Customers Bank Review: Savings
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Customers Bank is a Pennsylvania-based financial institution offering personal, small business and commercial bank accounts and products. Personal savings and certificate of deposit accounts can be opened online, but most of the bank's checking accounts must be opened at one of its nearly two dozen locations.
Customers Bank offers a decent rate on its savings account but it requires a hefty balance of $25,000 to qualify for it. At Customers Bank, you won’t have to wonder when or why your savings rate changes: The rate is pegged to the federal funds rate so when the Federal Reserve raises or lowers that rate, your annual percentage yield (APY) changes, too.
Customers Bank offers just a few terms for its CD accounts — most of them shorter than one year — and doesn’t cover the most popular terms that we review (1-year, 3-year and 5-year CDs) so we didn't give it a star rating. Interest rates do tend to be notable but the lack of CD terms stands out. See more options on the best CD rates.
No monthly fees.
Competitive rate on savings account.
Extended phone customer service hours.
High minimum opening deposit on savings account.
High minimum balance required to earn strong savings rate.
Limited branch access.
We don't review Customers Bank's checking accounts because you can't open them through the bank's website, but we do want you to know that Customers Bank doesn't advertise all of its checking accounts prominently. You'll see info about the Interest Checking account on the main checking webpage, but you won't see anything about the Bonus Checking or Free Checking account (among others). If you want to keep your checking here, you have to visit a branch and ask a banker about all the available checking accounts to see which one fits you best.
Product reviews
Savings
The Yield Shield Savings Account offers a good 3.38% APY, but you’ll need to open the account with at least $25,000 and maintain that balance to earn the rate. You can find comparable rates at online banks with much lower or even no minimum balance requirements.
Rate transparency: Savings APYs at most banks are subject to change but Customers Bank explains exactly how its rate changes and by how much: When the federal funds rate changes, the savings account’s rate will follow within 48 hours. Your APY will be 0.25% less than the midpoint of the target range that the Fed gives.
» Want to see more options? Check out NerdWallet’s best savings accounts
Customers Bank Yield Shield Savings Account
Customer experience & overdraft fees
Customer experience
Customers Bank has about 20 branches, mostly in the East Coast states but with locations in Illinois, Colorado, Nevada, California and Texas as well. If you want a checking account here but don’t live near a branch, this likely won't be the bank for you since most of its checking accounts are available only at a branch. Also, to fund a CD or savings account, you’ll need to transfer money from an account at Customers Bank or another financial institution.
Customer service for personal bank accounts is available by phone from 8 A.M. to 11 P.M. ET, seven days a week. The bank also offers apps for iOS and Android devices and they get good ratings.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.