Customers Bank Adds Nationwide High-Yield Savings, 2.50% APY

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Deal Summary: High-Yield Savings Account, 2.50% APY, $25k minimum opening deposit, $25k minimum balance to earn stated APY.

Availability: Nationwide (with the exception of AK, AZ, HI, and NM) through online application only.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%$25k-Customers BankAscent Money Market - Online Only
Rates as of July 22, 2019.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%$25k-Customers BankHigh-Yield Savings Account
Rates as of July 22, 2019.

While not listed on Customers Bank’s Savings and Money Market page, the HYSA does have its own promotion page.

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.

Availability

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.

Bank Overview

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.

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.

Related Pages: New York savings accounts, Philadelphia savings accounts, savings accounts, nationwide deals

Comments
P.  Manafort
P. Manafort   |     |   Comment #1
Ugh bad timing, I just opened the CIT 2.45% account.
RZ
RZ   |     |   Comment #2
If you have a current account it is easy to establish and fund the HYSA. I don't necessarily like that you must establish a new account with new external links to pull from but I plan on leaving a small balance in the old linked account and funding the new with a check so as not to lose any interest. For those like myself with security concerns they do provide an account number for a safer endorsement.
AnnO
AnnO   |     |   Comment #3
Seems kind of odd/random to exclude AZ and NM. (AK and HI are more common exclusions.)
redfarm
redfarm   |     |   Comment #4
Wish banks which introduce higher interest rates did not create them for new savings/money market vehicles rather than automatically raise the rate on their current accounts. While easy to open another account with the same bank, this gimmick demonstrates management's blatant lack of appreciation for current account holders.
deplorable 1
deplorable 1   |     |   Comment #5
It would be nice to see a 2.75% APY savings account without a rate guarantee. I know people like the guarantee but 99% of the time it is just a guarantee that the rate will fall and you will have to switch accounts again. For example Redneck/AllAmerica and EBSB direct had no rate guarantee but are both still paying the same 2.5% currently.
EBSB
EBSB   |     |   Comment #6
Yes, I check the EBSB site daily to make sure it’s 2.5%.
RZ
RZ   |     |   Comment #7
Rates are creeping slowly down: Vanguard Prime now has an APR of 2.45%
Robb
Robb   |     |   Comment #8
The 10 year note saw another fall today and is at 2.59% with the trend lower yet. Wish it wasn't so. Down from the peak of 3.25% last quarter. Just glad to have some rate insurance if this continues.
Striker
Striker   |     |   Comment #10
Why open this at Customers for 2.5% and guarantee of 9 months ?? You can open a Purepoint no penalty CD at 2.6% APY. You get 2.6 % for 13 months, or pull out at any time without penalty. And the minimum is $10k rather than the $25k at Customers.
QED
QED   |     |   Comment #11
Your's is a most astute observation #10.. What surprises me is the continued availability of the PurePoint NPCD at, as you stated, a remarkable 2.6% APY. One wonders exactly how much life remains in this wonderful gift horse.
willy12
willy12   |     |   Comment #12
I don't have a purepoint account and do not want to open one for what might be a short term.

I am hypersensitive about being rejected for a good deal for too many chexsystem inquires as one deal I was considering had rejected a number who had too many inquiries.

I have a 2.50% at Northern and at All American. But the AA is only up to $50k.

My Keesler matured yesterday and I am looking for a deal for it. One that is better than the 19 month 3% that they offered.
willy12
willy12   |     |   Comment #13
i wired the entire amount out of Keesler but asked about how long I could still do the 19 month 3% one. They said by friday.

My proceeds were $154k+ but I'm thinking about buying either $10k, $25k or $50k.

The benefit of the $50k would be free wire transfer out in 19 months where the smaller amounts probably not.

Why would I buy a 19 month at 3% rather than open a Mountain America account at 3.25%? Because its another chexsystems inquiry and Keesler could have a deal in 19 months that would not be available to me if I did not have a maturing CD.

The bulk of my money is going to be held looking for a better CD deal.
RZ
RZ   |     |   Comment #14
High Yield Saving is no longer listed on their website. Ascent savings yields only 2.25% so the 2.50% is apparently only for those who opened the new account last month. Will have to keep a close eye as the likelihood is for a rate reduction in the future.
MK.
MK.   |     |   Comment #15
only can pull 5k per day? unfortunate
Anon
Anon   |     |   Comment #16
If I have the Customers Bank' Convenience Checking account, does my balance in the online Ascent Money Market Savings Account count to avoid the monthly service fee?? (for that checking account, to receive ATM surcharge refunds and avoid a monthly service fee of $29, however, you must maintain, in any combination among all your deposit accounts and/or your outstanding balances on your mortgage and consumer loans (excluding Customers Bank Personal Loans which are powered by Upstart), an average total balance of $5,000 for each statement period. Thanks
Customers Bank Ups Ascent Money Market Savings Rate
Deal Summary: Ascent Money Market Savings Account, 2.25% APY guaranteed through 6/30/2019, $25k minimum opening deposit, $25k minimum balance to earn stated APY, new money.

Availability: Nationwide through online application only.

About a month ago, Pennsylvania-based Customers Bank unveiled a new product: the Ascent Money Market Savings Account (Ascent MMSA). At that time, the Ascent MMSA earned 2.03% APY on balances of $25k and above, with balances below $25k not earning any interest.

Customers Bank ended the week by substantially improving the Ascent MMSA, when it raised the rate...

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Customers Bank Offers Ascent MM Savings Nationwide
Deal Summary: Ascent Money Market Savings, 2.03% APY, $25k minimum opening deposit, $25k minimum balance to earn stated APY, new money.

Availability: Nationwide through online application

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.

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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...

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CD and Money Market Specials Continue at Customers Bank for PA & NJ Residents

Customers Bank continues to offer good deals on CDs and a money market account. The rates have gone down since my September post, but the rates remain very competitive. There's also a new 2-year CD. Here are the special CD and money market account rates listed on the bank's rates page as of 12/20/2010:

  • 2.00% APY 2-year CD, $500 minimum
  • 1.75% APY 11-month CD, $500 minimum
  • 1.75% APY money market account (1% under $10K)

The 11-month CD and money market account yield had been 2.00%. A reader mentioned in the forum that those who...

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Short-Term CD and Money Market Specials at Customers Bank for PA & NJ Residents

As I was working on last Friday's bank failure post, I noticed these specials at Customers Bank. The FDIC arranged for this bank to assume all of the deposits of the failed ISN Bank. As of 9/19/2010, Customers Bank is listing two very competitive specials on its home page:

  • 2.00% APY 11-month CD, $500 minimum deposit
  • 2.00% APY money market account (1.00% under $10K)

The downside with the money market account is that the rate isn't guaranteed to last for any period. Also, there's a $5 monthly fee for balances under $1,000.

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