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Commerce Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Commerce Bank’s checking account options

CommerceBasic Checking

A no-frills checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8; can be waived if you have a recurring direct deposit of $300 or more, or 10 debit card purchases per statement cycle
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This is a basic checking account that does not earn interest. It does, however, come with mobile and online banking and bill pay capabilities, a Visa debit card, and free email and text alerts to help manage your account. As an added bonus, you have the chance to get a $50 Visa gift card for every friend or family member you refer to open a new Commerce Bank personal checking account, up to $500. While the service fees on this account are fairly easy to avoid, be sure to note that receiving paperless statements with images will cost you $1 per month, and paper statements will cost $3 per month (or $4 per month with images). Paperless statements with no images are free.

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on Commerce Bank’s secure website

CommerceInterest Checking account

The interest rate on this checking account is pretty dismal.
APYMinimum Balance to Earn APY
0.01%
$100
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10; can be waived if you have a recurring direct deposit of $500 or more, or a balance of $1,000 per statement cycle
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

While this account does earn interest, the amount is next to nothing. Aside from that, it comes with the same perks as the basic account, including mobile and online banking and bill pay capabilities, a Visa debit card, and free email and text alerts to help manage your account. You can also get the $50 Visa gift card for every friend or family member you refer to open a new Commerce Bank personal checking account, up to $500. Take note that receiving paperless statements with images will cost you $1 per month, and paper statements will cost $3 per month (or $4 per month with images).

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on Commerce Bank’s secure website

Member FDIC

CommerceRelationship Checking

This account boasts a higher interest rate, but it’s still nothing to write home about.
APYMinimum Balance to Earn APY
0.01%
$100
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20; can be waived if you maintain a daily balance of $5,000, or a combined account balance of $15,000 (this applies to checking, savings, money market and CD accounts)
  • ATM fee: None on Commerce Bank ATMs; $2.75 for or each out-of-network ATM transaction
  • ATM fee refund: Up to $10 per month
  • Overdraft fee: $37

This account gives you the chance to earn a slightly higher interest rate than the other checking account, but it’s still not much at all. You’ll either pay a higher monthly fee, or need to have a larger account balance with the bank.

The account comes with the same typical perks like mobile and online banking services, a debit card, and a chance to earn a $50 gift card for every new family member or friend you refer to open a new checking account, up to $500. This account also comes with free Commerce Globe checks. This account keeps all statements free, whether you opt for paper or electronic.

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on Commerce Bank’s secure website

Member FDIC

CommerceStudent Checking

A checking account for students ages 25 or younger.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3 if account is inactive for 60 days, meaning you don’t make a withdrawal, deposit, bill payment, ACH payment or other transaction.
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This student checking account does not earn interest. It is, however, fairly easy to keep it fee-free if you keep it “active” by making regular withdrawals, deposits and other transactions. Like the other checking accounts, it comes with typical perks like mobile and online banking, a free debit card, free email and text alerts, and the ability to earn a $50 Visa gift card for every friend or family member you refer to open a new checking account, up to $500.

How to get Commerce Bank’s checking accounts

You can open any of Commerce Bank’s checking accounts online or in person. To do so, you’ll need to gather personal information such as your home address and Social Security number, as well as two forms of ID (one of which must be government-issued; the other can be a debit or credit card), and a way to fund your account.

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on Commerce Bank’s secure website

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How Commerce Bank’s checking accounts compare

While Commerce Bank’s accounts come with an easy-to-navigate user interface, the ability to avoid fees and the opportunity to earn gift rewards, the rates on those that earn interest don’t even come close to the ones on our list of the best online checking accounts. It’s true you could do a lot worse than Commerce Bank’s checking accounts, but you could definitely do a lot better too.

Commerce Bank’s savings account options

Personal Savings account

A personal savings account with minimal fees, and a savings plan for children.
APYMinimum Balance to Earn APY
0.02%
$100
  • Minimum opening deposit: $100 ($1 for minors)
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $3; can be waived with a daily balance of $300 or a monthly direct deposit of $25 or more
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This is a fairly standard savings account. At first glance, it might look chock-full of fees, but they are fairly easy to avoid as long as you meet the bank’s balance requirements and opt for electronic statements. Federal Reserve Regulation D mandates that savings accounts be limited to six withdrawals and transfers per month without penalty from the bank; this account, however, allows you three before charging $2 per additional withdrawal. Interest is compounded daily on this account.

