Customers Bank is promoting a new product: the Ascent Money Market Savings Account (Ascent MMSA), which earns 2.03% APY on balances of $25k and above; balances below $25k do not earn any interest. The minimum opening deposit is $25k of new money, with no stated balance cap. The Ascent MMSA must be funded within 30 days of application approval.
I had hoped there was an introductory rate guarantee period on this new savings account, but there isn’t. Interest will be compounded and credited on a monthly basis. If the Ascent MMSA is closed before interest is credited, the accrued interest will be paid. There is no monthly service fee and the Bank’s $10 incoming wire transfer fee is waived for the Ascent MMSA.
The promotion page contains a FAQ section, which answers most of the commonly asked questions. For example,
The Ascent Money Market Savings Account is not meant for everyday spending. Therefore, ATM cards, debit cards or checks are not issued for this type of account.
To access your funds, visit www.customersbank.com, click on personal banking login and login using the username and password you created.
There are several ways to fund your new Ascent Money Market Savings account. You may:
1. Transfer money from your account at another bank. If you are already a Customers Bank customer, you can transfer money from your existing account.
2. Wire money from your account at another bank.
3. Write a check. Checks should be made payable to and mailed to: Customers Bank, Attn: Deposit Operations, 99 Bridge Street, Phoenixville, PA 19460.
A very knowledgeable and helpful CSR explained that withdrawals made through ACH transfer are limited to $5k per day and $50k per statement cycle. There are no dollar limits on ACH transfers initiated from another bank. Surprisingly, there is no excess transaction fee assessed if more than six transactions occur in a statement cycle, but you will receive a warning letter. CSR stated that the Ascent MMSA will be closed following the receipt of a third warning letter.
Thanks to the DA reader in California who let me know about Customers Bank’s newest nationally available product.
Headquartered in Phoenixville, Pennsylvania, Customers Bank is offering its new Ascent Money Market Savings Account nationwide to individuals with a valid Social Security number, through its online banking platform.
The Bank is currently marketing the Ascent MMSA in California, but all U.S. citizens and resident aliens are welcome to apply, regardless of residency status.
The Ascent MMSA can be opened as an individual account or as a joint account (with or without survivorship). Trust, fiduciary, or custodial accounts are also available.
While Customers Bank has branch locations in Pennsylvania, New Jersey, and New York, the Ascent MMSA can only be opened online. A U.S. driver’s license, U.S. passport, or state-issued ID is required to open an account.
Customers Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 2.77% (excellent) based on March 31, 2018 data. Customers Bank has an above average capitalization level (9.93%), the result of holding $10.76 billion in assets with $1.07 billion in equity. Please refer to our financial overview of Customers Bank (FDIC Certificate #34444) for more details.
Customers Bank is currently the fourth largest bank headquartered in Pennsylvania, with assets in excess of $10.7 billion and more than 1,939,000 customer accounts. Founded in 1997 as New Century Bank, the Bank rebranded in 2011, following the acquisition of USA Bank (NY), ISN Bank (NJ), and Berkshire Bank (PA). According to a June 2018 press release,
Customers Bank, the region’s leading super-community bank with operations in Pennsylvania, D.C., Illinois, New York, New Jersey and New England, has been granted Preferred Lender status under the United States Small Business Administration’s (SBA) Preferred Lenders Program (PLP).
Preferred Lender is the highest level of approval and status that a lender can hold in the SBA loan program. As a Preferred Lender, Customers Bank can now process, close, service and liquidate most SBA-guaranteed loans without SBA review, providing a faster and more streamlined process for financing small businesses.
How the Ascent Money Market Savings Account Compares
When compared to the nationally available Savings accounts tracked by DepositAccounts.com, Customers Bank’s Money Market Savings Account APY currently ranks second, regardless of minimum deposit.
|Interest Rate||Account Name||Credit Union/Bank|
|2.05% APY||Ultimate Savings ($25k min)||Northpointe Bank|
|2.03% APY||Ascent Money Market Savings ($25k min)||Customers Bank USA|
|1.90% APY||Online Savings ($10k min)||PurePoint Financial|
The above rates are accurate as of 7/3/2018.
To compare the top Savings Account rates, both nationwide and in your local area, please refer to DA’s Savings Accounts rate table.