Customers Bank


Overview / Commentary
866-476-2265
40 General Warren Boulevard, Suite 200
Malvern, PA 19355

Customers Bank is a mid-sized, Pennsylvania-based bank that offers personal and business banking depository and loan products and services. The bank has been in recognized in the past by DepositAccounts for its money market specials.

Customers Bank’s checking account offerings feature a free option that has no minimum balance requirement or monthly fees, and another option that has a minimum account balance requirement but also refunds an ATM fee incurred in the United States. The bank’s savings account usually offers a competitive interest rate that, along with its money market account offering, targets consumers looking to maintain liquidity while experiencing some sort of return. Limited Certificate of Deposit (CD) options are available and the bank is currently offering a 12-month term length. Customers Bank’s Visa debit card gives consumers an opportunity to earn cash back on their every day spending. On the business banking side, checking accounts and commercial lending enable the bank to provide solutions for different businesses.

Customers Bank online banking provides a web-based platform for customers to utilize budgeting and financial management tools powered by Intuit. Account holders can also use the online banking system to pay bills, transfer funds, check balances, and deposit checks. The bank’s mobile apps also create a way for these tasks to be completed via a smartphone while on the run. These online platforms also come with an added layer of security provided by the bank.

Customers Bank was originally established in 1997 as New Century Bank. The bank changed its name in 2011 and is headquartered in Phoenixville, Pennsylvania. It serves its customers through multiple branches across several states.

Related Posts

Non-Callable 5% 5 Year Brokered CD On Vanguard (4/27/2028) - 10/18/2023

Vanguard has 808 left as of 7:28am this morning for Customers Bank (FDIC #34444). Yield at issue 4.998%, first coupon 4/27/2024, last coupon 10/27/2027, matures 4/27/2028.

Customers Bank Max Savings Increased To 5.36% APY - 9/25/2023

Customers Bank Max Savings is showing 5.36% APY at MaxMyInterest site. As of this writing, early Monday morning, the APR showing in online banking at Customers Bank is 5.17%. If you run 5.36% APY through one of the online APY calculators, with monthly compounding, the APR would be 5.23%. 

Customers Bank Is Introducing A New Savings Account 5.14% APY, $25K Minimum To Earn The Interest - 9/25/2023

Customers Bank is introducing a new savings account with arguably a disappointing rate and disappointing balance minimum to earn the rate. They also chose a name that rhymes. Customers Bank Yield Shield Savings Availability Online Only (As I am posting this, there is no link yet to open this account at the Customers Bank website.) The interest rate on your account is 5.02% The annual percentage yield (APY) is 5.14% (Midpoint of Fed Funds Minus 25 Basis Points) Can the interest rate and annual percentage yield change? Yes, this is a variable rate account. APY and APR will follow Fed rate decisions within 48 hours. The interest rate is determined At our discretion We may change the interest rate on this account at any time Interest will be compounded Monthly Interest will be credited to your account Monthly If you close your account before interest is credited Accrued interest will be paid To open this account, you must deposit a minimum of $25,000.00 In order to avoid a fee, you must

