Customers Bank Review: High Savings Rates and Low Fees

Customers Bank offers brick-and-mortar and online banking services, although some of its products are only available in its branches. It has competitive rates, particularly with its high-yield savings account, and many of its accounts don't charge a monthly fee. Find out if it's right for you in our full Customers Bank review.

If you're in the market for a savings account, Customers Bank offers a high-yield account through the savings platform Raisin.

Customers Bank High-Yield Savings Account

The Customers Bank High-Yield Savings Account has an impressive 5.11% APY (at the time of this writing). That's one of the highest rates we've seen, even compared to other top savings accounts. This account is a good choice no matter how much you have in savings, as the minimum deposit is just $1. It also doesn't charge any fees.

CDs give you the opportunity to earn a high interest rate for a fixed period. Customers Bank offers a few CD options depending on how long you want to lock up your money.

Customers Bank CDs

Terms for Customers Bank CDs range from 24 to 60 months, so options are more limited than what you can find with some other banks. If you have savings you want to put in a CD for 12 or 18 months, you'll need to look elsewhere.

Rates are reasonable, but a bit lower than the very best CD rates. On a positive note, all of Customers Bank's CDs have a minimum deposit of $500. That's less than what many banks require, and it makes Customers Bank CDs an option if you don't want to lock up too much money. They also work well if you want to divide your savings among several CDs to build a CD ladder.

There are plenty of high-yield CDs to choose from. Below, you can compare Customers Bank to some of our favorite CD options.

Checking accounts are designed for managing your money, making it easy to deposit paychecks and pay your bills. Here's a look at the checking account available through Customers Bank.

Customers Bank Interest Checking

Customers Bank Interest Checking has just about everything you'd need from a checking account. There's no monthly fee, and also no minimum balance to worry about. It gives you easy access to your money, both online and through an ATM network partnership. You can use your debit card for fee-free withdrawals at over 55,000 ATMs nationwide.

This also has one of the higher APYs we've seen on a checking account. It earns a 1.00% APY plus an additional bonus of 1.00% APY if you complete at least one direct deposit or two bill payments per statement cycle (as of this writing). If you meet one of those requirements, which isn't hard to do, your account will earn a 2.00% APY.

About Customers Bank

Customers Bank was founded in 2009 and is headquartered in Pennsylvania. It currently has branch locations in nine states: Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island and Texas.

Customers Bank has an A+ rating with the Better Business Bureau, but its customer reviews are a mixed bag. With both the Better Business Bureau and Trustpilot, it has some highly positive reviews, but also several 1-star reviews.

You can contact Customers Bank for personal banking needs 7 days a week, 9AM - 6PM ET, by calling 866-476-2265.

Some banks, particularly big banks, offer relationship benefits if you have multiple accounts with them or meet certain balance requirements. Typical benefits include an APY boost or fee waivers. Customers Bank doesn't have these kinds of relationship benefits. But that's because with many of its accounts, it offers its highest rates to everyone and doesn't charge monthly fees anyway.

If you're interested in more options, here are a couple of other banks worth checking out.

Discover® Bank

Discover® Bank has many of the same benefits as Customers Bank. It keeps fees to a minimum, has a widespread ATM network, and offers high rates on deposits. It also has excellent customer satisfaction scores and fantastic credit cards. One of the most notable differences with Discover® Bank is that it doesn't offer a checking account that earns an APY. Instead, it has a debit card that earns cash back.

American Express® National Bank

American Express® National Bank has outstanding customer service and a full suite of banking products. These include a high-yield savings account, CDs, and a checking account. It's another great pick if you're looking to avoid fees, and it also has a wide range of CD terms available.

Customers Bank is right for you if:

• You want to earn as much as possible on your savings.
• You're looking for bank accounts with low deposit requirements and no monthly fees.
• You want great checking account, savings account, and CD options all with the same bank.

Along with its banking products, Customers Bank also offers:

• Personal loans
• Mortgages

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

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