Customers Bank Review: Savings and CDs
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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.
Overview
Customers Bank is a Pennsylvania-based financial institution offering personal, small business and commercial bank accounts and products. Personal accounts include savings and certificate of deposit accounts that can be opened online; checking accounts must be opened at one of its nearly two dozen locations.
Customers Bank offers a competitive rate on its savings account, but it requires a hefty balance of $25,000 to qualify for the APY. The rate is also pegged to the federal funds rate, so when the Federal Reserve raises or lowers that rate, your APY would change, too.
Customers Bank offers just a few terms for its CD accounts and doesn’t cover the most popular terms that we review. Rates tend to be notable and the minimum deposit of $500 is low, 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.
Limited branch access.
High minimum balance required to earn strong savings rate.
Product reviews
Savings
The Yield Shield Savings Account offers a highly competitive 3.48% annual percentage yield, but you’ll need to open the account with at least $25,000 and maintain that balance to earn the rate. Other online banks offer comparable rates with much lower or even no minimum balance requirement.
APYs at most banks are subject to change, but Customer’s Bank explains exactly how their rate changes and by how much: When the federal funds rate changes, the savings account’s rate will follow within 48 hours. Its 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 and Texas as well. You can only open a checking account at a branch, so if you’re interested in doing all your banking in one place and aren’t local, this won’t be the bank for you. To fund a CD or savings account, you’ll need to transfer from an account at Customers Bank or another financial institution.
Customer service is available by phone from 9 a.m. to 6 p.m. ET, seven days a week. The bank also offers apps for iOS and Android devices, but they get middling to poor 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.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.