Customer Bank Offers Rate-Leading Max Savings Through MaxMyInterest


Update 4/6/23 Max Savings Account rate has increased to 5.10% APY. This post was first published on 3/7/23.

Deal Summary: Max Savings Account, 5.01% APY, no minimum deposit.

Availability: Nationwide through

There’s a new online savings account rate leader with a yield back above 5%. Customer Bank increased the rate of its Max Savings account to 5.01% APY. What makes Max Savings different from Customer Bank’s previous rate leader, the High-Yield Digital Savings, is that it’s only available through the platform (Max). This is the first time that I can recall a bank offering a rate-leading savings account that’s only available through Max. In the past, all online savings accounts available on Max could also be opened directly from the banks. Due to this arrangement, it behooves all of us to understand Max.

Many thanks to DA reader, midas89, for posting this news on Max Savings in this DA Forum thread.

Overview of (Max)

Max has been around since 2014. The fintech behind Max, Six Trees Capital, LLC, designed Max to help savers keep their cash in the highest-rate savings accounts. It provides some automation for rate chasers to simplify the rate monitoring and fund transferring. According to “How does Max work?” FAQ,

Each month, Max intelligently proposes to you an optimal allocation of your balances to help you earn the best prevailing rates. Then, on your behalf, Max sends to your banks your funds transfer instructions to help you take advantage of higher interest rates.

The funds are transferred between your checking account, which functions like a hub account, and your multiple online savings accounts. The checking account can be your existing checking account. Max also offers the Max Checking account (deposits are held by LendingClub Bank, N.A.) to be used as this hub account. For the online savings accounts, if you already have an online savings account that’s on the Platform, that can be linked. Otherwise, the Platform has an application service, called the Max Common Application, that supposedly makes it easy for you to open the new online savings account and link it to the checking account.

Unlike other fintechs, you can maintain direct control over the bank accounts. You don’t have to go through Max to access your accounts.

Max primarily makes money from fees charged to customers. As described in the FAQ, “How much does Max cost?”,

Membership in Max costs just 0.04% per quarter, or $40 per $100,000 held in your savings accounts, subject to a minimum of $20 every 3 months.

Another important aspect of Max is that you can cancel Max membership at any time. According to the FAQ, “Can I cancel at any time?”,

Yes, you may cancel at any time. Max calculates and bills your membership fee 15 days after the completion of your first optimization and every 3 months thereafter. Upon cancellation, no further fees will be payable, but no credits are given for partial quarters.

Upon cancellation of your Max membership, you retain full access to all of your bank accounts, but Max will no longer propose to you how to optimize your accounts, and you will no longer have access to the Max Dashboard, Intelligent Funds Transfers?, Consolidated Tax Reporting and other features.

In addition to helping savers maximize the interest they earn on savings accounts, Max can also help keep your funds under the FDIC coverage limits by making sure large balances are distributed across online savings accounts from multiple banks.

Overview of Customers Bank Max Savings

A few details of the Customers Bank Max Savings are provided in the Customers Bank’s Consumer Disclosure document. It lists the interest rate as 4.90% with 5.01% APY. The rate can change at any time. Interest is credited and compounded monthly. There is no minimum deposit to open the account, and there is no minimum balance to earn the full APY. Also, there is no monthly maintenance fee.

In addition to the news of the new rate, DA reader midas89 also noted in the DA Forum thread this important ACH transfer limitation for new customers:

Customers Bank forces a probationary period of 30 calendar days for newbies, whereby no ACH transfers can be done when initiated at Customers.

According to a Customers Bank CSR, this 30-day probationary period does apply to the Max Savings account. The CSR also said that once the 30-day period ends, the ACH limit is $250k per day with a monthly limit of $1.5 million. There’s no limit on the number of withdrawals allowed per statement cycle (which banks are permitted to allow based on the 2020 change to the Federal Reserve’s Regulation D.)

DA reader midas89 also noted how Customers Bank credits interest:

Also, please know that Customers credits interest in the middle of the month (I prefer the end of the calendar month). They also do not offer an accrued interest running tally (another thing I prefer).

My Take

I understand the concern many readers have in dealing with a fintech for a deposit account. Max appears pretty safe. The fact that you have the account numbers and can manage the accounts directly from the banks is comforting. Regarding the Max service, it’s nice to see that Max clearly states that you can “cancel at any time” and that “upon cancellation of your Max membership, you retain full access to all of your bank accounts.”

