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Compare Commerce Bank products: Savings, Checking, and CDs
This regional bank has a worldwide ATM network — but low interest rates.
What banking products does Commerce Bank offer?
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.
- 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.
- 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 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.
- 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.
- 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.
- 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.
- 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.
- 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 email@example.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 lineCommerce 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
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