Customers Bank VS MySavingsDirect

Which bank is better for you?

  • Financial Rates: 2.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 3.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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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: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
Advertiser Disclosure
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Pros:

  • No monthly maintenance fees
  • Low required amounts to open accounts
  • Accounts offer competitive interest rates
  • Interest rates are not tiered

Cons:

  • Limited accounts offered
  • Must link to an external bank account
  • Can only make electronic transfers
  • Must be a customer to open CDs
Customers Bank Review

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.

Read the full Customers Bank review.

MySavingsDirect Review

There are no monthly maintenance fees for the MySavingsDirect savings account. The CDs do not have monthly maintenance fees. However, there is a fee if you withdraw money before the CD reaches maturity. MySavingsDirect accounts are free.

The MySavingsDirect savings account does not have a required amount to open. You can choose the amount you invest when you open the account. The MySavingsDirect CDs do have a required amount to open. Each of the CD terms requires $1,000 to open.

The interest rates for all MySavingsDirect accounts are competitive. The rates are competitive with other online-only accounts. They are much higher than typical brick and mortar bank rates.

MySavingsDirect account interest rates are not tiered. Any balance in the account earns the most competitive interest rate. The interest rates are competitive with other online accounts.

MySavingsDirect only offers a few accounts. The accounts are a personal deposit savings account and CDs. The CD terms range from 60 months to 120 months. They also offer one 30-month CD term. They do not offer a checking account or money market account. MySavingsDirect does not offer business accounts.

To fund your MySavingsDirect accounts, you must link to an external bank account. MySavingsDirect accounts must link to an existing checking account. Once the accounts are linked, you can transfer money electronically between accounts.

The only way to make deposits or withdrawals are through electronic transfers. Your initial deposit to open the account can be made by mailing in a check. After the initial deposit, all other deposits or withdrawals must be through electronic transfers. Transfer money between your MySavingsDirect account and the linked external bank account.

To open a CD with MySavingsDirect, you must first open a savings account. Once you have a savings account through MySavingsDirect, you may open a CD. The CD terms range from 60 to 120 months. The most competitive CD rate is the six-month CD. MySavingsDirect offers a three-month term, but the rate is lower.

Read the full MySavingsDirect review.

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