It does seem a little odd that Customers Bank is only offering the top rate on the Max Savings account, an account that can only be opened on the Max Platform. This arrangement gives Max some publicity. In a March 2nd blog post on Max’s blog, it celebrated the 5% milestone:

Today marks an exciting day in the history of banking. Today, the highest rate on the platform has topped 5% for the first time

I’m sure the company behind Max is hoping this publicity will drive more customers to the Max Platform, and those new customers will see the value of paying the fee for the services that Max provides. With higher interest rates, the Max fee isn’t as onerous as it was when online savings account rates were below 1%. Nevertheless, if you maintain your Max membership, the fees will be a drag on your earnings. At a cost of 0.04% per quarter (subject to a minimum of $20 every 3 months), it’ll lower your average overall yield by at least 16 basis points.

How long will the 5.01% APY last? One thing to consider is that savings accounts on the Max platform don’t need a big lead to get the benefits of a rate leader. If a savings account just leads the others by a few basis points, the Max platform should still help move customers’ money to that account. So it seems that the 5.01% APY is overkill for bringing in more deposits from Max customers. So I have doubts that Customers Bank will maintain such a competitive rate for too long. However, with interest rates continuing to rise, it’s possible that they think they can maintain the 5.01% APY for some time.

Availability and Account Opening

Headquartered in Phoenixville, Pennsylvania, Customers Bank is offering the Max Savings Account on a nationwide basis to U.S. citizens and resident aliens with a valid Social Security number.

As mentioned at this Customers Bank savings page, the Max Savings account is “Only available through Max.”

The Max Savings account can be opened as an individual account or as a joint account. According to a Customer Bank CSR, once the account is opened, you can designate one or more beneficiaries using their account form. Customers Bank does not offer trust accounts for online accounts.

Bank Overview

Customers Bank has an overall health rating of "A" at, with a Texas Ratio of 1.77% (excellent) based on June 30, 2022 data. In the past year, Customers Bank has increased its non-brokered deposits by $2.96 billion, an excellent annual growth rate of 25.32% APY. Please refer to our financial overview of Customers Bank (FDIC Certificate #34444) for more details.

Customers Bank is currently the third largest bank headquartered in Pennsylvania, with assets in excess of $20.2 billion and more than 1.3 million 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 November 2022 press release,

A pioneer in Banking-as-a-Service and digital banking products, Customers Bank is one of the only banks that provides a blockchain-based 24/7/365 digital payment solution to its customers. In addition to traditional lines such as C&I lending, commercial real estate lending, and multi-family lending, Customers Bank also provides a number of national corporate banking services for Lender Finance, Fund Finance, Financial Institutions, Technology and Venture, and Healthcare clients. Major accolades include:

  • #3 top-performing bank with over $10 billion in assets at year-end 2021 per S&P Global S&P Global Market Intelligence,
  • #6 in top-performing banks with assets between $10 billion and 50 billion in 2021 American Banker, and
  • #21 out of the 100 largest publicly traded banks in 2022 per Forbes.

How the Max Savings Compares

When compared to nationally available Money Market Accounts and Savings Accounts tracked by, that do not require large balances or direct deposit and do not have small balance caps, the Customers Bank Max Savings APY currently ranks first.

The above information and rates are accurate as of 3/7/2023.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

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

  |     |   Comment #1
"Pssst - hey, gotta great deal for ya. Give your money to Joe, and he'll take a bit of it for himself, but will then give most of it to Bob - and Bob is paying a great rate!"

"Why can't I just give it to Bob?"

"Doesn't work that way. Bob only takes money from Joe, not from you."

"How do I know Joe will give it to Bob?"

"Oh, you can trust Joe. Nice guy...."

"I don't get it - Bob has an FDIC number and insurance. Does Joe?"

"Don't worry about it - it's all on the up-and-up."

"Mmm.... Think I'll go with Bill the Bank over there...."
  |     |   Comment #16
Ohh does Joe ware a diper if not he will need one
  |     |   Comment #22
@Ratesaver ... You asked "Does Joe need a diaper?" The answer is: Depends.


