Customers Bank savings rates are competitive
Category: Bank Deals, CD Rates, Money Market Rates, Savings Account Rates- fhuff- 11:43 am/ August 5, 2011Customers Bank has a money market account that earns 1.2 percent annual percentage yield (APY). The account requires a minimum opening deposit of $10,000 to obtain the promotional money market rate. The maximum deposit on the account is $500,000. Money market accounts are limited to six transfers to other bank accounts per statement cycle. A $5 fee may be imposed for excess transfers during each statement cycle and the account may be converted to a checking account for repeated excess transfers.
The bank also has other savings accounts with competitive interest rates. The Reserve Savings Account has a 1 percent APY and requires a minimum of $10 to open. Interest on the savings account is compounded and credited on a quarterly basis. The bank uses the daily balance method to calculate interest on the account.
A 13-month certificate of deposit is also available to help grow your money. The CD rate for the period is 1.15 percent APY and you need a minimum opening deposit of $10,000. After the guarantee period the CD rate may fluctuate.
Customers Bank has 11 offices in Pennsylvania, New Jersey and New York. Deposits with the bank are insured by the Federal Deposit Insurance Corp.
- 6 Month CD %
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- 2-year CD %
- Money Market Account %
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- 30-year Fixed Mortgage 3.54 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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