Customers Bank Review: Savings and CDs

Customers Bank is a regional bank that offers a savings account with competitive APY for large balances.
Ruth Sarreal
By Ruth Sarreal 
Edited by Yuliya Goldshteyn

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Customers Bank
  • Savings
  • Certificates of deposit
  • Customer experience

Overall institution rating


NerdWallet rating 
The bottom line:

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.

Best for: Customers who have enough cash to deposit to qualify for the high savings rate.


  • 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.

Full review


Customers Bank Yield Shield Savings Account
Customers Bank Yield Shield Savings Account



 NerdWallet rating 
With $25,000 min. balance for APY

The Yield Shield Savings Account offers a highly competitive 5.14% 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

Certificates of deposit




 NerdWallet rating 
3-year APY
5-year APY
Minimum deposit

Customers Bank offers just a few terms for its CD accounts, starting at two years. Rates are much higher than what you’ll find at traditional banks, but not as competitive compared with other online CDs. Opening an account and earning interest requires a minimum of $500; some online banks don’t have any minimum requirements for their CDs.

» Want to see higher yields? Check our list of best CD rates for the month

Customer experience


NerdWallet rating 

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.


NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.