If you're looking for a high yield savings account, Customers Bank has likely come up on your list of options.
And while Customers Bank has one of the top APY savings account options, you might not be sure if you should consider them - especially if you're never heard about them before.
See how Customers Bank compares in our review, and see what the other high yield savings accounts are offering today.
- Full service online bank
- Top notch saving account with a higher minimum deposit limit
- Solid longer term CD options
Who Is Customers Bank?
Customers Bank is an FDIC-insured bank with branches in New England (US) and Chicago. They had $10.1 billion in assets as of March 31, 2019.
Customers Bank offers commercial and consumer financial products. These include savings, checking, and money market accounts; certificates of deposit; residential mortgages; and consumer loans. They are a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI).
What Do They Offer?
Specifically for consumers, Customers Bank offers high-rate savings accounts. Their High-Yield Savings Account offers a top APY rate. The catch is that you have to deposit $25,000 to earn that rate. But for those who can, that’s an extra $625 per year. The rate isn’t guaranteed though, as it can change. For a guaranteed rate, try their CD product.
With the High-Yield Savings Account, you can make six transfers into and out of the account. This includes internal and external bank transfers.
Customers Bank is a full-service bank so you can do your checking, savings, loans, and even mortgages through them.
They also offer mobile banking through a brand called BankMobile. Services offered through BankMobile include low- and no-fee financial products for college students, checking accounts, credit cards, personal loans, and student loan refinancing.
The BankMobile app has a 4.4 rating out of 1,900 customers on the Apple App Store. However, the CB Mobile Access app (for general mobile banking) has a 2.8 rating out of 103 customers. A lot of the low ratings seem to be about upgrades from the end of last year and beginning of this year. The most recent review was on February 17, 2019, but the most recent app release was on May 7, 2019.
Customers Bank has three checking products:
- Convenience Checking: No-fee ATMs at 40,000 locations. To avoid ATM surcharges and a $29/month maintenance fee, a $5,000 daily balance is required across all of your accounts, which can include your mortgage.
- Free Checking: No minimum balance and no fees.
- Bonus Checking: Earn 0.25% APY on all balances. You can also earn 1.75% APY on the monthly average balance up to $100,000 with spending of $500 per month using the Customers Bank Visa debit card for signature purchases.
Is My Money Safe?
Yes. Customers Bank is FDIC-insured, which means your money in deposit accounts is insured up to $250,000 per depositor. They use “256-bit” encryption technology for web and mobile communications.
Like most banks, you can sign up for paperless statements. This means paper statements will no longer be mailed to you and instead be available only through the bank’s website.
How Do I Open an Account?
You can open an account completely online. For the High-Yield Savings Account, just click the “Start Earning Now” button. There are four steps in the account opening process:
- Gathering your information
- Accepting disclosures
- Funding your account
- Finishing up
The process is fairly standard across banks. You’ll need the following as well to open an account:
- Social Security number
- U.S. driver’s license, U.S. state ID, U.S. military photo ID, or a U.S. passport with photo
- Home address
There’s also an 800 phone number available Monday through Friday from 9:00 a.m. to 5:00 p.m. EST if you need help.
Is It Worth It?
Customers Bank’s High-Yield Savings Account is a good deal. Current high-yield savings accounts seem to top out near the top of all banks but require larger balances.
As a side note, be sure to check transfer limits into an account as they can change. For the High-Yield Savings Account and money market accounts, there is a $5,000 per day and $50,000 per month limit. This means you’ll have a difficult time trying to pull out $100,000 or even worse, $200,000. Short of closing out the account, it will be a hassle to transfer large sums of money. Check with the bank to see what their recent transfer policy is.
Before opening an account, also check where the savings rate applies. For example, most high rates are only available online and not in branches.
Customers Bank Review
- Interest Rates - 90
- Fees and Charges - 80
- Customer Service - 80
- Ease of Use - 80
- Tools and Resources - 70
- Products and Services - 80
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.