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Short-Term CD and Money Market Specials at Customers Bank for PA & NJ Residents

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As I was working on last Friday's bank failure post, I noticed these specials at Customers Bank. The FDIC arranged for this bank to assume all of the deposits of the failed ISN Bank. As of 9/19/2010, Customers Bank is listing two very competitive specials on its home page:

  • 2.00% APY 11-month CD, $500 minimum deposit
  • 2.00% APY money market account (1.00% under $10K)

The downside with the money market account is that the rate isn't guaranteed to last for any period. Also, there's a $5 monthly fee for balances under $1,000.

The bank offers an online application. On the first page, you have to choose a branch. However, one of the options is "too far from branch - online only". If you select this option, the next page will require you to select your state. Unfortunately, there are only two options: Pennsylvania and New Jersey.

Branches are located in the suburbs of Philadelphia in the cities of Doylestown, Phoenixville, Malvern, Wayne and Newtown Square.

The bank does business as Customers Bank, but it's actual name is New Century Bank. Its overall health score of 4 out of 5 with a Texas Ration of 28.09% (above average) based on 6/30/10 data. Please refer to our financial overview of Customers Bank for more details. The bank has been a FDIC member since 1997 (FDIC Certificate # 34444).

Searching for the Best CD and Money Market Rates


  Tags: CD rates, money market accounts, Pennsylvania, New Jersey

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Comments
4 Comments.
Comment #1 by Alex, Doylestown (anonymous) posted on
Alex, Doylestown
Great rates in today's CD and MMA market. Friendly service in branch and by phone. Branch thinks rates will hold to 3/30/11

1
Comment #2 by Dave posted on
Dave
Rate appears to be down to 1.75% APY.

1
Comment #3 by Anonymous posted on
Anonymous
Called today, as of Feb 1, 2011 all of us who were grandfathered at 2% are cut to 1.75%.  Oh well still good enough to stay put for now.

1
Comment #4 by Dave (anonymous) posted on
Dave
 

Winter Money Market rates (originally 2% APY) are now down from 1.4% to 1.3% as of 6/17/11

 

1