Customers Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Saturday, August 1, 2020

Customers Bank’s checking account options

Convenience Checking

This checking account lets you make free withdrawals from any ATM, but if you don’t meet the balance requirements, you’ll get slammed with a massive monthly fee — we don’t think that’s too convenient.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $29 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Unlimited (must meet balance requirements, otherwise none)
  • Overdraft fees: $20

You can open a Customers Bank Convenience Checking account with a deposit of just $10. However, you’ll need to keep much more money with Customers Bank for this account to make sense. It charges a whopping $29 monthly fee, unless you have a combined $5,000 balance in deposit accounts or outstanding loans with the bank. If you meet the account balance requirements, the Convenience Checking account also refunds all fees from out-of-network ATMs, so you can access your money for free from anywhere. If you don’t meet the balance requirements, it will not refund ATM fees for that month.

The Convenience Checking account doesn’t earn any interest, and only comes with online banking and a debit card.

You can open a Customers Bank’s Convenience Checking account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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FREE Checking

This checking account only offers the basics, but it is also completely free. It doesn’t refund ATM fees, which can get expensive if you don’t live close to a branch.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s FREE Checking account requires an opening deposit of at least $10. After that, this account does not have a minimum balance requirement and does not charge a monthly fee.

This account does not earn interest, and only comes with basic checking services like online banking and a debit card. If you use an out-of-network ATM, Customers Bank will not refund any fees charged from the ATM owner.

You can open Customers Bank’s FREE Checking account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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Bonus Checking

A free checking account which earns 2% on up to $100,000. An unbelievable offer, and one of the best accounts in the entire country.
APYMinimum Balance Amount to Earn APY
1.00%
$0.01 - $100,000 (debit card requirement met)
1.00%
$0.01 (debit card requirement not met)
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s Bonus Checking account earns one of the best interest rates you’ll find anywhere on a checking account. To qualify, you must spend at least $500 each month on your debit card. The top rate applies to your entire balance up to $100,000 and then you earn a lower rate for any amount over $100,000.

However, if you don’t meet the $500 debit card spending requirement in a month, you’ll earn a lower rate on your entire balance.

You only need to deposit $10 to open the Bonus Checking account. After that, this account does not have a minimum balance requirement and does not charge a monthly fee. This account does not refund fees on out-of-network ATM use.

You can open Customers Bank’s Bonus Checking account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s checking accounts compare

If you’re going to open a Customers Bank checking account, the clear choice hands-down is the Bonus Checking account. It earns one of the best interest rates we’ve seen on a checking account — even better than most money market accounts and CDs. It’s also completely free and only requires an opening deposit of $10.

The only downsides are that it doesn’t refund out-of-network ATM fees, and you’ll need to spend $500 per month on the account debit card to earn the high rate. These are reasonable trade-offs for a free account with such a high rate.

The other Customers Bank checking accounts are OK, but nowhere near as impressive as Bonus Checking. Free Checking is a no-frills free account, while Convenience Checking offers unlimited refunds for out-of-network ATM withdrawals. But neither of these accounts earn interest, which is why you could do better.

We recommend only using Bonus Checking at Customers Bank. On the other hand, if you want something that includes more convenient ATM access along with a high rate, you could also check out our list of the best online checking accounts.

Customers Bank’s savings account options

Reserve Savings

A free savings account with a low interest rate. It’s not terrible, but there are much better options out there, including at Customers Bank.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s Reserve Savings account requires an opening deposit of $10. After that, there’s no minimum balance requirement and this account does not charge a monthly fee.

The Reserve Savings account earns interest on all balances, though the rate is on the low side. It always stays the same and will not increase for larger deposits.

Since this is a savings account, there’s a regulatory limit on how often you can take money out. Each month, you are allowed to make up to six certain transfers or withdrawals out of the account including checks, drafts, debit card purchases and transfers to other accounts because of a federal government rule, Regulation D.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

You can open Customers Bank’s Reserve Savings account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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Customers Bank Ascent Money Market Savings Account

You should consider this savings account if you plan on depositing $25,000. If you do, you’ll earn a fantastic interest rate.
APYMinimum Balance Amount to Earn APY
1.25%
$25,000
  • Minimum opening deposit: $25,000
  • Monthly account maintenance fee: None
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $20

Customers Bank’s Ascent Money Market Savings account is not meant for small amounts of money. You must deposit at least $25,000 to open and you need to keep at least this much in the account to earn interest — if you do, you’ll earn an excellent rate.