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9/24/20 - Rate Drop On Ascent MM
9/9/20 - New Checking Acct 1% Interest On Balance Over $100K
8/11/20 - Ascent MM Savings Rate Drops To 1.10% On Aug. 18, 2020
8/11/20 - Ascent Money Market Drop To 1.1% Effective 8/18/20
7/31/20 - Customers 1.25% Ascent Rate EXTENDED
7/30/20 - Ascent Savings Interest Rate
7/20/20 - Update On Money Market & Savings Rates 0.05%
6/24/20 - Customers Ascent Rate 1.25% Effective 7/1/20
6/10/20 - Customers 2.25% Rate To Drop Soon. But How Far?
2/3/20 - Customers Closes 2.25% Ascent MMkt To New Customers
10/11/19 - Customers Bank Adds Rate Guarantee on Ascent Money Market (2.25% APY)
3/15/19 - Customers Bank Adds Nationwide High-Yield Savings, 2.50% APY
8/4/18 - Customers Bank Ups Ascent Money Market Savings Rate
7/3/18 - Customers Bank Offers Ascent MM Savings Nationwide
1/8/18 - Customers Bank Announces Bonus Checking Earning 2.00% APY Following Passage Of Tax Reform Bill
3/19/14 - Trendwatch: Mobile-Centric Bank Among First In The U.S.
5/24/11 - Customers Bank's New-Branch Money Market Special At Hamilton NJ
2/27/11 - CD Rate Drop At Customers Bank
1/23/11 - USA Bank, Re-Established Branch Of Customers Bank?
1/17/11 - CD and Money Market Specials Continue at Customers Bank in PA, NJ & NY - Local Only
12/20/10 - CD and Money Market Specials Continue at Customers Bank for PA & NJ Residents
11/4/10 - 2.00% Money Market Special Continues At Customer Bank In PA & NJ
11/4/10 - 2.00% 11-Month CD Special Continues At Customer Bank In PA & NJ
10/15/10 - Local 2% APY 11 Month CD And 2% APY Money Market @ Customers Bank (2755)
10/15/10 - Local 2% APY 11 Month CD And 2% APY Money Market @ Customers Bank
9/19/10 - Short-Term CD and Money Market Specials at Customers Bank for PA & NJ Residents
11/25/09 - 2.00% Money Market Account with Rate Guaranteed for 6 Months at New Century Bank in PA - Local Only
11/20/08 - 4.39% 12-Month CD at ISN Bank - Nationally Available
10/30/08 - 4.18% 6-Month CD at ISN Bank - Nationally Available
7/16/08 - 4.10% 6-Month CD at ISN Bank - Nationally Available
6/16/08 - 3.82% 6-Month / 3.77% 3-Month CD at ISN Bank - Nationally Available

Customers Bank Switched To Plaid External Account Verification Or Nothing

Posted by: |

Customers Bank has made a major change regarding the linking of external accounts for ACH transfers. It used to be where when you wanted to link your external accounts for transfers, you would do the trial deposits thing.

Well, no more trial deposits. As of this writing, it's Plaid verification linking only. Should you want to link an external financial institution that Plaid doesn't cover, you cannot link that financial institution at your Customers Bank online banking. Plaid says they cover 12,000+ financial institutions, and we can request that Plaid remove our personal information from their system, so I guess that's the positive in this disappointing news for those that do not like Plaid. Link to request Plaid to do this:

https://plaid.com/legal/data-protection-request-form/

So Is The Yield Actually 4.85%?

Posted by: |

I see there is a "membership fee" of .16% per annum. So, is the real rate 4.85% then?

Rate Isn't Available. Accounts Can't Be Opened.

Posted by: |

Rep: "The upper management has taken the button of the website to open an account. We don't know when it will be fixed."
Rep: "No we don't have a way to open an account over the phone."

So they have an advertised rate, but can't handle more accounts right now, but don't note that on the website.

Armed Forces And Acadamy Owned By Dickinson Financial

Posted by: |

This is the worst experience I have ever had in my life about banks, I was led to believe that these two banks were the best ones for veterans of the military but in fact, it’s been a complete nightmare. I opened an account 11 days ago I was forced to give my direct deposit to them to open account and a small loan to start off. Well, it has been 11 days of nightmares the first seven of them I was blocked every day except for Saturday and Sunday because they don’t work except for Monday through Friday 8 to 5 I was being blocked because all I was simply doing was trying to transfer money to my other accounts. the customer service employees were extremely nice but facetious they were more worried about phishing and scammers then customer care. I went through security questions to verify my identity for four times straight because every time I tried after they said I was good to go on transfers, but try this try that and each time I would get a different story or outcome on what’s really going on. And then I was told as soon as I get my card in the mail, everything would be great and I would be able to do whatever I wanted, but the accountant my money was locked in there and I didn’t have no means or methods for finances for seven days straight. Once I receive my card, I try to get it verified through their customer service line which they said I didn’t have the authorization and I tried online which they said I didn’t have authorization, and then they tried to explain to me that I had my temporary pin code, with my card to use, which there was no information on there about a pin code, and not another envelope come separate on a different day these past 11 days I’m pretty sure I’ve spent at least 24 hrs dealing with this, but they forced me to put my direct deposit in so I have been scraping change just to get by. I know they are not an accredited bank with the BBB but I don’t understand how they are still functioning unless they are doing some phishing themselves. I would not recommend this bank as a veteran or an active duty member to my worst enemy.