Joe needs to be Pampered. :)
  |     |   Comment #2
This reminds me much like the "Sweep Program" thru Merchants Bank of Indiana (MBoI): balances are "swept" to other FDIC covered accounts at banks every day but, account holder only needs to deal with MBoI. MBoI is the rate leader rarely but, almost always in the top 10% of banks - in high or low-rate environments. I like the free paper checks, no fee account, people answering the phone promptly AT THE BRANCES (yes, physical branches), secure messages often answered in a couple hours and unlimited external ACH amounts among other fringe bens. BEST P-ART IS NO FEES at MBoI!! Thus, I'll stick w/ MBoI for my liquid cash convenience.

As more banks become "marketing institutions" I expect to see more offerings of the short-term nature plastered around to get the consumer's eye. But bankers remember holding the CDs of 2005-6 when calamity hit in 2008. I don't expect a large amount of high-rate CD's exceeding 3 years duration because of their memory! Instead expect short term offerings to entice the saver instead of 36,48,60 month and longer rate leaders.

As Gen X comes into more money and the generations behind them demand "simple platforms" in banking among other retail offerings more FINTECHS will form to provide such services. See Savebatter, etc., et all
  |     |   Comment #46
Can you guide/educate me on this sweep feature ? I also have an account with MBI. Agree with everything you said about them. Received an email from them long back letting me know about this sweep feature. I didn't act on it as I didn't know much about it and was scared to use it. I am hearing about these sweep features more and ways to get more FDIC coverage. Is it safe to do this ? May be Ken can do an article on this? Do most people utilize this feature ?
  |     |   Comment #48
Don't know about others but I use the sweep feature. The money is swept into as many FDIC insured banks as needed in amounts slightly under the 250K insured limit. You can see what those banks are and can instruct them not to use certain banks where you have independently deposited money so that you don't inadvertently end up with uninsured deposits.
  |     |   Comment #4
Just what I want -- to PAY a Fintech to get rates the same or barely above what's available elsewhere -- and for them to have my info forever. Sure! Take my money!
  |     |   Comment #5
@Ken, I applaud and appreciate your thoroughness. You excellently covered all the important details.

I will add the following which isn't all that important at all: Since Customers Bank pays interest on the 15th of every month, come December 15th, this will be the last interest posted for the calendar year. I mention this for tax purposes and/or for those who like to calculate how much interest they will earn for the calendar year. The interest that accrues between December 15th and December 31st posts on January 15th of the next year, which means you pay the taxes for this interest on the following year's returns.
  |     |   Comment #6
it is a mouse trap, not a bank account.
Customers Bank offers nothing, but the clearing service and FDIC coverage while bank-to-bank transfer is in the progress.
There is no 5.1% Interest Rate, all there is;
"Earn UP TO 5.01% • Increase FDIC coverage • Keep your existing bank".
Max is liquid bank account broker, ala sweep. if it makes a deal with banks at 5.17%, those who follow Max' recommendations to allocate funds get 5.01% until notified that rates change downward.
There Max makes a deal at 5.5% those who follow Max' recommendations to allocate funds get 5.01% until notified that rates change downward.
I have pretty good idea how it is designed to work, but want to waste no time explaining.
  |     |   Comment #7
@IGR What you wrote specifically with this Max savings account is not accurate. There is no sweeping. It's a regular savings account held at Customers Bank. All the transactions I have done with my Max savings acct have been done exclusively with me logging into my Customers online banking with my Customers user name & pw. In fact, once the acct was established, I have not even once logged back into my MaxMyInterest online user name & pw. I chose not to utilize MaxMyInterest's services, even though I have no doubt they are being successfully utilized and enjoyed by many people (or else they would not still be around). I have never paid MaxMyInterest any money.

I myself am not a fan of those middleman companies that sweep money into banks for you, where you do not have direct access and the routing # and acct # at the bank paying the interest. I am getting 4.90% APR, 5.01% APY on my Max acct at Customers. Yes, rates can change at any time, which is the same at any bank. I have had the Customers Max acct for a while now, and prior to the increase to 5.01%, I was getting 4.05% APY.
  |     |   Comment #8
I must admit that I have no personal knowledge about Max.
I just follow basic principal; where SAVINGS Account needs to be explained it is NOT REGULAR Savings Account!
REGULAR Savings Accounts are not termed as "UP TO 5.01%"
REGULAR Savings Accounts Do NOT "Increase FDIC coverage" while "Keep(ing) your existing bank"

Max is a robo-cash management system that helps you earn more on your savings by transferring your funds between high-interest bearing online savings accounts. It is not a bank. It doesn’t hold your money. Instead, it allows you to increase your FDIC insurance by spreading, or sweeping, your funds into multiple bank accounts. It automatically balances funds between your linked online savings accounts and you can view all of those accounts in one place.

