Customers Bank Review

Customers Bank boasts several interest-earning accounts with good APYs. Read on for all the details.

	Overall Score	3.4
	Savings	3.5
	CD	4.0
	Checking	4.0
	Mobile App	3.0
	Customer Service	2.5

5-point scale (the higher, the better)

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Pros and Cons

• Competitive rates
• No monthly fees
• Access to physical branches

• Wire transfer fees

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Bottom Line

Solid bank that offers an interest-earning checking account and savings options with good APY

Customers Bank offers various accounts that can help you grow your funds. You can choose from their interest-bearing checking account, high-yield savings account, or CDs.

But, some accounts may come with conditions that are hard to meet. Keep reading to know all the details about each one.

What is Customers Bank?

Customers Bank, founded in 2009, is headquartered in Pennsylvania with physical branches in select states. They provide various financial products for both personal and business needs.

For personal banking, they offer a checking account, a savings account, and CDs. Additionally, you can use Raisin to access their high-yield savings option.

Pros & Cons

Pros

• Competitive APY on savings and CDs
  
• Interest-earning checking account
  
• No monthly fees for savings, checking, and CDs
  
• Access to physical branches and ATMs
  
• User-friendly online banking platforms

Cons

• $500 opening deposit requirement for CDs
  
• Wire transfer fees

Customers Bank Checking

Customers Bank's Interest Checking allows you to earn up to 2.00% APY on your balance. You can earn an additional bonus APY by making one direct deposit or two bill payments per statement cycle. If you fulfill any of these requirements, which are easily achievable, your account will receive a maximum of 2.00% APY.

It has no monthly fees or minimum/maximum balance, making it easy to maintain. All you need is $50 to open an account.^[1]

Customers Bank High Yield Savings

Customers Bank offers the Yield Shield Savings account with a competitive APY. It stands out from others because it automatically adjusts the rate to the midpoint of the Fed Funds Target rate (minus 0.25%). But, you do need a minimum of $25,000 to open the account and earn the rate.^[2]

If you can't meet the minimum balance, you can still open a Customers Bank high-yield savings account through Raisin. It gives you a high APY; you only need $1 to start.

Customers Bank: High-Yield Savings Account - 4.16% APY

Click Here to Get Deal

• $1 minimum deposit
• No fees
• 24/7 online access to funds
• FDIC insured

Customers Bank CDs

Customers Bank currently provides four CD options: 24 months, 36 months, 48 months, and 60 months. The shorter the term, the higher the APY. Regardless of the term length, you'll need a minimum opening deposit of $500 to earn the offered rates.^[3]

If you want to withdraw your funds prematurely, you may incur a penalty equal to a year's worth of interest depending on the principal amount.

How Much Can You Earn?

Use this savings calculator to see how much your money can grow with Customers Bank:

Fees to Look Out For

Customers Bank's checking and high-yield savings accounts both boast no monthly maintenance fees. But, below are other charges you may encounter:^[4]

• Outgoing Wire Transfer (Domestic) - $20
  
• Outgoing Wire Transfer (International) - $45
  
• Incoming Wire Transfer - $10
  
• Non-Sufficient Funds - $20
  
• Overdraft Transfer - $5
  
• Statement Copy - $5

Additionally, for CDs, you'll have to pay a penalty equal to one year's interest (based on how much initial investment) if you withdraw early.

Customer Experience

Customers Bank has received mixed feedback from its clients. Many customers have expressed frustration with long wait times for loan funding and occasional difficulties reaching customer support.

When it comes to their mobile app, ratings on the App Store and Google Play range from 2.5 to 3.5 stars. Reviews are also mixed, with some users experiencing in-app glitches while others appreciate the app's user-friendly design.

