-
Financial Rates:
2.0
-
Customer Service:
5.0
-
Website Experience:
3.0
-
Bank Fees:
4.0
Pros:
- Free ATM transactions and fee refunds
- Variety of personal deposit accounts
- Low opening required amounts
- Bonus checking account offers good rates
Cons:
- Accounts have low interest rates
- Cannot open all accounts online
- Tiered interest rates on accounts
- Monthly fees for most accounts
-
Financial Rates:
3.0
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Unlimited ATM fee rebates
- No monthly fees
- No amounts required in accounts
- Offer investing products and advice
Cons:
- Must link checking account to a brokerage
- Low-interest rates
- Opening savings account is not online
- CDs have fees
Customers Bank accounts offer free ATM transactions at PLUS and NYCE ATMs. The Convenience checking account offers ATM fee refunds. To qualify for the refunds, you must have at least $5,000 in Customers Bank accounts.
There are a variety of personal deposit and business accounts available. Those include:
- Convenience checking
- Free checking
- Bonus checking
- Money market account
- Reserve savings
- CDs from 3-60 months
- Loans and mortgages
- Business accounts and lending options
The personal deposit accounts with Customers Bank have low opening required amounts. Each of the checking and savings accounts only require $10 to open. The money market requires $50 to open. The CDs require $500 to open.
The Bonus checking account earns competitive interest rates if you meet the qualifications. That requires you to spend $500 a month using your debit card. Those rates are much higher than the standard rates and are competitive with other online checking accounts. To open the Bonus checking account, you must use new money. You cannot use money already in a Customers Bank account.
Most of the accounts with Customers Bank do not offer competitive interest rates. The accounts offer rates similar to traditional bank rates. Customers Bank used to offer accounts with competitive interest rates. Those accounts are no longer available.
Not all accounts at Customers Bank can be opened online. Some accounts require visiting 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 near you.
Money market accounts at Customers Bank have tiered interest rates. To earn the most competitive rates requires $250,001. Even the most competitive rate is not competitive with other online money market accounts.
Some Customers Bank accounts have monthly fees. The Convenience 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 your balance falls below $1,000. The retirement savings account has a $5 fee if your balance falls below $100.
Charles Schwab refunds any ATM fees acquired worldwide. Unlike other banks, there is no limit to the number of times your ATM fee can be refunded. If you make use of ATMs, this is an ideal benefit.
There are no monthly maintenance fees for Charles Schwab savings or checking accounts. The checking account does have a fee, but the fee is waived when you open the brokerage account. The brokerage account is a requirement for a Charles Schwab savings or checking account.
Charles Schwab does not have a set amount you must keep in their savings and checking accounts. You will earn interest on whatever amount you deposit with no monthly fees.
Charles Schwab has a wide variety of products to help you invest and trade. They offer accounts for trusts, college, retirement, small businesses, and IRA accounts. Their website offers tools and advice in these different areas. This can help ensure you open the right account for you.
When you open a Charles Schwab checking account, you have to open a Schwab One brokerage account. Opening this account waives the checking account fee. There isn't a required amount to keep in either account, but you must open both accounts.
The interest on their checking account is competitive with other banks for low account amounts. The interest on their savings account is slightly higher than typical banks. The savings account rates are significantly lower than other online banks.
To open a savings account, you must download an application, fill it out, and send it back to Charles Schwab. Other banks let you open a savings account all online. You can open a checking account with Charles Schwab online, but not a savings account.
Charles Schwab CDs have a fee. They charge a set amount based on the CD opened. There is also a fee to sell based on a broker-assisted fee. The interest rates for their CDs are competitive with other banks, but there are fees.
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| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.73% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.80% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: It only takes about 5 minutes to open a fee-free account. |
|
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.