You can let Max decide when to transfer money between your linked online bank accounts or you can do it yourself.
The platform works on an algorithm that searches for high interest rates among online banks. It then automates transfers.

When it sounds and smells like FTX, it is because something like Alameda Research is always lurking on the background.
Let me be inaccurate, but I am not giving to some fancy fintech access to all or some of my Deposit Accounts.
If Customers Bank pays you extra 96 basis points because of Max referral commissions, ACH fees or overnight lending spread, it makes me worry for my Deposits at Customers Bank
  |     |   Comment #9
@IGR ... MaxMyInterest's statement about how one can earn up to 5.01% is because they are teamed with multiple banks that pay different rates. They're just saying if you open accts via MaxMyInterest, you can earn a varied rate up to 5.01% depending on which bank or banks one chooses. It's not implying that Customers is paying up to 5.01%.

MaxMyInterest offers an optional paid service. While it is required to open Customers Max acct via MaxMyInterest website, it is not required to deal with MaxMyInterest after the Customers acct is created.

I am not worried at all about my deposits at Customers at all. MaxMyInterest has no access whatsoever to any of my money or any of my accts. They cannot touch it. They even have in the FAQ that if one decides to not deal with MaxMyInterest, you retain full access to your accounts at whatever bank or banks one decides to place their money. This fact alone should set this whole experience apart from other fintechs. Anyway, I am neither recommending the Customers acct or suggesting people open it. My only goal from the start is to just report the facts, and make sure anyone considering this or merely just reading about it has a full understanding of everything.
  |     |   Comment #10
Are you saying that if I opt out of the Maxmyinterest program after obtaining the customer's Max account, that if I fund that account Maxmyinterest cannot collect any fees for the amount I keep in that Max account? Thanks

Also I emailed Maxmyinterest (no phone contact available) about recovering my funds due to a breach in their security but did not trust their answer, see in quotes beloe, so I called the FDIC and the agent told me that this was absolutely false, that FDIC insurance is only there for covering failed Banks
"...In the unlikely event that our website or platform is hacked, your funds are protected by FDIC insurance up to $250,000 per depositor, per insured bank, as provided by Customers Bank, our partner bank. Additionally, we have implemented various security measures such as two-factor authentication and encryption to mitigate the risk of any potential unauthorized access to your account... "
  |     |   Comment #12
Playing with Russian roulette, your money can be swept into a black hole and disappear forever, he said she said mentality at works. FDIC does not cover fraud, embezzlements, hacks and other man made "habra cadabra" transfers and sweeps of the money into other institutions. Ask yourself: who is paying the FDIC insurance on your money, if you do not know the answer, you have been swindled, if Bank A is paying the insurance, but the money are at bank B, you have no FDIC insurance.

The money swept out of the account can end up in FI trading the stock market and be used to cover up shorts and help the liquidity of the stock trades, just ask yourself, what B of A does every day with the customer's deposits?
  |     |   Comment #13
@remmymo Yes, to your question. I opened Max Savings a while ago in 2022. Because I made the decision to not utilize the monitoring services MaxMyInterest offers, I opted not to sign up for same and removed the external checking account from MaxMyInterest site. It is this external account they would need to use to charge the fees. I have not even once logged into MaxMyInterest site since and have no fear whatsoever that MaxMyInterest could possibly charge me anything or that they can even touch my money at my Customers Bank accounts.

To address what @solardo wrote below: Yes, FDIC does not cover your money if someone takes it without your authorization, they only cover bank failures. However, we have federal law to protect us from unauthorized withdrawals. As long as there's no negligence on our part, and as long as we report the theft in the required time period, banks have to give us our money back. Of course, if we fall for a scam and give the money to a thief, there is no protection.

