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Customers Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Customers Bank Savings
0.15% APY

Overview

Our Rating: 3.9/5 How we calculated this rating

Customers Bank first started operating in 1997 and has its headquarters in Phoenixville, Pennsylvania. Customers Bank handles $10 billion in assets and $7 billion in deposits, ranking it as a large bank. Customers Bank lacks premium access to customer service, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Our testers rated Customers Bank a 3.9 stars out of 5, Customers Bank should be near the middle of the pack in your search for a bank. 

Customers Bank offers a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Customers Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly charge. Why keep checking and savings accounts with the same bank? Convenient transferring of funds between the two accounts translates to higher interest rates in your savings account with the ability to spend from your checking.

Service Quality

Customers Bank is a brick-and-mortar bank, with 15 total branches in New Jersey, New York and Pennsylvania. With mobile and web apps, Customers Bank makes account access easy, even on the go.  

Customers Bank gets inadequate feedback from customers for its mobile platform: the Customers Bank mobile app has an overall rating of 1.5 out of 5 (out of 110 ratings on iOS and Android) compared to the national average of 3.8. Customers Bank's mobile app allows you to control your funds by reviewing account balances, transferring money and reaching customer service. Customers Bank receives a superb consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $10 Compare Offers
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.85% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.35% APY
  • 60 Month: 1.60% APY
$500 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.50% APY $50 Compare Offers

Customers Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Customers Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Customers Bank's CD rates are fair in comparison to other U.S. banks. 

 

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Rates

With a savings rate of 0.15%, Customers Bank ranks below the mean compared to the average U.S. bank. Customers Bank's one-year CD earns at a rate of 0.60% and the five-year CD earns at a rate of 1.60%, while its highest-yielding money market account earns at an APY of 0.50%. Given its poor savings rate, you should contemplate opting for higher earning savings accounts with other banks.

Compare Customers Bank to Other Competitive Offers

Fees

Customers Bank typically has extremely low fees as compared against the national average. With no monthly fee, Customers Bank is ideal for people who want a basic banking experience. Also, at $20, it has a noticeably lower overdraft fee compared to the average U.S. overdraft fee, making it perfect for those who spend a lot of money on their debit card. 

Financial Health

Customers Bank ranks as a large bank owning assets totaling $10 billion as well as $7 billion in deposits. Customers Bank's Texas Ratio is 3.05%, denoting an exceedingly minute chance of failure. Additionally, Customers Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Customers Bank Near Me

Customers Bank has 15 branches in the U.S.

Save more with these rates that beat the National Average
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Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
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