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American Express VS Customers Bank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.75%APY
Savings/MMA
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Pros:

  • Options on how to receive interest
  • No opening required amount
  • Pay credit card bill from savings account
  • Competitive interest rates on accounts

Cons:

  • Only offer savings and CD accounts
  • Must link account to a different bank
  • Funds not transferred immediately
  • No checks, debit cards, or ATM cards
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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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
American Express Review

American Express Bank offers ways to receive the money you earn off interest. You can deposit it back into the account earning the interest. The interest can be transferred to your CD account. You can deposit the money into your linked external account, or receive a check. You can request a check to come monthly, quarterly, or annually.

There is no minimum amount required to open an account. You start earning interest with any amount deposited into the high-yield savings account. The more money you deposit, the more interest you earn, but no required amount.

Once you open a savings account with American Express, you can link that account to your credit card. Log into your account and link the savings account to the credit card. Paying your credit card bill from your savings account does count as a withdrawal.

American Express Bank offers higher interest rates than your typical bank. Their rates are competitive with other online banks. You can find the current rates are on their website.

American Express Bank only offers a high-yield savings account and CDs. To deposit money into the accounts, you must link it to your current banking accounts. You can also sign up for direct deposit from your employer or to make automatic deposits.

You must link your American Express accounts to your current bank account. You can then transfer money between the different accounts. Federal regulations only allow six transactions each billing cycle for savings accounts.

Transferring money to and from your American Express personal account is not immediate. Money coming into your American Express account is not available until the fifth business day. All other transfers take 1-3 business days.

American Express Bank does not offer checks, debit cards, or ATM cards for their accounts. To get your money, you must transfer it from your American Express savings account back into your linked external account. If you open a CD, you must wait until the maturity date to access your money without a penalty.

Read the full American Express review.

Customers Bank Review

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.

Read the full Customers Bank review.

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