Regarding Customers policy change: At the time I opened my Max Savings account, there was no restriction regarding initiating ACH transfers at Customers from day one. Subsequently, Customers changed their policy, most likely due to fraudsters, where newbies to Customers must now wait 30 days before they can initiate ACH transfers at Customers. For those first 30 calendar days, all ACH transfers must be initiated at one's external bank accounts.
  |     |   Comment #11
This discussion is exactly why I find the DA community useful. I appreciate the skepticism expressed by several regarding these "fintech" intermediaries, but also the personal experience (lookin' at you, @midas89) about the details on how this one functions. That you can use Max to "make the introduction" to Customer's, and secure an interest rate unavailable if you don't use Max, then choose whether or not to subscribe to Max's fee-based rate hunting is intriguing. @remmymo, you rattled me a little by posting on the DA Bank Promotions thread that they "practically wiped out my checking account" -- I take it that they didn't actually withdraw any funds without your permission, but just deleted the linking information or some such. In this rising interest rate environment, Max's auto rate hunting might be worthwhile. I'll cautiously monitor further discussion.
  |     |   Comment #14
I did not read about what Maxmyinterest calls "optimization" so as soon as I linked that account, even though I unlinked it a few minutes later, it apparently immediately set up an "optimization" and a few days later moved most of the funds from this checking account into the Max account without my realization. I asked somebody at customers Bank whether Maxmyinterest has my login or password and they said no. Now I have to go to the bank who's checking account login info I did give to Maxmyinterest and find out whether I only need to change my login and password for my account o r whether I actually need to change account numbers
  |     |   Comment #15
Wow. So they did move money that you weren't really aware was going to be moved? That's not cool. Now I have to go back and read as much of the fine print as I can. Their "optimization" sounds like it could drop a linked account balance below a minimum where you get charged fees, negating the benefit. From your experience, I'll be extra cautious.
  |     |   Comment #21
@solarado When I signed up at MaxMyInterest, no unauthorized money whatsoever was moved from my linked checking acct to Customers Bank. In fact, no money whatsoever was pulled from my external checking acct at all. I did not select for MaxMyInterest to fund my acct involving Max or my external acct. I went to Customers and did all the funding there initiated at Customers.

Now, we know that Customers subsequently changed it to where you cannot access Customer's ACH until 30 days have passed. This means you either have to fund it from the external acct you link at MaxMyInterest, or go to an external bank acct directly and push the money in from there, or use the Customers Mobile app on your phone.

Also, maybe MaxMyInterest changed the policy forcing people to use their external acct to do the very first initial funding. Either way, MaxMyInterest would absolutely allow one to choose the exact amount of money they want to initially fund.

Thus, it is my guess that remmymo accidentally missed something when doing the set-up.
  |     |   Comment #28
I thought I'd share my experience with this which I did with guidance from @midas89.

Opened an account with MaxMyInterest, linked to my checking account, opened a Max savings account with Customers Bank using the MMI website, noted down the login credentials, logged into CB to confirm, authorized a wire transfer into CB from another bank, came back to MMI, unlinked my checking account and sent them email asking to close my MMI account. All this in one session.

A bit fiddly but I have no relationship with MMI any more and I have a high yield savings account that CB is not allowing to be opened directly, at least not online.

As a bonus, I used to have an Ascent Money Market Account with CB because of which I was not a new customer and could originate ACH transfers right away.
  |     |   Comment #29
@unmesh Thank you for posting your experience. I am very glad it all worked out okay. I'm also glad you don't have to tolerate Customers Bank's 30-calendar-day plus 2-business days after that initial period for newbies where ACH transactions cannot be initiated at Customers. It's too excessive of an amount of time, in my opinion.
  |     |   Comment #49
Just to confirm since a couple months have passed: Customer's Bank has had no issue with you closing the MaxMyInterest account? Still getting 5.1% at Customer's Bank?
  |     |   Comment #53
@kentchristopher Yes and yes. APR is still 4.99%. APY is still 5.10%. FAQ at MMI still says if one closes their MMI account, they get to keep their bank accounts:
  |     |   Comment #17
Like others here, I'm not comfortable with this whole arrangement, too complicated. And all these FinTechs seem sketchy to me, like a bunch of fast-talking fly-by-nighters.

But also, while the Customer's Bank page does state that the account WILL PAY 5.01% APY, it also says the rate is variable! Well, then, is it still giving that rate today?! How long is the 5.01%, a day? The FinTech, Max, does NOT state it like that -- the two are out of sync about what you will get! Max says you WILL get "up to 5.01%." That means no more, but maybe less. They give no clue what they are getting today.

