Congratulations! You’ve taken the first step to saving smarter with the higher-yield Ascent Money Market Savings Account. The minimum rate of 2.25% APY is guaranteed thru June 30, 2019. You’re just one click away from growing your money faster. Sign-up now and start earning.
The Ascent Money Market Savings Account offers you:
$25,000 min balance to earn APY
Guaranteed APY thru 6/30/2019
Up to 6 withdrawals per month
Convenient online account management
Who is Customers Bank?
Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $11.1 billion at June 30, 2018. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, District of Columbia, Illinois, New York, Rhode Island, Massachusetts, New Hampshire, and New Jersey. We also provide banking services to customers nationwide through our digital banking platform. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as Single Point of Contact banking by appointment at customers’ homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers. Customers Bancorp, Inc. voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found here.
What is the Ascent Money Market Savings Account?
The Ascent Money Market Savings Account is a savings account offering a top-tier rate. These accounts are limited to a maximum of six (6) withdrawals or transfers per monthly statement cycle. Interest on your Ascent Money Market Savings Account will be compounded monthly and posted to your account monthly. Please see the Limitations on Preauthorized Transfers section of the Customers Bank Account Agreement for additional information.
How do I open an Ascent Money Market Savings Account?
To open an account, click the "Sign-up Today" button on this page.
Why is there a limit of six (6) withdrawals/debits per statement cycle for the Ascent Money Market Savings Account?
Reserve Requirements for Depository Institutions (12 C.F.R. 204, Regulation D) is a Federal Reserve Board regulation. It limits the number of withdrawals and transfers from a savings or money market account. Regulation D (Reg. D) applies to all U.S. banking institutions offering such accounts. Personal Savings customers may make a maximum of six (6) Reg. D-covered transfers or withdrawals per statement cycle. There is no limit on the number of deposits that can be made.
What is a statement cycle?
A statement cycle is the calendar period during which one's banking statement is generated. A statement cycle begins on or around the 15th of each month and ends on or around the 15th of the following month and will be reflected on your statement as such regardless if the cycle beginning or end date falls on a weekend or holiday.
Will I receive an ATM card, a debit card or checks when I open the Ascent Money Market Savings Account?
The Ascent Money Market Savings Account is not meant for everyday spending. Therefore, ATM cards, debit cards or checks are not issued for this type of account. However, Federal Reserve Regulation D (Reg. D) does allow a maximum of six (6) withdrawals/debits per statement cycle.
How do I access my funds?
To access your funds, visit www.customersbank.com, click on personal banking login and login using the username and password you created.
What is the difference between APY and Interest Rate?
The Annual Percentage Yield (APY) reflects the interest rate and the effect of the frequency of interest compounding (for example, daily) during a 365-day period. The Interest Rate is the annualized rate applied to the principal balance of the account each day in order to determine the amount of interest that has accrued on that day's principal balance.
What is the difference between the Ascent Money Market Savings Account and a CD?
The Ascent Money Market Savings Account offers the flexibility of up to six (6) withdrawals or transfers in a statement cycle. And the rate for the Ascent Money Market Savings Account is variable, so it can increase or decrease over time. Certificates of Deposit (CD) lock in the interest rate for the term of the CD, but there is an early withdrawal penalty.
Is there a minimum deposit requirement?
Yes, the Ascent Money Market Savings Account requires a minimum deposit of $25,000 to earn the quoted APY. Amounts under $25,000 earn no interest. There is no maximum deposit.
How do I fund my initial deposit?
There are several ways to fund your new Ascent Money Market Savings account. You may:
* Customers Bank routing number is 031302971. Please see Funds Availability Disclosure for any holds on initial deposits.
How long do I have to make an initial deposit?
You should fund your Ascent Money Market Savings Account within 30 days after approval of your application; otherwise, your account will be closed.
Call us at 855-398-8159
with any unanswered questions you have about the Ascent Money Market Savings Account.
® 2018 Customers Bank. All rights reserved. Executive Offices: 1015 Penn Ave., Suite 103. Wyomissing, PA 19610