Customers Bank continues to offer good deals on CDs and a money market account. The rates have gone down since my September post, but the rates remain very competitive. There's also a new 2-year CD. Here are the special CD and money market account rates listed on the bank's rates page as of 12/20/2010:
- 2.00% APY 2-year CD, $500 minimum
- 1.75% APY 11-month CD, $500 minimum
- 1.75% APY money market account (1% under $10K)
The 11-month CD and money market account yield had been 2.00%. A reader mentioned in the forum that those who had signed up for the money market promotion before the rate change were still getting the 2% APY as of Dec 11 2010.
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. In September they took over ISN Bank after its failure. Century Bank's overall health score of 4 out of 5 with a Texas Ratio of 26.32% (above average) based on September 2010 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).