Wow. Between the two, this sounds like a bait-and-switch involving a fast-buck artist. And if this is guaranteed by the feds, whether NCUA or CUNA, then why is FinTech making a plan everye three months to diversify your money, rather tyhatn put it all in the top-rate account out there? For mutual fudns or the stock market, yes, you want diversification. But as long as yourmoney is backed by NCUA or FDIC, that should not be needed. So why is Max wanting to spread it all around (other than for those with more than $250,000 so wanting the extra insurance)? What are they actually investing in, it is really all covered by FDIC or NCUA?
  |     |   Comment #26
While I share your skepticism about middle-man fintechs, quibbling over the bank stating "the rate is variable!" is rather disingenuous as pretty much every bank use words to that effect in their terms of service. You aren't going to find many banks guaranteeing a rate set in stone, and in a rising rate environment, you wouldn't want one, as you'll want a rate that will vary upwards as the fed raises its rates.
  |     |   Comment #34
Actually, I wasn't quibbling about the "variable" part. I was "quibbling" about the bank stating that you will get 5.01%. That "variable" part was in the small print. And for CDs, not very many banks will have a varibale rate CD, if any, that would normally be for a liquid account. The great majority lock in the rate. That's the point, the bank presented 5.01% as what you will get, meaning locked in. But the small print says variable, and the FinTech say NO MORE THAN 5.01%, so variable only downward from 5.01.
  |     |   Comment #35
@me1004 When I originally opened my Max acct, in 2022, the rate was 4.05% APY. As you know, the rate recently increased to 5.01% APY. My acct shows 5.01% APY.

The Max acct is just like any other regular savings acct. The only difference is that one must open the acct via a third party site. Once the acct is opened, one has the option of never dealing with the third party site ever again and thus never paying them any money at all, or opting in to paying the third party site for their offered service. Since the Max savings acct is a regular savings acct, if interest rates climb, the bank can increase the savings acct rate, as was done recently with this Max acct. Also, the bank can lower the rate at any time, just like every bank can.
  |     |   Comment #50
"And for CDs, not very many banks will have a varibale rate CD"

You are moving the goal post. This discussion wasn't about a CD, it was *specifically* about the 5.01% Max savings account at Customer's Bank, as you well know. If you want to talk about some CD somewhere, that's a different topic for a different thread.
  |     |   Comment #18
I'll give an example of how the things can get entangled and make you lose your money.
Today the Silvergate Bank is being liquidated, why, their holding company Silvergate Capital is involved in a very sketchy deals.
Someone (name is intentionally withhold), borrowed $209 millions from the bank and bought BTC with the money and then, that individual or (group) borrowed another $209 millions using the BTC as collateral and bought more BTC and gave the bank the collateral papers as payment in lieu to the bank (worthless collateral).
FDIC agreed to pay the depositor the full insurance at a great loss (the assets at the bank are gone) and the FDIC "cries uncle now". The reserves are depleted by billons upon billions of loses.

Question, what will happen to FDIC when more and more banks (upper management) learn of the scam that is going around and be implemented by themselves (without any consequences) to enrich themselves and deceive the FDIC and the customers?
  |     |   Comment #19
LOL. Just for fun I Googled "who backs fdic insurance" - and the VERY FIRST HIT ad for MaxSafe.

As far as what will happen to the FDIC, it's backed by the full faith and credit of the US Government. Others may opine, but I imagine that in the event of MASSIVE abuse like Silvergate's resulting in massive systemic losses - the US would print every last dollar needed to cover all (insured) losses.
Either that or watch as the US banking system collapses.
  |     |   Comment #20
jeremyharrison, lets look at the truth, the USA INC (pay attention to INC), is run by the communist and they do not believe in FAITH. Your theory is flowed, FDIC is a separate department (not run by the FED) and can not borrow money that are not asset based.
The FDIC is financed by the FIs and a token gift from the treasury department.
  |     |   Comment #25
Another change of policy at Customers Bank, however very small. As mentioned prior, external ACH transfer services initiated at Customers will not be available to newbies for the first 30 calendar days from the enrollment date in Online/Mobile banking. ACH transfers initiated at Customers was then available the next business day. Customers Bank has now decided to make it two business days after the first 30 calendar days when ACH transfers initiated at Customers will start being permitted.
  |     |   Comment #27
All this hoopla over 5%??? My life is complicated enough without adding an account that has tricky terms and a fee but barely beats an 8 week T-bill (auctioned this morning at 4.937%). No thanks.
  |     |   Comment #30
that pretty much summarize the discussion and the waste of 29 comments
What truly settles it is today's notable failure of SVB.
I wish @midas89 sleeps well tonight, despite his vague membership in MaxMyInterest, unlike Customers Bank executives due to its vague engagement with FinTechs
  |     |   Comment #31
@IGR I may be a lot of things, but I am certainly not vague. I have been posting comments on here for years...and this is supposed to be a place where people can share experiences that may be helpful for some, and of no interest to others. The posting here I started was obviously interesting and potentially useful or else Ken of Deposit Accounts would not have posted an entire page sharing this whole Max account on the main Blog page. And DA user @unmesh above posted that he or she took this info and successfully and quite easily and fast opened a Max account without leaving in his checking acct which means not ever having to pay MaxMyInterest a dime, as I did about 7 months ago. If you read what @unmesh wrote above, you will see that there wasn't really any hoopla, or hardly any hoops to go through, similar to what I experienced 7 months ago.

