Customers Bank Review: A Good Return on Savings

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.

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.Additionally, you can get a 2-year CD at top APY with only a $500 deposit. Like most any CD, deposited funds must remain in the CD for its duration. Otherwise, you’ll incur fees.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:

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.

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:The process is fairly standard across banks. You’ll need the following as well to open an account: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.

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.

Written by Investors Wallets

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