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

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.

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.