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
11/11 - Customers Bank Yield Shield Savings Rate Now Shows As 4.48% APY
11/8 - Customers Bank Max Down To 4.29% APY
11/2 - Customers Bank High-Yield Digital Savings Rate Dropped To 3.55% APY & 4.25% APY
10/16 - Customers Bank MaxMyInterest APY Lowered To 4.86% APY
9/20 - Customers Bank Yield Shield Savings Rate Reduction, Now 4.73% APY
9/4 - Customers Bank Yield Shield Savings Increased To 5.24% APY $25K Minimum
7/12 - Customers Bank Max-Savings APY 5.41%
9/25 - Customers Bank Max Savings Increased To 5.36% APY
9/25 - Customers Bank Is Introducing A New Savings Account 5.14% APY, $25K Minimum To Earn The Interest
8/14 - Customers Bank Max Savings Increased To 5.30% APY
7/3 - Customers Bank Max Savings Increased To 5.20% APY
4/13 - Customers Bank's High Yield Digital Savings Plummets To 3.98%
4/6 - Customer Bank Offers Rate-Leading Max Savings Through MaxMyInterest
4/6 - Customers Bank Max Small Increase To 5.10% APY
3/20 - High Yield Digital Savings APY Is Up To 4.5% For 100K+, CB Max APY Stays At 5.05%
3/20 - Customers Bank Hikes High Yield Digital Savings To 4.50% APY If Daily Balance Is $100,001 Or Greater
3/15 - Customers Bank Max Savings Slight Increase To 5.05% APY
3/2 - Customers Bank Max Savings Increased To 5.01% APY
12/21 - Customers Bank Policy Change Regarding External Transfers
12/9 - Customers Bank Unveils Competitive High-Yield Digital Savings
12/2 - Customers Bank High Yield Digital Savings Increased To 4.05% APY. No More Checking Account Requirement
10/13 - Customers Bank High-Yield Digital Savings 3.05% APY Is Now Live
10/8 - Customers Bank Max Savings Rate Increased To 3% APY
9/22 - Customers Bank (CB) Max Savings 2.75% APY
8/24 - Ascent Halved? Say It Ain't So!
7/12 - Customers Bank Ascent Money Market Savings Account Reaches 1.50% APY
7/12 - Customers Ascent MM Increased To 1.50%
6/14 - Customer Bank's Ascent Money Market Savings Account Rises To 1.00%
7/13/21 - Customers Ascent MMkt Dropping to .5%
3/9/21 - Customers "Ascent" Money Market continues its Descent
2/22/21 - New Fee For Same-Day ACH Transfers In The Works?
1/14/21 - Customers Ascent Mmkt Descends .05%
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.
2/27/11 - CD Rate Drop At 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
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
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%?
I see there is a "membership fee" of .16% per annum. So, is the real rate 4.85% then?
STAY FAR AWAY
I had 2 savings accounts. They close one due to "fraud", no reason given. The other account was left open, but now they are restricting access it the money that is in the account and won't give it back. I have never had any problem with any other bank like this before. So be careful when you put money in this bank they may not give it back.
Amazing Bank
I don't use them for savings, but as a checking account they are the best of the best.. has never let me down. Honestly would've been screwed in many situations if I hadn't had an account here.
Data as of Q2 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 806 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.06% |
| Return on Equity - YTD | 12.76% |
| Annual Interest Income | $665.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $20.96B$22.03B |
| Loans | Q2 2024vs Q2 2023 | $13.5B$13.77B |
| Deposits | Q2 2024vs Q2 2023 | $17.84B$18.07B |
| Equity Capital | Q2 2024vs Q2 2023 | $1.8B$1.56B |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $132.4MM$139.7MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $38.4MM$25.7MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$73K |
