CD and Money Market Specials Continue at Customers Bank in PA, NJ & NY - Local Only
Customers Bank continues to offer good deals on CDs and a money market account. The rates have gone down since my December post, but the rates remain competitive. These specials are listed as January specials in the rate table. Here are the special CD and money market account rates listed on the bank's rates page as of 1/17/2011:
- 1.75% APY 2-year CD, $500 minimum
- 1.50% APY 11-month CD, $500 minimum
- 1.50% APY money market account (1% under $10K)
For those who opened this money market account when the promo rate was higher, you might be getting higher rates than new customers. A reader mentioned in the discussion forum that it appears he was grandfathered with the higher rate at least for a while.
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. I also just noticed there's a branch in Port Chester, New York (operating as USA Bank). Also, there's a branch at Cherry Hill, New Jersey (formerly ISN Bank).
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).
Winter Money Market rates (originally 2% APY) are now down from 1.4% to 1.3% as of 6/17/11