Review of Customers Bank High Yield Savings Account

Conor Keenan Author Bio By: Conor Keenan  Last updated on April 1, 2024
Conor Keenan is compareaccounts.com's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.

Editorial Freedom: The opinions, reviews, or recommendations in our articles are solely our own & are not endorsed by any financial institution or partner. Thanks to commissions from partner offers, our site remains free. Content by our team is independent & not commissioned by any advertising partners or financial institutions herein.

Read our review & open a new​ savings account with confidence.  Customers Bank is FDIC insured up to $250,000 per depositor.  Fund your new account & take advantage of the power of compound interest today!

Customers Bank Powered By Raisin

4.76% APY

Rating:

On Raisin's Secure Site
for Customers Bank, FDIC Insured

Best For: High APY + No Monthly Fees

Customers Bank high yield savings account offers 4.76% APY exclusively through the Raisin Platform.

This APY is much higher than what you’ll find at almost all "traditional" banks and even most online banks.

In addition to this high APY, Customers Bank offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.

These features plus the sky high APY make this account a rare offer.

Founded in 2009, Customers Bank is a super-community bank with over $22 billion in assets.

Ranked by total assets, Customers Bank is in the top 5% of all banks in America and is consistently ranked as one of the best banks in America by Forbes.

See Raisin's Secure Site for Customers Bank For More Details.

Main Benefits You Get with Customers Bank High Yield Savings Account

Competitive APY:

Customerse Bank offers 4.76% APY exclusively through the Raisin Platform on their high yield savings account.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks. The current APY is over 20x higher than the national average.

Low minimum balance requirement:

Anyone with $1 can open a Customers Bank high yield savings account through the Raisin Platform. This minimum balance is much lower than some other savings accounts that can charge you up to $5,000 or more to open an account.

No monthly maintenance fee:

In addition to this high APY & low minimum balance requirement, Customers Bank offers $0 monthly maintenance fees & unlimited withdrawals.

Customer service: 

Customers Bank has partnered with Raisin to bring it’s first-class savings account to more Americans. Raisin has a supportive, accessible, and responsive customer service team based in New York, NY.

FDIC insured:

Customers Bank is federally insured by the FDIC. This covers you for as much as $250,000 per depositor in the event of a bank failure. This means that if you have a joint account, you’ll enjoy up to $500,000 federally insured.

Award Winning: 

Ranked by total assets, Customers Bank is in the top 5% of all banks in America and is consistently ranked as one of the best banks in America by Forbes.

These features plus the sky high APY make this account a rare offer.

Customers Bank Powered By Raisin

Rating:

APY

4.76%

  • High Yield Savings Account
  • Min. initial deposit: $1
  • 4.76% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Exclusive Offer From Customers Bank Powered by The Raisin Platform
  • The Raisin Platform is an Exclusive Selection of Savings Solutions
  • Customers Bank was Ranked as One of America's Best Banks in 2023 by Forbes with over $20 Billion in Assets
  • See Site for Details

On Raisin's Secure Site for
Customers Bank, FDIC Insured

 

Open Your New Account with Customers Bank Now

 

Customers Also Viewed These High-Yield Savings Accounts From Our Partners

While Customers Bank’s high-yield savings account is a compelling choice, it’s crucial to consider other options as well. Different banks offer various features and benefits, and exploring these alternatives can help you find the best fit for your financial needs.

Discover Bank Logo

Rating:

APY

4.25%

  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • 4.25% APY
  • 5x National Savings Avg*
  • Mobile Check Deposit
  • No Monthly Fees
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC

 

Cit Bank Logo

Rating:

APY

5.00%

  • High Yield Savings Account
  • Balance for APY: $5,000
  • 5.00% APY
  • No Monthly Service Fees
  • Earn a Higher APY with a Higher Min. Balance
  • Mobile App Online Banking
  • Deposit Checks Remotely & Make Transfers Easily
  • FDIC Insured up to $250,000
  • Sign Up in Under 5 Minutes
  • See Site for Details

On CIT Bank's Secure Site, Member FDIC

 

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

Customers Bank High Yield Savings Account, Powered by Raisin

Customers Bank uses the secure Raisin platform to offer savings products like their high yield savings account to savers nationwide. Historically a regional bank, this partnerships allows Customers Bank the ability to offer its high APY to more savvy savers.