If your balance falls below $25,000, you’ll stop earning interest. However, there’s no monthly fee with this account, even if you fall below this limit. In addition, this account doesn’t offer a debit card or checks, as it is not designed for frequent withdrawals and everyday spending.

You are only allowed to make up to six certain transfers or withdrawals out of the account per month because of a Federal Reserve Regulation D. This includes checks, drafts, debit card purchases and transfers to other accounts.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

Customers Bank’s Ascent Money Market Savings account is online only and must be opened through the bank’s website. You’ll need to provide your name, address, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s savings accounts compare

Customers Bank’s Ascent Money Market Savings account is a spectacular choice. Not only does it earn more than nearly every other savings account out there, it also earns more than most CDs. But while CDs lock up your money for a set period, this savings account allows you to take money out up to six times per month without owing a penalty. The only downside is that you’ll need at least $25,000 to use this account, so it’s not an option unless you plan on making a substantial deposit.

Customers Bank’s other savings account, Reserve Savings, is not nearly as good. Even though it’s free and has a low opening deposit requirement, it doesn’t pay enough interest to be a competitive choice.

If you have $25,000, we strongly recommend the Ascent Money Market Savings account instead. But if you don’t plan on depositing that much or want some more options to compare, here are some of the other top savings accounts available today.

Customers Bank’s CD rates

Customers Bank CDs

The CD rates are mostly low, but they offer one awesome promotion on a 2-year CD for new deposits. Everything else is not worth using.
TermAPY
3 months0.05%
6 months0.15%
9 months0.25%
12 months0.50%
13 months0.50%
18 months0.60%
24 months0.75%
2 years (promotional offer)1.80%
30 months0.75%
36 months0.75%
48 months0.75%
60 months0.75%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn. For CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

Customers Bank has a wide variety of CDs with terms that range from three months all the way up to 60 months, equivalent to five years. All of Customers Bank’s CDs require a minimum opening deposit of $500 and you must keep at least that amount in your account to earn the APY.

Their regular CD rates are quite low — however, they also offer a promotional 24-month CD with a much higher rate. You can only open the promotional CD with new deposits, not with money already at Customers Bank. At the end of the two years, Customers Bank will automatically convert your promotional CD to a regular 24-month CD with a lower rate, unless you tell them not to.

If you take money out of your CD before the maturity date, Customers Bank will charge an early withdrawal penalty, depending on your CD term:

  • For CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn.
  • For CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

You can open Customers Bank’s CDs online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s CD rates compare

For the most part, the CDs at Customers Bank pay too little to be worth using. It’s a little surprising that these CD rates are so low, considering the high rates available on some of Customers Bank’s checking and savings accounts.

The only exception is the promotional CD, which does offer a competitive return. This could be worth using, but at the end of the promotion we recommend moving somewhere else before the certificate auto-renews at a lower rate.

Otherwise, we would suggest using something from this list of the best CDs available today. With these options, you can earn an excellent rate for as long as you want; they aren’t one-time promotions that will expire on you.

Customers Bank’s money market account options

Money Market Account

Earns decent money market rates, but has high deposit requirements. You’ll need over $250,000 to earn the best rate.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01
0.05%
$50,001
0.15%
$100,001
0.25%
$250,001
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s Money Market account requires an opening deposit of at least $50. This account will charge a $5 monthly fee if your balance ever falls below $1,000, but it’s free so long as you stay above this limit.

The Money Market account earns interest on all balances and the rates are OK. To earn the highest rate, you need a daily balance of at least $250,001.