Sure, there are other good things out there that are paying more, and with no required sign-up at MaxMyInterest first, but I would remind you there is one extra benefit of being a Customers account holder regardless of which acct one opens there or if one eventually decides not to keep a large balance in this acct, and that is as of this writing, Customers makes for one helluva fantastic Hub bank, and arguably one of the best Hub banks ever. Truly, a wonderful Hub bank for anyone that wants a Hub bank.
  |     |   Comment #32
I for one thank you Midas. I didn't read Maxmyinterest carefully enough at 1st but was well satisfied after a few missteps.
  |     |   Comment #33
@remmymo You're welcome, and thank you.
  |     |   Comment #36
Article that came out today: 10 banks that may face trouble in the wake of the SVB Financial Group (Silicon Valley Bank) debacle (Ally and Customers Bank included in the list):

Full Article (I made it an "Archive" link for faster loading):

Customers Bancorp Inc.
First Republic Bank
Sandy Spring Bancorp Inc.
Community Bancorp Inc.
First Foundation Inc.
Ally Financial Inc.
Dime Community Bancshares Inc.
Pacific Premier Bancorp Inc.
Prosperity Bancshares Inc.
Columbia Financial Inc.

Thanks much goes to @HIMARS4UA who originally advised of the article in another forum page.
  |     |   Comment #37
Today, the APR for the Customers Bank Max savings account increased to 4.94%, with the APY increasing to 5.05%. This info is listed at the Customers Bank website Disclosures page, but has not yet been reflected in the Details section of one's Max online banking. I expect it will change at online banking tomorrow.

Warning to anyone unfamiliar with this account: Opening of this acct. must be done at MaxMyInterest website. Any newbies to Customers Bank must wait 30 days plus 2 business days after that to be able to utilize the Customers Bank ACH service to do transfers.

I urge anyone considering this acct. to first read all the comments at the multiple locations here at Deposit Accounts. Many people are understandably feeling that in order to have this acct., one must pay MaxMyInterest money every quarter. It's easy to feel this way because in order to sign up for MaxMyInterest (MMI), one must first click they agree that MMI can auto charge their checking account fees every quarter. However, other people, myself included, have reported that we opted to not utilize MMI's optimization service and have paid MMI nothing. Again, read all the articles and the comments at the various pages if you are considering this account.
  |     |   Comment #38
Is that a GOOD thing?
The question that would be ridiculously rhetorical two weeks ago has now totally different implication!
Ally offers 7.22% and that rightfully scares the hell out of some readers here.
extra 0.04%, subject to be changed at any time, suppose to make a difference?
  |     |   Comment #39
@IGR Reporting interest rate increases are not necessarily just because they'll make any significant difference whatsoever, such as in this case. I posted this info just for information purposes only, as many others do here sometimes, as well. My reporting here was in no way to imply this would make a difference, and sorry if you interpreted that way.
  |     |   Comment #40
you don't need to explain
you reported rate increase, I speak my opinion.
Let's let posts to be posts
  |     |   Comment #54
@midas89 Do you know how long they actually hold ACH pulls for before making them available to transfer out? Their terms say 5 calendar days.
  |     |   Comment #55
@Xy, yes I do. First, it's important to know that I only do my ACH transfers from the Customers Bank online banking. I do not utilize MaxMyInterest's website for anything whatsoever.