That said, if you need to get in touch with Customers Bank, here's how you can reach them:

• Personal banking: 866-476-2265, available from 9 AM to 6 PM ET
  
• Business banking: 833-595-0618, available from 8 AM to 8 PM ET

How Does Customers Bank Compare

Compare High-Yield Savings

High-Yield Savings Premier - 4.46% APY

• No account activity or maintenance fees
• $500 minimum opening deposit
• FDIC insured

The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC

Learn More

Read Review

Member FDIC

Discover® Online Savings - $200 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.

Get Deal

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Expires 3/13/2025

Member FDIC

CIT Bank Platinum Savings - 4.55% APY

• 4.55% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Learn More

Read Review

Compare High-Yield CDs

High-Yield CD Rates - Up to 4.05% APY

• No fees
• $1 minimum deposit
• FDIC insured

Term	CD Rates
3 Month	4.05% APY
5 Month	3.85% APY
6 Month	3.75% APY
9 Month	3.00% APY
12 Month	3.00% APY

Learn More on Raisin's Secure Website

Read Review

Member FDIC

CIT Bank Term CDs - Up to 3.50% APY

• Up to 3.50% APY
• $1,000 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Term	CD Rates
6 Month	3.00% APY
1 Year	0.30% APY
13 Month	3.50% APY
18 Month	3.00% APY
2 Year	0.40% APY
3 Year	0.40% APY
4 Year	0.50% APY
5 Year	0.50% APY

Learn More

Read Review

1-Month High-Yield CD - 4.50% APY

• $1 minimum deposit
• 24/7 online access
• Federally insured by NCUA

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Is Customers Bank a Legitimate Bank?

Yes, Customers Bank is a legitimate financial institution. They are a member of the FDIC (Cert #34444), meaning deposits are federally insured up to $250,000 for individual accounts and $500,000 for joint accounts. This assures the safety of your money with Customers Bank, even if they go under.

Depositing and Withdrawing Funds

To fund your Customers Bank account, you have the option to transfer from an external bank account or an existing Customers Bank account to your new one.

For withdrawals, you can do a wire transfer or use your Customers Bank checking account card at over 55,000 Allpoint ATMs.

How to Open a Customers Bank Account

Customers Bank's Yield Shield Savings is accessible online, but you must open the Interest Checking account at a physical branch. CDs, on the other hand, can be opened either online or in person.

Here's how the process typically goes:

1. Fill out the application form for your chosen savings account with your legal name, birth date, address, SSN, and other personal information.
   
2. Submit your application to the bank representative or through the website.
   
3. Set up your online login details and fund your account.

For the high-yield savings option, you can also open an account online through Raisin.

How to Open a Customers Bank Savings Account via Raisin

You can also open a Customers Bank high-yield savings account through Raisin. Simply do the following:

1. Go to the Raisin website and select Customers Bank from their high-yield savings offers.
   
2. Open an account with your name, SSN, date of birth, and address.
   
3. Link a bank account so you can fund your savings product.

Just remember, you need at least $1 to open this account via Raisin.

Customers Bank: High-Yield Savings Account - 4.16% APY

• $1 minimum deposit
• No fees
• 24/7 online access to funds
• FDIC insured

Click Here to Get Deal

Other Customers Bank Products

Check out these additional products offered by Customers Bank:

Personal Loans
Customers Bank offers a personal loan with fast funding, potentially as soon as you complete all the steps and accept the loan terms. With Auto Pay, you can set up on-time payments, choose your due date, and enjoy zero origination fees.

Mortgages
Customers Bank also offers mortgage loans tailored for both homebuyers and those looking to refinance. You'll find a variety of options, including fixed-rate, low down payment, no down payment, and more, so you can choose the one that fits your needs.

Business Banking
If you're seeking more than just personal banking, Customers Bank offers a range of financial products and services for businesses, including checking accounts, cash management, and loans.

Bottom Line

Customers Bank is a great option for those who want to boost their funds. They offer several personal banking accounts that earn good interest rates. With several physical branches and a robust online banking platform, they are a convenient choice for many.

References