Customers Bank


Overview / Commentary
866-476-2265
99 Bridge St
Phoenixville, PA 19460

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

Customers Bank (CB) Max Savings 2.75% APY - 9/22/2022

https://www.customersbank.com/consumer-disclosures/

Ascent Halved? Say It Ain't So! - 8/24/2022

Got an alert from the DA website last night, stating that CustomersBank's Ascent MM Savings account was being cut from 1.5% APY to .75% APY https://www.depositaccounts.com/cp/notification.aspx?id=313939 But there's not such mention on Customers' website: https://www.customersbank.com/personal-banking/personal-savings/ Makes no cents to me :-) Who's got the real deal here?

Customers Bank Ascent Money Market Savings Account Reaches 1.50% APY - 7/12/2022

"As one of our Ascent Money Market Savings Account customers, we are pleased to tell you about an increase in your interest rate, up from 1.00%: Ascent Money Market Savings Account 1.50% APY* *Annual Percentage Yield (APY) as of 7/12/2022. This is a variable rate account and the APY and interest rate may change at any time after account is opened. Minimum balance requirement to open is $25,000. Balances below $25,000 earn no interest. Applicable for consumers only. Fees could reduce earnings on the account. Offer may be withdrawn at any time. Debit card and checks are not available on this account. Available online only. For FDIC insurance information, visit FDIC.gov.

View all posts from:

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

Confusing Bank To Deal With

Posted by: |

The only reason to be with them is their good rate right now (August 2018). Every time I call their customer service with a question, I get an overseas person who I can barely understand. Why does a Pennsylvania bank have an overseas customer service department??
Also, why is the ACH policy so darn ridiculous. Would anyone deal with a local bank that had crazy limits (5k per day) on your deposits and withdrawals? NO!!!!

5K ACH Limit Makes This Really Tricky

Posted by: |

Account opening and initial transfer went fine, but then I tried to move more money *in*. No matter what amount I seemed to try to transfer in it told me that it exceeded the "External Transfer Limit".

Called the "Customer Service" phone number and spoke to a hard to understand foreign national who is not an employee of Customer's Bank, who will follow a script and be dismissive and rude. The "external transfer" limit is $5000 per day. This literally makes the Ascent account useless, as you cannot access more than $30k in a month, and that's only if you don't mind knowing you're almost certainly going to be the subject of a SAR.

Update: If you are persistent you can get a supervisor to call you back who has the ability to escalate your call to actual employees of the bank. Options that the foreign help-desk isn't aware of do exist.

Would Not Recommend To Bank

Posted by: |

I just transferred money into the bank for their Money Market Ascent, however will be transferring out right away. Just got off the phone with their customer service, they have no idea how another person's phone number's shows up on my "Security" test screen for logging in. I end up having to put down one device and log in with another, now I am having to completely close and move my money in chunks in order to avoid receiving a "check" in the mail in 7 - 10 business days! .

Amazing Customer Service...

Posted by: |

I created an account just to say the customer service at this bank has been top notch. Yes, you have to get past the call center to talk to actual bank employees, but then the service is outstanding.

I appreciate the reviews that mentioned the withdrawal limits, so I plan to initiating all transactions from an external account to get around the limits.

I'll update if I run into any issues, but so far... smooth sailing (and a great rate).

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Health
A

Data as of Q2 2022

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
Employees692
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.44%
Return on Equity - YTD19.3%
Annual Interest Income$379.2MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$20.24B$19.66B
LoansQ2 2022vs Q2 2021$15.51B$16.84B
DepositsQ2 2022vs Q2 2021$17.03B$13.96B
Equity CapitalQ2 2022vs Q2 2021$1.47B$1.35B
Loan Loss AllowanceQ2 2022vs Q2 2021$156.5MM$125.4MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$28.7MM$47.1MM
Real Estate OwnedQ2 2022vs Q2 2021$35.00K$35.00K
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
3.00%--High - Yield Digital Savings
0.75%$25k-High-Yield Savings Account
0.75%$5k-Digital Savings
0.25%--Reserve Savings Account
0.25%$50-Retirement Savings
0.25%--Business Escrow Savings

Customers Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%$25k-Ascent Money Market - Online Only
0.75%*$250k*-Money Market Account
OTHER TIERS: 0.25% Up to $50k | 0.35% $50k - $100k | 0.50% $100k - $250k
0.60%*$25k*-Business Money Market Accounts
OTHER TIERS: 0.40% $1k - $10k | 0.50% $10k - $25k
0.25%--Government Deposit Money Market

Customers Bank Checking Account Rates

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

Customers Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.50%$1k-20 Month CD
1.50%$500-18 Month Promotional CD
1.50%$25k-18 Month Digital CD
0.40%$500-15 Month Promotional CD
0.40%$500-Business 15 Month Promotional CD
0.40%$500-Business 2 Year Promotional CD
0.40%$500-2 Year Promo CD - In Branch Only (New Money)
0.35%$500-36 Month CD
0.35%$500-48 Month CD
0.35%$500-60 Month CD
0.35%$500-30 Month CD
0.35%$500-Business 30 Month CD
0.35%$500-Business 36 Month CD
0.35%$500-Business 48 Month CD
0.35%$500-Business 60 Month CD
0.30%$500-24 Month CD
0.30%$500-Business 24 Month CD
0.25%$500-18 Month CD
0.25%$500-Business 18 Month CD
0.24%$25k-15 Month Ascent CD
0.20%$500-13 Month CD
0.20%$500-12 Month CD
0.20%$500-Business 12 Month CD
0.20%$500-Business 13 Month CD
0.15%$500-6 Month CD
0.15%$500-9 Month CD
0.15%$500-Business 6 Month CD
0.15%$500-Business 9 Month CD
0.10%$500-3 Month CD
0.10%$500-Business 3 Month CD

Customers Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.35%$500-36 Month IRA
0.35%$500-48 Month IRA
0.35%$500-60 Month IRA
0.35%$500-30 Month IRA
0.35%$500-Business 30 Month IRA
0.35%$500-Business 36 Month IRA
0.35%$500-Business 48 Month IRA
0.35%$500-Business 60 Month IRA
0.30%$500-24 Month IRA
0.30%$500-Business 24 Month IRA
0.25%$500-18 Month IRA
0.20%$500-13 Month IRA
0.20%$500-12 Month IRA
0.20%$500-Business 13 Month IRA
0.20%$500-Business 12 Month IRA
0.15%$500-9 Month IRA
0.15%$500-6 Month IRA
0.15%$500-Business 6 Month IRA
0.15%$500-Business 9 Month IRA
0.10%$500-3 Month IRA
Locations

Availability

New York 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.