Now, I have multiple accounts at Customers Bank, and all of them have the same ACH transfer policy, as of this writing. If I go into Customers Bank online banking and tell Customers Bank to pull in money from any of my external accounts I have linked, and if I initiate the transaction before the Same-Day ACH cut off time, the pulled money will arrive into my Customers Bank accounts that same business day...and once that money shows up, there is no hold time at all. The money is available that same day for me to use as I want.

If I either miss the Same-Day cut-off time to initiate the pull, or I for some reason select that the transfer arrive next business day, there still is no hold time at all on the money after it arrives.

I can do $100,000 per transfer, $250,000 total per day. Monthly limit is $1,500,000. Please keep in mind that my accounts are over 30 days old, and that new Customers Bank clients might have a probationary period where they might not even be able to access the ACH transfer section at Customers Bank online banking. One needs to call Customers Bank to see if this probationary period is still in effect, of course.
  |     |   Comment #56
@midas89 Amazing. Appreciate the detailed answer! Thank you.
  |     |   Comment #41
Customers Bank pulled the direct link and the entire reference to this Max account from their Personal Savings page at

Now, I'm not saying it's not still available (I don't know). (Reference to it is still at their separate full Disclosures page.) I just find it interesting that they pulled the direct reference and link to it. What they have now instead is a Contact Us button and "Talk with us today about what option is right for you and your family."
  |     |   Comment #42
it vindicates me and validates my point, I'll appreciate the acknowledgement!
Take this as whole, when every CU and many Banks flood you with reassuring email and text messages;
Customers and many other Regionals Board Rooms are contemplating the necessity of applying for BTFP. While they take the position in cue, they were told in no uncertain terms that they must be absolutely transparent when they approach the FBR Credit Window asking for Discounted Credit.
BTFP is still the Discounted Collateral Loan, not yet the Rescue or Bailout.
There Customers cannot afford being vague about how much Bank has on Deposits, How many Accounts Bank Has and who are the Account Owners.
Going back to #30 "vague" reference wasn't related to @midas89, it was the description of Customers-MaxMyInterest-@midas89-Deposits-MaxMyInterest-Deposits-Customers-@midas89 extended relationship.
It is the beginning to the end of unregulated Fintechs in the like of MaxMyInterest, SaveBetter, etc., those robo-brokers who insert themselves between Depositor-Deposit-Depository with no defined responsibilities and thinly disclosed rights. Others like T-Mobile or SoFi, etc. have different business models.
That is just the beginning, I'm sure Boards and Fixed Income Desks are revisiting and reevaluating Brokered CDs Portfolio and Policy
It is another dagger into FIs ability to generate profit, but at the end will leave more money available to be paid to Depositors while cutting off the middlemen
  |     |   Comment #44
Ken, your update lists the rate as as 5.10%. But the narrative refers to 5.01.

Thus guessing 5.01, correct?
  |     |   Comment #45
@JVW The APY as of 4/6/23 is 5.10%. As of this writing, the "interest rate" (APR) showing in the Details section of my Max account at online banking is showing the APR as 4.99%.
  |     |   Comment #43
Hopefully, CB will also raise the High-Yield Digital Savings to match the CIT Platinum rate of 4.75% APY.
  |     |   Comment #47
Ratesaver, comment #16 is not me : I have had this handle on depositsaccounts for many years and don't know this person using my handle or one even near mine... Deposits accounts needs to check this out.
  |     |   Comment #57
Customers Bank Max Savings is now 5.30% APY. The APR is now 5.18%.
Customers Bank Unveils Competitive High-Yield Digital Savings
Deal Summary: High-Yield Digital Savings Account, 4.05% APY on all balances, $0.01 minimum opening deposit.

Availability: Nationwide (with the exception of Arizona and New Mexico).

Pennsylvania-based Customers Bank recently launched its High-Yield Digital Savings Account (HYDSA), which currently earns 4.05% APY on all balances. The minimum opening deposit is only $0.01.

There are only four FAQs listed on the personal savings page, but one FAQ does explain how to fund the initial deposit:

The FAQ concerning how to access funds isn’t very helpful:

I asked for this statement to be...

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

Continue Reading
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.

This week, a new Customers Bank savings account...

Continue Reading
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...

Continue Reading
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.

Continue Reading

More Past Offers

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.