In July, Pennsylvania-based Customers Bank introduced its Ascent Money Market Savings Account (Ascent MMSA), which currently earns 2.25% APY (guaranteed through 12/31/2019) on balances of $25k+. Although it’s not readily apparent from the name, the Ascent MMSA is actually a savings account, not a money market account.
This week, a new Customers Bank savings account made its debut: the High-Yield Savings Account (HYSA), earning 2.50% APY on balances of $25k+. Opening an HYSA requires a $25k minimum deposit, but does not require new money. Unlike the Ascent MMSA, the HYSA has no guaranteed rate period, yet. I say “yet” because the original Ascent MMSA offering did not include a rate guarantee.
The HYSA has no monthly service fee and, according to CSR, the standard $10 incoming wire transfer fee will be waived. Funding must be done within 30 days of application approval. If the HYSA is closed before interest is credited, the accrued interest will be paid.
The Consumer Disclosures brochure provides the following information about the HYSA:
Debit Cards and Checks are not available for this account.
Available online only.
Consumer accounts only.
May not be available in all states.
Funding and Accessing the HYSA
There are several ways to fund a new High-Yield Savings Account. You may:
- Transfer money from your account at another bank.
- Choose a transfer of up to $50,000 for a one-time initial funding transfer during the account opening process. Keep in mind that this type transfer will not be available for withdrawal for 10 business days from the transfer receipt date.
- If you have an existing account with Customers Bank you may transfer funds from that account to your Customers Bank high-yield savings account.
- Wire funds from your account at another bank.
- Mail a check. Checks should be made payable to and mailed to: Customers Bank, Attn: Deposit Operations, 99 Bridge Street, Phoenixville, PA 19460. Refer to your funds availability disclosure for check deposits.
To access your funds, visit www.customersbank.com, click on personal banking login and login using the username and password you created.
CSR explained that withdrawals made through ACH transfer are limited to $5k per day and $50k per statement cycle. 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 HYSA will be closed following the receipt of a third warning letter.
Headquartered in Phoenixville, Pennsylvania, Customers Bank is offering the High-Yield Savings Account on a nationwide basis (except in Alaska, Arizona, Hawaii, and New Mexico) to U.S. citizens and resident aliens with a valid Social Security number.
The High-Yield Savings Account 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 High-Yield Savings Account 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 "A" at DepositAccounts.com, with a Texas Ratio of 2.79% (excellent) based on December 31, 2018 data. In the past year, Customers Bank has increased its non-brokered deposits by $96.91 million, an above average annual growth rate of 1.7% APY. 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 $9.8 billion and more than 2,200,000 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 High-Yield Savings Account Compares
When compared to the nationally available Savings Accounts tracked by DepositAccounts.com, Customers Bank’s High-Yield Savings Account APY currently ranks third, regardless of minimum balance requirements.
|Interest Rate||Account Name||Credit Union/Bank|
|3.00% APY||Eagle Premium Savings ($100k min)||Susquehanna Community Bank|
|2.53% APY||High Rate Savings ($50k min)||NASB|
|2.50% APY||High-Yield Savings ($25k min)||Customers Bank|
The above rates are accurate as of 3/15/2019.
To compare the top Savings Account rates, both nationwide and in your local area, please refer to DA’s Savings Accounts rate table.