Customers open accounts at Raisin.com, and the platform manages all aspects of the products offered by Customers Bank, including a customer’s deposits and withdrawals, statements and any customer service needs.

In simple terms, Raisin provides you exclusive access to a special selection of Customers Bank products. Best of all, Raisin is completely free!

 

Security: Funds deposited into any of the products accessible through Raisin are held by federally insured institutions. They use a host of cybersecurity & bank level protection measures to protect your funds and sensitive information.

Choice: Savings products from the Raisin network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

Service: A supportive, accessible, and responsive customer service team based in New York, NY, sets Raisin apart.

Access: Enjoy 24/7 online access to your account and funds.

Brief History of Customers Bank:

Founded in 2009, Customers Bank is a super-community bank with over $22 billion in assets.

Ranked by total assets, Customers Bank is in the top 5% of all banks in America and is consistently ranked as one of the best banks in America by Forbes.

The bank has traditionally offered services across several states in the USA, including Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, and Texas. With the Raisin partnership it can now help customers nationwide.

Customers Bank High Yield Savings Account Pros:

Pros:

  1. High interest rate: Customers Bank’s high yield savings account offers a competitive interest rate. This rate of return is one of the highest among online banks.
  2. FDIC insurance: Customers Bank is FDIC-insured, so your deposits are insured up to $250,000 per depositor. You can sleep a little more soundly knowing that your money is safe and secure.
  3. Convenient online access: The Raisin platform allows you to easily access and manage your account online.
  4. No minimum balance requirement: You can open an account with any amount of money over $1, and there are no monthly maintenance fees.
  5. Easy to use: The Raisin platform is user-friendly and easy to navigate.

    Customers Bank Bank High Yield Savings Account Cons:

    Cons:

    1. Limited ATM access: With an online savings account, you may have limited access to ATMs for withdrawals and deposits.
    2. Limited check-writing capabilities: With an online savings account, you may not be able to write checks.
    3. Limited branch access: With an online savings account, you may not have access to in-person customer service at a physical branch.
    4. Limited account options: The Raisin platform offers personal high yield savings and CD accounts, so you may not have access to other types of accounts, such as a business account or checking account.
    5. Limited account features: High-yield savings account is a basic savings account, so it may not have some of the features of other account types like debit cards or mobile banking.

      Who Should Open a High Yield Savings Account from Customers Bank Bank?

      Customers Bank offers a savings option that may suit certain savers better than others, depending on their specific preferences and needs. If you fall into any of the following categories, you this savings account option is likely for you:

      1. Seeking a high yield savings account with traditional banking features: Customers Bank provides a straightforward savings account that offers essential banking features. If you prefer a no-frills account without complex features, this option can fulfill your requirements.
      2. Desire the potential to earn a higher Annual Percentage Yield (APY) through online savings: By choosing this high yield savings account, you gain the opportunity to earn a competitive APY by saving your money online. This can be advantageous if you prioritize maximizing the interest earned on your savings over things like branch access or a debit card.
      3. Not reliant on ATM access for making withdrawals from your savings: If you don’t frequently require immediate access to cash from your savings account via an ATM, this account’s lack of ATM access may not be a significant concern for you. It allows you to focus on long-term savings without the need for frequent cash withdrawals. This is actually a good thing as it removes your ability to “drain” your account and allows more of your money to compound more interest.
      4. Value the peace of mind provided by saving with an FDIC-member bank: Customers Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured up to the maximum limits allowed by law. This assurance can be comforting, knowing that your savings are protected by a reputable regulatory organization.

