  • Competitive interest rates
  • Ascent Money Market Savings account
  • Variety of personal deposit accounts
  • Low opening required amounts

Cons:

  • High opening amount for savings account
  • Cannot open all accounts online
  • Tiered interest rates on accounts
  • Accounts have monthly fees

What You Need to Know

Most of the accounts with Customers Bank offer competitive interest rates. The accounts offer rates slightly lower than other online accounts. Customers Bank accounts interest rates are still higher than typical bank rates.

The Ascent Money Market Savings account earns rates competitive with other online accounts. This account is only available online. The interest rate for this account is competitive with other online accounts. The interest rate for this account is only guaranteed until the end of 2019.

There are a variety of personal deposit and business accounts available. They offer three personal checking accounts and one business checking account. They offer savings accounts for personal and business use. Customers Bank offers an online savings account. They offer CDs as well. Those terms range from 3-months to 60-months. CDs and the money market accounts are for personal deposit use only.

The personal deposit accounts with Customers Bank have low opening required amounts. Each of the three checking accounts and the savings accounts only require $10 to open. The money market requires $50 to open. Each of the CD terms require $500 to open.

The Ascent Money Market Savings account has a high opening required amount. This money market account requires $25,000 to open. You must keep that balance in the account to earn interest. This account does not come with an ATM card, debit card, or checks. You can access these funds through online banking.

Not all accounts at Customers Bank can be opened online. The Ascent Money Market Savings account can be opened online. The other accounts with Customers Bank may require a branch location to open. They have branch locations in eight states. Not all products are available at every location. Contact customer service to see which accounts are available.

Accounts at Customers Bank have tiered interest rates. To earn the most competitive rates requires high account balances. The Ascent Money Market Savings account requires $25,000 to earn interest. Other money market accounts require $250,001 to earn the competitive interest rate.

Some Customers Bank accounts have monthly fees. The checking account has a monthly fee of $29 if you do not meet the requirements. You must keep a $5,000 balance in Customers Bank accounts to waive the fee. The money market account has a $5 fee if you balance falls below $1,000. The retirement savings account has a $5 fee if your balance falls below $100.

History

Customers Bank headquarters are in Phoenixville, Pennsylvania. Customers Bank is a subsidiary of Customers Bancorp. In 2018, the bank had over $10 billion in assets. They have branch locations in eight states in the United States.

Customers Bank offers personal and business accounts. Those accounts include checking and savings accounts. CDs are for personal deposit accounts. Customers Bank offers an online money market account that offers competitive interest rates.

Awards and Recognition

  • Top Performing U.S. Bank by American Banker Magazine
  • Outstanding Corporation Award in 2018 from the Association of Fundraising Professionals
  • Ranked 35th on Forbes 2017 Best Bank in America list

Giving Back

In 2018 Customers Bank agreed to donate $75,000 in scholarships over the next two years. Four students received $5,000 to the school of their choice. The students were members of Zion Baptist Church.

In 2018 Customers Bank announced it would support Kutztown University’s Small Business Development Center. They will provide $52,500 in cash to support seven graduate students. The students receive the money as stipends; $7,500 per student, per year. The students who receive this award work 600 hours per year for the department.

Frequently Asked Questions

Is Customers Bank FDIC insured?

Yes. Customers Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Access your money through ATM and debit cards or electronic transfers. You can access money with bill pay or wire transfers. You can also transfer money between Customers Bank accounts or to an external bank.

Does Customers Bank offer mobile banking?

Yes. With the mobile app, you can check account balances, make transfers, and pay bills. You can find branch locations and make deposits. You can also make person to person payments.

Is Customers Bank free?

Some Customers Bank accounts have a monthly fee. Most accounts have a way to waive the monthly fees. The fees range from $5 to $29 per month.

Is Customers Bank a good bank?

The interest rates for most accounts are competitive. They offer a good variety of accounts. Some accounts do have monthly fees, that can be waived. Customers Bank accounts have tiered interest rates. To earn the most competitive rates requires high account balances. Not all accounts can be opened online.

Is Customers Bank secure online?

Customers Bank has security measures that comply with federal laws. Their computers have safeguards and encryption. Their files and buildings are secure. Customers Bank limits the personal information employees can see about customers.

Does Customers Bank offer competitive interest rates?

Yes. Most Customers Bank accounts offer competitive interest rates. The accounts have tiered interest rates. To earn the most competitive rates requires high account balances. The Ascent Money Market Savings account is an online account. Those account rates are competitive with other online accounts. Those rates are only guaranteed until the end of 2019.

Can I use Customers Bank for my business accounts?

Yes. Customers Bank offers specific business accounts. Those accounts include business savings and checking account. They offer cash management and lending options for businesses.

How is Customers Bank online banking different from the online banking my bank offers?

The interest rates for most accounts offer competitive interest rates. The Ascent Money Market Savings account offers more competitive rates.

Do Customers Bank checking accounts pay interest?

Yes, Customers Bank Bonus checking account earns interest. To earn the most competitive rates, you must meet set requirements.

How do I reach customer service?

Ascent Money Market Savings account customers can reach customer service through phone. You can visit or call a local branch location. You can follow Customers Bank on Facebook, Twitter, and Instagram.

Does Customers Bank offer bill pay?

Yes. Bill pay is available for Customers Bank checking account.

Can I deposit cash?

Yes, at a local branch location. Some ATMs may accept cash deposits.

How long do transfers take?

Cash, electronic transfers, and wire transfers are typically available on the same business day. Government and cashier checks may take an extra day to fund. ATM deposits made before 7 p.m. should fund the same day as the deposit.

Can I sign up for direct deposit to Customers Bank accounts?

Yes. Direct deposit is available for Customers Bank accounts.

Bank Contact Information

Customers Bank
1015 Penn Avenue
Wyomissing, PA 19610
855-398-8159

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