Customers Bank Adds Rate Guarantee on Ascent Money Market (2.25% APY)

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Deal Summary: Ascent Money Market Savings Account, 2.25% APY guaranteed through 6/30/2020, $25k minimum opening deposit, $25k minimum balance to earn stated APY, new money.

Availability: Nationwide through online application only (Alaska and Hawaii excluded).

This week, Pennsylvania-based Customers Bank announced a new promotion for its Ascent Money Market Savings Account (Ascent MMSA): new Ascent MMSAs will earn 2.25% APY on balances of $25k+, with the rate guaranteed through June 30, 2020. The minimum opening deposit is $25k of new money. A minimum $25k balance must be maintained to earn the 2.25% APY, with balances below $25k not earning any interest. CSR stated that existing Ascent MMSAs will continue to earn 2.25% APY, with the new rate guarantee also applying.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%$25k-Customers BankAscent Money Market - Online Only
Rates as of November 20, 2019.

There is no monthly service fee and the Bank’s $10 incoming wire transfer fee is waived for an Ascent MMSA. A new Ascent MMSA must be funded within 30 days of application approval. If an Ascent MMSA is closed before interest is credited, the accrued interest will be paid.

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 a newAscent Money Market Savings account. You may:

    1. Transfer money from your account at another bank.
    2. 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.
    3. If you have an existing account with Customers Bank you may transfer funds from that account to your Ascent Money Market Savings.
    4. Wire funds from your account at another bank.
    5. Mail a check. Checks should be made payable to and mailed to: Customers Bank, Attn: Deposit Operations, 99 Bridge Street, Phoenixville, PA 19460.

DA readers may remember the Ascent MMSA’s original limits of $5k/day and $50k/monthly on ACH transfers, which was a “deal-breaker” for many. Customers Bank revised that policy so that were no limits on ACH transfers initiated from external bank (other than the limits imposed by said external bank). According to CSR, the current limits for ACH transfers initiated from Customers Bank are $25k per day, with a monthly aggregate of $150k.

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.

Availability

Headquartered in Phoenixville, Pennsylvania, Customers Bank is offering the Ascent Money Market Savings Account on an almost nationwide basis to U.S. citizens and resident aliens who have a valid Social Security number. Alaska and Hawaii are both excluded, as are Guam, Puerto Rico, and the U.S. Virgin Islands.

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.

Bank Overview

Customers Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.56% (excellent) based on June 30, 2019 data. In the past year, Customers Bank has increased its total non-brokered deposits by $867.83 million, an excellent annual growth rate of 15.84%. 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 nearly 1,780,000 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 Ascent Money Market Savings Account APY currently ranks fifth, regardless of minimum deposit. The intrinsic value of the Ascent MMSA is greatly increased by the rate guarantee.

The above rates are accurate as of 10/11/2018.

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
RZ
RZ   |     |   Comment #1
SFGI saving account is still yielding 2.27%
Henry
Henry   |     |   Comment #5
But does it have rate guarantee?
RichReg
RichReg   |     |   Comment #7
@RZ ;; ...and what about CFG Community Bank, the one you yourself
posted about? Still better than this with a 2.45% APY. This time Ken
didn't even list it as a comparison.
GreenDream
GreenDream   |     |   Comment #9
I assume it wasn't listed because it's rates are under review according to the CFG Community Bank page here at DA.
RichReg
RichReg   |     |   Comment #10
Right.
Just like Northern Bank Direct's used to be, 'til they dropped their MM rate.
Now that product is no longer competitive enough to be listed.
GreenDream
GreenDream   |     |   Comment #11
RichReg, I don't think Northern Direct have dropped their MM rate (yet) as the 2.5% rate is guaranteed till the end of the year. What they have done is stopped offering MMs to new customers (if you go to their website, the only new accounts you can open are CDs) so it's not listed because it's not currently being offered, not because the rates are not competitive.
Stan Thuy
Stan Thuy   |     |   Comment #12
GreenDream, my recollection is Northern Bank sent out a post card or an email eliminating the guarantee. Keep in mind, FIs (TM) can change any term with combobulated notice of linear days of 30 and you must be inneared of the adjustment.

Just waht I heard!
GreenDream
GreenDream   |     |   Comment #13
Posting the same thing under different names in multiple threads isn't clever, you know.
#14 - This comment has been removed for violating our comment policy.
#15 - This comment has been removed for violating our comment policy.
Att
Att   |     |   Comment #2
I don't like the 25k minimum to earn the rate
#3 - This comment has been removed for violating our comment policy.
Milty
Milty   |     |   Comment #6
I agree with this statement, "The intrinsic value of the Ascent MMSA is greatly increased by the rate guarantee." I see this account as insurance against lower rates, similar to Add-On CDs, only more liquid.
Thanks Ken
Thanks Ken   |     |   Comment #8
Great hedge. Even with the lower rate vs. what other banks might be paying today, this will look real good in a few months against 1% savings accounts.
waitingtohear
waitingtohear   |     |   Comment #16
So I understand that banks will draw you in with their first year of HIGH interest rate. But they never list anywhere what their rate will be "on average" after this first year. So you can end up going from 2.25% to 1.4%. Thus wasting your time when you could have gone with another bank that may not have as high a percentage in first year, but would be higher than 1.4% after the first year and onwards. My only thought is to go with highest rate for first year, then take my money to another bank which is advertising a high rate for the next year. Is it legal and easy to just shift your money around to keep up with the banks APY for money market accounts, or are there restrictions to keep people from doing this?
High Q
High Q   |     |   Comment #17
I can't imagine that is legal, sounds too slick!
waitingtohear
waitingtohear   |     |   Comment #18
I guess you're making fun of me?

And I used the wrong word when I said "legal". I meant to ask:

is there any type of fine print in bank account paperwork that says you have to stick with their bank once signed up for a MMA without a penalty or closing fees etc. Or is this like a bank account where you can open and close at your leisure any time of the year without penalties of fee?
Customers Bank Adds Nationwide High-Yield Savings, 2.50% APY
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.

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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.

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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)

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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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