      When comparing various savings account options, it’s crucial to consider several factors to make an informed decision. Assess the interest rates offered, potential fees that might apply, and how effectively you can manage and access your funds. Evaluating these aspects will help determine which savings account aligns best with your financial goals and preferences.

      Remember, the specific terms and conditions, rates, and fees associated with the Customers Bank savings option may vary. It’s recommended to refer to the bank’s terms and conditions for the most up-to-date and accurate information regarding their savings account offering.

       

      What are the eligibility criteria for opening a Customers Bank’s High-Yield Savings Account?

      The high-yield savings account offered by Customers Bank is available to residents of all 50 states. To open an account, you’ll need to provide various documents and information, including a driver’s license or other photo identification, proof of citizenship, and Social Security number.

        How to Open a High Yield Savings Account with Customers Bank

        The process of opening a high yield savings account with Customers Bank is straightforward and can be completed entirely online. Here are the steps:

        1. Register for an account with Raisin.com, the platform that manages Customers Bank’s high-yield savings accounts. You will need to provide your personal information, including name, date of birth, physical address, email address, Social Security number, and phone number.
        2. Select the Customers Bank High-Yield Savings Account and make a minimum deposit of $1 to open it.
        3. Connect an existing account to transfer funds electronically.

        Once you’ve completed these steps, you’ll start earning interest on your savings from day one.

        Customers Bank Publicly Traded Company:

        Customers Bancorp, Inc. is the parent company of Customers Bank. It’s publicly traded on NASDAQ under the ticker name “CUBI” since its IPO in 2013.

        The company has more than $20 billion in assets and over 600 employees.

        Other Products Customers Bank Offers Directly:

        Besides savings accounts through the Raisin Platform, Customers Bank offers small business services, personal banking products like checking accounts, CDs, loans, and mortgages, as well as commercial banking solutions including various types of lending and financial solutions for different industries.

        It’s important to note that availability of these products and services may vary depending on your location and the specific branch or subsidiary you bank with. It’s always a good idea to check with your local branch to see which products and services are available to you.

        Customers Bank Near You:

        Customers Bank is a regional bank that primarily operates in the western United States, with a focus on Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, and Texas.

        The bank has branches and ATMs in these states and provides banking services to individuals, businesses, and corporations. To find specific Customers Bank locations near you, you can use their website’s branch and ATM locator tool, which will provide you with addresses, phone numbers, and hours of operation for their branches and ATMs.

        Customers Bank Contact Information:

        Executive Offices
        Customers Bank
        701 Reading Avenue
        West Reading, Pennsylvania 19611

        Personal banking
        Call 866-476-2265
        7 days a week
        9AM – 6PM ET

        Business banking
        Call 833-595-0618
        Monday through Friday
        8AM – 8PM ET

        Customers Bank License Numbers & Routing Number

        Routing Number  031302971
        FDIC Number  34444
        NMLS 699996

        Raisin Contact Information:

        Phone Number: 844-994-EARN (3276)
        (Monday to Friday from 9:00 a.m – 4:00 p.m)

        Email Address: support.us@raisin.com

        Address:
        85 Broad Street
        New York, NY 10004

         

        Home » Savings » Savings Account Reviews » Customers Bank

        Conclusion of Customers Bank Savings Account Review

        In conclusion, Customers Bank, a significant player in the banking sector since its inception in 2009, presents a compelling choice for those seeking a savings account.

        The bank’s savings account offers the standard benefits typical of such accounts, including ease of access, FDIC protection, and the liquidity of funds. With a low barrier to entry, it’s an attractive option for individuals starting their savings journey.

        Overall, Customers Bank’s savings account is a solid choice for those looking for a reliable and accessible option to start or grow their savings. Its history, combined with a broad spectrum of financial services, positions it as a noteworthy contender in the banking industry.

        *National Savings Rate Average as published by FDIC