Customers Bank has approximately $21 billion in assets. Although headquartered in Pennsylvania, Customers Bank has been providing banking products and financial services to individuals and businesses in Florida, Illinois, Massachusetts, New Hampshire, and New York since 2009. -Jersey, New York, North Carolina, Pennsylvania, Rhode Island and Texas.
With this bank, you can open a variety of accounts, including checking, savings, money market accounts (MMA), and certificates of deposit (CDs), to earn up to 5.14% annual percentage yield (APY). Customers Bank has also partnered with Allpoint to provide free ATM access at more than 55,000 locations across the United States. Find out more about its offerings in this Client Bank review.
All rates and fees are correct as of March 22, 2024 and are subject to change.
Bank clients
| Verifying accounts: | No monthly payments |
| Savings accounts: | Earn up to 5.14% per annum |
| CD cost: | Earn up to 4.35% per annum |
pros
- Competitive APY for your savings
- No monthly maintenance fee
- Higher interest rate when you fund your checking account through direct deposit or bill payments during your statement cycle.
Minuses
- Only one savings, checking and money market account.
- Available in 10 states only
- The minimum deposit to open a high-yield savings account is $25,000.
Who is Client Bank suitable for?
Who should not use Clients Bank?
For clients Bank tariffs and products
While Customers Bank previously offered more banking products and account options, it currently only offers checking, savings and MMA. His CDs are also limited to four terms in office.
Verifying accounts
The client bank offers one current account. This free checking account has no monthly maintenance fees and you’ll earn 1.00% APY on your account. While there are no bonuses for opening a new account, customers who make direct deposit or two bill payments within a month will receive an additional 1.00% APY on their checking account.
Savings accounts
Clients Bank offers one of the best high-yield savings accounts. The bank is currently providing customers with over 5% APY through its Yield Shield Savings Account, making the savings worth it. However, you will need at least $25,000 to open a savings account with Customers Bank.
Bank savings rates for customers compared to current maximum rates*
While Customers Bank is a great option for those looking for high interest on their savings, some institutions offer higher interest rates even with lower minimum balances. Compare the rates above with this list of competitors:
Money Market Accounts (MMAS)
Customer Bank allows you to open MMA from your computer to earn 1.50% APY, which is compounded and credited to your account monthly. You can deposit money into this account from your customer bank account, another bank account, or by mailed check, but there is no maximum deposit amount. However, to avoid account closure, you must make a deposit within 30 days of approval of your MMA.
Certificates of Deposit (CD)
Clients Bank provides clients with four options for CD terms and rates for terms ranging from 24 to 60 months. Although the interest on your CD account accumulates and is credited to your account monthly, there is an early withdrawal penalty when withdrawing funds. You will have 10 calendar days to withdraw your funds once they are due. Otherwise, the account is renewed automatically.
Other services offered to Clients by the Bank
Clients Bank offers more financial services to individuals and legal entities, including:
- Consumer loans: Whether you need a loan to consolidate debt, finance a large purchase, cover an unexpected expense, or help a family member, it doesn’t matter. Client Bank offers personal loans from $5,000 to $25,000 with no origination fees.
- Business loans and solutions: Clients Bank offers businesses financial services, including cash management tools and loans such as Small Business Administration (SBA) loans and business lines of credit, to help them achieve their financial goals.
- Mortgage loans: Whether you’re looking to buy a new home or refinance, there are several mortgage options to choose from. These include Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (USDA) loans, and pre-qualification is free. However, not all mortgage options are available in all nine states.
- Equipment financing and leasing: Clients Bank offers loans and equipment leasing to clients in a variety of industries, including construction, manufacturing, packaging, and food and beverage companies.
Online banking
Although it’s not technically an online bank, Customers Bank allows you to manage your accounts from your desktop. This allows new customers to open certain accounts online and conduct transactions without entering one of the physical branches. You’ll see your current balance and pending transactions, and you can stop unauthorized payments even when you’re outside your state of residence.
Compare alternatives to Client Bank
Is Clients Bank right for you?
If you prefer banking at a financial institution with higher APY rates for your savings habit, you’ll like Customers Bank with its savings account APY that exceeds the national average and the APY bonus it rewards account holders who maintain an active balance. check. However, if you’re interested in finding a bank with multiple checking, savings, and money market accounts, you won’t like this one, which only has one from each bank and has four CD options.
FAQ
Is Clients Bank insured?
Yes, all deposits at Clients Bank are insured up to $250,000, the limit allowed by law for each depositor by account category. Federal Deposit Insurance Corporation (FDIC) insurance ensures you’ll get your money if your bank fails.
Who is Clients Bank associated with?
Formerly known as New Century Bank, Customers Bank is a subsidiary of Customers Bancorp Inc. It partners with Raisin to create customer savings accounts and Allpoint® to provide access to thousands of ATMs across the country.
Is Customers Bank by Raisin legal?
Yes, Customers Bank is legit and offers banking products and financial services like other banks. Access your funds by visiting a physical branch, using one of 55,000 ATMs with no additional fees, or using online banking. You will also receive up to 250,000 in case of bank failure.