Coach Cloke

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Health
B

Data as of Q3 2023

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #34444
Year Established1997
Employees726
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.19%
Return on Equity - YTD16.47%
Annual Interest Income$1.02B
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$21.85B$20.36B
LoansQ3 2023vs Q3 2022$13.57B$15.21B
DepositsQ3 2023vs Q3 2022$18.33B$17.65B
Equity CapitalQ3 2023vs Q3 2022$1.66B$1.48B
Loan Loss AllowanceQ3 2023vs Q3 2022$139.2MM$130.2MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$24MM$28.3MM
Real Estate OwnedQ3 2023vs Q3 2022$40K$35K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Customers Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Customers Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.32%$1-High Yield Savings Account by Raisin
5.14%$25k-Customers Bank Yield Shield Savings
1.00%$50-Retirement Savings
0.75%$25k-High-Yield Savings Account
0.75%$5k-Digital Savings
0.25%--Reserve Savings Account
0.25%--Business Escrow Savings

Customers Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%*$250k*-Money Market Account
OTHER TIERS: 1.00% Up to $50k | 1.10% $50k - $100k | 1.25% $100k - $250k
1.00%--Government Deposit Money Market
0.75%*$25k*-Business Money Market Accounts
OTHER TIERS: 0.40% $1k - $10k | 0.50% $10k - $25k

Customers Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%--Interest Checking
1.20%-$100kBonus Checking - New Money
1.00%--Non-Profit Interest Checking
0.35%*$100k*-Commercial Interest Checking Plus
OTHER TIERS: 0.05% Up to $100k
0.25%--Government Deposit Interest Checking
0.20%--Max Pro Checking (via MaxMyInterest)
0.05%--Commercial Interest Checking
0.05%--Business Escrow Checking

Customers Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$500-12 Month CD Special -In Branch Only
5.00%$500-15 Month CD Special -In Branch Only
5.00%$500-18 Month CD Special -In Branch Only
5.00%$500-Business 12 Month CD Special -In Branch Only
5.00%$500-Business 15 Month CD Special -In Branch Only
5.00%$500-Business 18 Month CD Special -In Branch Only
4.35%$500-24 Month CD
4.00%$500-36 Month CD
3.75%$500-48 Month CD
3.60%$500-60 Month CD
3.50%$1k-20 Month CD
2.00%$500-Business 2 Year Promotional CD
2.00%$500-2 Year Promotional CD - New Money
1.75%$500-18 Month Promotional CD
1.25%$500-18 Month CD
1.25%$500-Business 18 Month CD
1.00%$500-12 Month CD
1.00%$500-Business 12 Month CD
1.00%$500-Business 48 Month CD
1.00%$500-Business 60 Month CD
0.95%$500-15 Month Promotional CD
0.95%$500-Business 15 Month Promotional CD
0.90%$500-30 Month CD
0.90%$500-Business 24 Month CD
0.90%$500-Business 30 Month CD
0.90%$500-Business 36 Month CD
0.75%$500-9 Month CD
0.75%$500-Business 9 Month CD
0.65%$500-6 Month CD
0.65%$500-Business 6 Month CD
0.60%$500-3 Month CD
0.60%$500-Business 3 Month CD
0.20%$500-13 Month CD
0.20%$500-Business 13 Month CD

Customers Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.35%$500-24 Month IRA
4.00%$500-36 Month IRA
3.75%$500-48 Month IRA
3.60%$500-60 Month IRA
1.25%$500-18 Month IRA
1.00%$500-12 Month IRA
1.00%$500-Business 48 Month IRA
1.00%$500-Business 60 Month IRA
1.00%$500-Business 12 Month IRA
0.90%$500-30 Month IRA
0.90%$500-Business 24 Month IRA
0.90%$500-Business 30 Month IRA
0.90%$500-Business 36 Month IRA
0.75%$500-9 Month IRA
0.75%$500-Business 9 Month IRA
0.65%$500-6 Month IRA
0.65%$500-Business 6 Month IRA
0.60%$500-3 Month IRA
0.60%$500-Business 3 Month IRA
0.20%$500-13 Month IRA
0.20%$500-Business 13 Month IRA
Locations

Availability

Philadelphia Area

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.