Customers Bank Review: Enjoy Checking That Earns You Interest
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
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Quick Take: Whether you are looking for a savings account with competitive APYs or simply a variety of other options such checking accounts, certificates of deposit, or CDs, you can find these at Customers Bank. Though most accounts require a minimum balance and opening deposit, and there is limited branch availability, you do have a large network of fee-free ATMs at your fingertips.
Pros
- Free checking account options
- Competitive APYs for some savings products
- Low minimum deposit requirements
Cons
- Limited branch availability
- Limited CD term length options when online banking
- Free ATMs and higher interest rates are only offered to you if you meet certain requirements
Customers Bank OverviewÂ
Founded as a community bank in 2009, Customers Bank was designed to cater its customer service to small businesses, individuals and families alike and currently has about $21 billion in assets. Though there are some online options available, it primarily offers banking services to Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island and Texas.
Customers Bank: Key Features
Where you bank is a significant part of figuring out your best money management practices. If you choose a financial institution like Customers Bank, FDIC-insured, then you have the potential to grow your business or personal finances. Here are the key features GOBankingRates used when reviewing Customers Bank:
Checking AccountsÂ
As far as checking options go it’s nice to be able to earn interest on your go-to banking account. With the Customers Bank Interest Checking you can get a personal checking account where you can earn up to APY. You earn 1.00% APY with the chance to earn an additional 1.00% when you set up direct deposit or bill pay linked to your account.Â
Savings AccountsÂ
Customers Bank offers the new Yield Shield Savings Account which automatically adjusts your savings rate with the Federal Funds Rate. You can currently earn a APY which is well above the national average. When growing your personal finances, it’s great to have high APYs that get you to your savings goals faster.
CD AccountsÂ
When opening a CD, make sure you’re OK with not accessing your funds until the account has reached maturity; otherwise, you’ll incur an early withdrawal penalty. There is a $500 minimum opening deposit to start any CD. Below are the term length and APY options Customers Bank offers.
| Term Length | APY |
|---|---|
| 24-month CD | |
| 36-month CD | |
| 48-month CD | |
| 60-month CD |
Banking Experience
Customers Bank does offer the full banking package including everything from high-yield savings to money market accounts. However, it doesn’t stop there, as there are other banking services such as personal loans which allow you to consolidate your debt or even fund home improvement projects. You can also look into mortgage options when you are buying or refinancing.Â
How Customers Bank Stands OutÂ
Customers Bank stands as it has the community feel of a regional bank, with the added benefits and APYs of an online bank. Whether you are looking for CDs, checking, savings or money market accounts, you’ll have a simple and straightforward banking product where you can earn interest.
Customers Banks vs. CompetitorsÂ
If you are looking to open a new account or are just in search of a financial institution that better suits your needs, it’s never a bad idea to do some comparative analysis.Â
Customers Bank vs. Valley Bank
Valley National Bank is better for customers who want a wide range of products and multiple checking account options. Where Customers Bank has fewer banking options, it does offer higher APYs for both its checking and savings accounts.
Customers Banks vs. Farmers Insurance Federal Credit Union
Though both financial institutions offer competitively high APYs on a variety of products, Farmers Insurance Federal Credit Union does edge out Customers Bank in the area it covers and the availability.Â
Final Take To GO: Is Consumers Bank Right For You?
The right bank for you depends on your unique financial situation. Customers Bank could be perfect if you’re looking for a regional bank near you and live in Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island or Texas. If so, it’s a great option if you want to earn interest on both checking and savings.
FAQ
- Is Customers Bank legitimate?
- Yes, Customers Bank is legitimate and is member-FDIC. It has over $21 billion in assets and calls itself a "super-community bank."
- Is Customers Bank an online bank?
- Yes, you can access online banking from the Customers Bank's homepage at customersbank.com.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 1, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