Since this is a money market account, there’s a limit on how often you can take money out. Each month, you are allowed to make up to six certain transfers or withdrawals out of the account — this includes checks, drafts, debit card purchases and transfers to other accounts — because of a government rule, regulation D.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

You can open Customers Bank’s Money Market account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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Customers Bank Promo Money Market Account

If you open a money market account with new funds, you’ll receive a higher promotional rate for six months. This promotion is only available when you open at a branch and the rate depends on the location.
APYMinimum Balance Amount to Earn APY
0.25% (only available at Hamilton, Yardley, Doylestown and Langhorne branches)$0.01
0.25% (All other branches)$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank offers a special promotion for new money market accounts. If you set up your account with new money (funds not already deposited at Customers Bank), you’ll receive a higher interest rate for the first six months.

The rate depends on where you open this money market account: in Pennsylvania, the Hamilton, Yardley, Doylestown and Langhorne branches offer a higher rate than Customers Bank’s other locations. After six months, the promotion ends and you go back to earning the regular money market rates.

The promotional account has the same rules as the regular money market account. You must deposit at least $50 to open and the account charges a $5 monthly fee if your balance falls below $1,000.

Since this is a money market account, there’s a limit on how often you can take money out. Each month, you are allowed to make up to six certain transfers or withdrawals out of the account including checks, drafts, debit card purchases and transfers to other accounts because of Federal Reserve Regulation D.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

You can only open a Customers Bank Promo Money Market account at one of their bank branches; this account is not available online. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s money market accounts compare

Customers Bank’s money market accounts have some nice features. You only need a balance of $1,000 to avoid the monthly fee and even if you fall below the limit, the fee is also just $5. Their standard rates are above average and if you sign up at a bank branch, you could qualify for an excellent promotional rate for the first six months — a nice way to get started.

We just wish it took less money to qualify for the best money market rates. While their top rate is competitive, you’ll need to deposit over $250,001 to earn it. For smaller amounts, you earn much less.

This limit keeps Customers Bank’s money market account from being a top-tier option. You’d be better off with these money market options: they pay more, and don’t require a six-figure deposit to earn a decent rate.

Customers Bank’s IRA account options

IRA CD rates

Customers Bank offers a lot of variety for their IRA CDs, but the rates are just too low.
TermAPY
3 months0.05%
6 months0.15%
9 months0.25%
12 months0.50%
13 months0.50%
18 months0.70%
24 months0.75%
30 months0.75%
36 months0.75%
48 months0.75%
60 months0.75%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn. For CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

All of Customers Bank’s regular CDs can be part of an IRA. You must deposit at least $500 to open an IRA CD and keep that amount in the account to earn the APY. However, their IRA CD rates are on the low side.

If you take out some of your IRA CD deposit before the maturity date, Customers Bank will charge an early withdrawal penalty. The penalty depends on your IRA CD term:

  • For IRA CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn.
  • For IRA CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

You can open Customers Bank’s IRA CDs online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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on Customers Bank’s secure website

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How Customers Bank’s IRA CD rates compare

We’re not that impressed with Customers Bank’s IRA CD rates. If you’re going to lock up your money in an IRA CD, you should be getting a fair return for your commitment, and that won’t happen at Customers Bank — they just don’t pay enough interest.

If you want to earn a decent return for your retirement plan, these other IRA CDs are a much better choice because of their high interest rates. Don’t settle on something worse.

Overall review of Customers Bank’s banking products

Customers Bank promises to deliver exceptional value for their clients and in our opinion, they come through on that promise for most of their banking products.

Their Bonus Checking and Ascent Money Market Savings accounts are two of the best deposit accounts we’ve seen, thanks to their sky-high interest rates and lack of fees.

While the rest of Customers Bank’s deposit accounts don’t pay quite as much, they are still a major improvement over what’s available at large national banks. You can find better options, but you could also do a lot worse than Customers Bank’s CDs and money market accounts.

Our main concern with Customers Bank is ATM access. Only one of their accounts refunds out-of-network ATM fees, and it’s not an interest-earning account. This could be inconvenient unless you live close to one of their branches.

Still, it’s a minor issue and one you can plan around. For example, you could also open a Convenience Checking account, which does refund ATM fees, and transfer funds there whenever you want to make a withdrawal. Considering the sky-high rates available at Customers Bank, it’s well worth the effort.

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