Compare Commerce Bank products: Savings, Checking, and CDs

Commerce Bank, based out of Kansas City, Missouri, offers a full suite of checking and savings accounts for individuals and businesses. But interest rates are painfully low and you’ll want to live in one of the following five states it serves: Colorado, Illinois, Kansas, Missouri and Oklahoma.

What banking products does Commerce Bank offer?

• Personal banking

  • CommerceBasic Checking account. A basic account with a $100 minimum deposit and a waivable $8 monthly fee.
  • CommerceInterest Checking account. You’ll earn interest, but the APY is only 0.01%, and it has a $100 minimum deposit and a $10 waivable monthly fee.
  • CommerceRelationship Checking account. You’ll need a $5,000 deposit across all Commerce accounts to earn 0.05% APY and avoid the $20 monthly fee.
  • CommerceStudent Checking account. Students younger than 25 don’t pay a monthly fee as long as the account isn’t inactive for 60 days.
  • mySpending Card account. In lieu of a checking account, this reloadable prepaid card helps you track expenses or give your child an allowance.
  • myRewards Savings account. Open up to five different accounts for specific savings goals but you’ll only earn 0.01% APY.
  • myRewards Money Market account. You’ll get checkwriting privileges, but only earn 0.01% interest.
  • Premium Money Market account. Comes with checkwriting privileges, but interest rates are 0.01%, 0.03% or 0.05% depending on your account balance.
  • Commerce CDs. Terms range from three months to five years, with three-month options earning 0.05% and five-year terms peaking at 0.3% APY.
  • Money Market IRA. Earn 0.1% APY when you save for retirement with Commerce Bank.
  • HSA. If you have a high-deductible health plan, you can make pre-tax contributions and tax-free withdrawals to help cover medical expenses.

• Business banking

  • Small Business Options Checking account. Get up to 300 free monthly transactions, a Business Visa Debit Card and unlimited free Commerce ATM transactions.
  • myBusiness Select Checking account. Comes with 150 free transactions and you’ll need $2,500 or $5,000 in combined balances to avoid the $9 monthly fee.
  • myBusiness Checking account. There’s no monthly fee when you open a personal checking account and you’ll get 25 free monthly transactions.
  • Premium Trust Fund account. Insurance agents can use this account to collect premium payments and there’s no fee when you open any business checking account.

• Other products

  • Insurance. Protect your loved ones with life, multibenefit, long-term care and disability insurance.
  • Credit cards. Open a Special Connections, toggle, Kansas City Royals, Business Rewards or Business Platinum credit card.
  • Loans. Commerce Bank offers a range of loans for businesses, motor vehicles, students, healthcare and more.
  • Mortgages. Residents in Colorado, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, Ohio, Oklahoma, Tennessee and Texas can take out a Commerce Bank mortgage.
  • Investments. Open a brokerage or money management account through Commerce Bank.

Commerce Bank compare to other banks and services?

Commerce Bank is a regional bank that primarily services the midwest. It manages $26.1 billion in assets and is ranked as the 68th largest financial institution, according to the Federal Reserve. Commerce Bank has 164 full-service branches and 366 ATMs spread throughout Colorado, Illinois, Kansas, Missouri and Oklahoma.

Checking accounts

Pros

• Huge ATM network. In addition to Commerce Bank ATMs, you can use over 1.7 million VISA PLUS ATMs for free worldwide.
• Referral bonuses. Earn a $50 Visa Reward Card every time a family member or friend opens a personal checking account. But you can only earn up to $500.
• Popmoney transfers. Instantly send and receive money from family and friends with Popmoney.

Cons

• Monthly fees. Most accounts have monthly fees, but you can waive them under certain conditions.
• High opening deposits. While some banks let you get started with as little as $0, you’ll need at least $100 to open an account with Commerce Bank.
• Miscellaneous fees. On top of monthly fees, you’ll also need to watch out for a $37 overdraft fee, $5 ATM card replacement fee and a $8 dormant fee if you go at least 12 months with no account activity.

Savings accounts

Pros

• Savings goal feature. The myRewards Savings account lets you categorize your savings into five separate goals and rewards you with a $50 bonus on your 12th month when you save for 11 months in a row.
• Tiered interest rates. Get incentivized to save with a tiered rate structure that rewards you with a higher APY as your account balance grows.
• Online applications. Open any savings or money market account from the comfort of your home without having to visit a local branch.

Cons

• Low interest rates. Commerce Bank doesn’t offer any rates above 0.1%, which is astonishingly low compared to competing institutions.
• High opening deposits. Most accounts require at least a $100 minimum opening deposit. For reference, most banks let you open an account with as little as $0.
• No business accounts. Commerce Bank offers several business checking accounts, but you won’t find any savings accounts to go with them.

CDs

Pros

• Several term ranges. Lock your money away for as short as three months or as long as five years. The longer your CD term, the higher your APY will be.
• Online applications. Unlike some banks, Commerce Bank lets you open any CD online without having to stop by a local branch.

Cons

• Low APYs. Earn 0.01% to 0.25% APY depending on the term. With rates this low, you’re better off opening a high-yield savings account with an online bank as most offer rates above 1.5%.
• High opening deposits. You’ll need at least $2,500 to open a three or six-month CD and $1,000 to open a CD with a term of one year or more.
• Early withdrawal penalties. As with most CDs, expect to pay a fee if you need to withdraw your money early.

Overall banking

Pros

• Comprehensive options. Commerce Bank has over 15 consumer and business bank accounts to choose from, giving you the flexibility to choose an account that suits your needs.
• Financial literacy. This bank has an extensive blog aimed at helping its members develop good financial habits. It covers topics like family, wealth, retirement, college and more.

Cons

• Limited availability. Branches are limited to five states and you’ll want to live in one of them to bank in person or close an account.
• Unclear interest rates. Commerce Bank‘s interest rates vary by location, so you’ll want to enter your zip code on its website to find out what rates you qualify for.

Compare Commerce Bank to the competition

Commerce Bank customer service

There are two ways to contact Commerce Bank customer service:

• In person. Visit a branch location
• Email. Send a message to mymoney@commercebank.com
• Phone. Call one of the numbers below depending on your situation:
  • • General inquiries: 855-659-1656 weekdays from 8 a.m. to 8 p.m. and Saturdays from 8 a.m. to 4 p.m.
    • Small business checking: 866-365-9346
    • mySpending Card: 888-373-2883 weekdays from 8 a.m. to midnight and Saturdays from 8 a.m. to 4 p.m.

Bottom line

Commerce Bank has a comprehensive suite of checking and savings accounts for individuals and businesses. If you’re looking for a regional bank with a large ATM network, it may be a good fit for you.

But its interest rates are unattractive and you’ll want to live in one of the five states it serves.

Before you make a decision, shop around for high-yield accounts that may better suit your needs.

Frequently asked questions

• What states have Commerce Bank locations?

  Commerce Bank has branches in:

  • Colorado
  • Illinois
  • Kansas
  • Missouri
  • Oklahoma

  And commercial offices in:

  • Cincinnati
  • Dallas
  • Des Moines
  • Grand Rapids
  • Houston
  • Indianapolis
  • Nashville

• How do I close my account?

  Visit any Commerce Bank branch location to close your account.

• Can I open an account with Commerce Bank if I don’t live in its service area?

  While you can open most Commerce Bank accounts online, it’s not recommended as you will have a limited banking experience and you can only close an account if you visit a branch in one of the five states it serves.

• What is Commerce Bank’s routing number?

  Commerce Bank‘s routing number is 101000019 and its SWIFT code is CBKCUS44.