Customers Bank VS Northeast Bank

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

  • Low required amounts to open accounts
  • Variety of personal deposit accounts
  • Business accounts offered
  • Pearl MMA earns a good rate

Cons:

  • Low interest rates on accounts
  • Some accounts have tiered interest rates
  • Accounts opened in branches
  • Monthly fees for most accounts
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.

Northeast Bank Review

The required amounts to open Northeast Bank accounts are low. The savings account requires $100. The holiday club requires $2, and all CDs only require $500 to open. One checking account requires $25 to open. The other three checking accounts require $100 to open.

Northeast Bank offers a variety of personal deposit accounts. They offer a savings account for youth, regular savings, and a holiday savings account. Two money market accounts are offered. There are four checking accounts, including one for those 50 or older. There are a variety of CD terms, ranging from six-months to five-years.

Along with personal deposit accounts, Northeast Bank offers business accounts. Those include savings, checking, and money market accounts. They offer lines of credit, business, and equipment loans. Cash management options are available. Each account comes with online bill pay and banking, and merchant card processing.

The Pearl money market account is available to open to those who live by a branch location. This money market account earns more competitive interest rates than the other accounts. This account is only for new customers to Northeast Bank. Any amount over $0.01 earns the competitive rates. The minimum opening amount is $5,000. The account fee amount or required balance is not listed on the website.

The interest rates for most Northeast Bank accounts are low. They are not competitive with other online accounts. Northeast Bank checking accounts earn interest. Some accounts have tiered interest rates.

To earn the highest interest on some Northeast Bank accounts requires a large sum. The regular money market account requires $100,000 to earn the most competitive rate. The business MMA requires $75,000. The Northeast Express Gold personal checking account requires $50,000. Any balance earns some interest, just not the most competitive rate. The most competitive rate offered is not competitive with other online accounts.

The accounts listed on the Northeast Bank website are only able to open in a branch location. No online accounts are offered directly through the Northeast Bank website. Online accounts are offered through ableBanking, their online division.

Most accounts offered through Northeast Bank have a monthly fee. The fees range from $1 to $7 a month, depending on the account. To waive the monthly fee requires a set balance be in the account. That amount varies from $100 to $10,000.

Read the full Northeast Bank review.

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