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on Commerce Bank’s secure website

Member FDIC

myRewards Savings account

This account is intended for saving up for specific savings goals.
APYMinimum Balance to Earn APY
0.01%
$100
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $3; can be waived with a daily balance of $300 or a monthly direct deposit of $25 or more
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This is a special savings account that allows you to separate your funds in up to five accounts, named for specific goals, such as saving up for a vacation, house or new car. Most savings accounts are governed by Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank. This one, however, limits you to three per month before charging you $2 for each additional withdrawal. This account also comes with free mobile and online banking capabilities and free paperless statements (it’s $2 to receive paper statements). Interest is compounded daily on this account.

How to get Commerce Bank’s savings accounts

Customers can open the bank’s savings account in person or online. You’ll just need to be prepared to provide your Social Security number, two forms of ID and a way to fund the account.

SEE DETAILS Secured

on Commerce Bank’s secure website

Member FDIC

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How Commerce Bank’s savings accounts compare

We like that the fees are fairly easy to avoid on Commerce Bank’s savings accounts. But, as with the checking accounts, the rates don’t even come close to competing with those on our list of the best online savings accounts. Take the time to shop around for the best savings product out there, and possibly consider one on our list.

Commerce Bank’s CD rates

Certificates of Deposit

Standard CDs with pretty mediocre rates.
TermAPY
3 months0.02%
  6 months0%
  1 year0%
  2 years0%
  3 years0%
  4 years0%
  5 years0%
  • Minimum opening deposit: $1,000, with the exception of $2,500 for the 3- and- 6 month option
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms of 7-31 days, the early withdrawal penalty is the larger of (1) the accrued interest or (2) half of the interest from the issue date to the maturity date, but no less than 7 days of interest if all of the deposited funds are withdrawn before the maturity date. For terms of 32-90 days, the penalty is 3 months of interest if all of the deposited funds are withdrawn before the maturity date. For terms of 91 to 364 days, its 3 months of interest if all of the deposited funds are withdrawn before the maturity date. For terms of 12 to 60 months, it’s 6 months of interest for terms of 1 year or 1 year of interest for terms over 2 years may be imposed if all of the deposited funds are withdrawn before the maturity date.

Commerce Bank’s CDs are pretty standard, coming in terms from three months to five years. You can add or withdraw funds at maturity without penalty. You can also access these accounts through the bank’s online platform.

How to get Commerce Bank’s CDs

As with most of the bank’s other personal accounts, you can open a CD online or in person. To do so, you’ll need to provide your Social Security number, two forms of ID and a way to fund the account.

SEE DETAILS Secured

on Commerce Bank’s secure website

Member FDIC

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How Commerce Bank’s CD rates compare

While Commerce Bank’s deposit requirements and early withdrawal penalties are on par with what else is available on the market, the rates just don’t beat out those on our list of the best CD rates. You’re putting your money away for a reason, so why wouldn’t you want to earn the most bang for your buck? Take the time to do your research and find the best product out there to suit your needs.

Commerce Bank’s money market account options

myRewards Money Market account

This account allows you to earn bonus interest after a year.
APYMinimum Balance to Earn APY
0.01%
$500
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $6; can be waived with maintained daily balance of $500, maintained monthly balance of $1,000, or with one monthly direct deposit of at least $25
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This account allows you to earn a bonus of a half-percent of the average month-end balance for the previous 12 months once you’ve had the account open for a year (up to a maximum yearly reward of $200). To qualify for this perk, you must also open and maintain either a CommerceBasic, CommerceInterest or CommerceRelationship checking account. As a savings account, this one is subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank. As with most of the bank’s other accounts, you can avoid the fees fairly easily by maintaining the required minimum balance and opting for electronic statements over paper. This account also has free online banking capabilities.

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on Commerce Bank’s secure website

Member FDIC

Premium Money Market account

This money market account comes with the chance to earn a bonus rate.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.02%
$25,000-$49,999
0.03%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10; can be waived with average daily balance of $5,000
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This account allows you to earn interest at three different tier levels, as well as earn a higher rate if you also open and maintain a CommerceRelationship checking account (you’ll need to contact the bank to inquire about this option). Interest is compounded monthly on this account, and its fees can be be avoided if you maintain the minimum balance requirement and opt for free paperless statements. This account also allows you to write six free checks per month and comes with free online banking services. As a savings account, it’s subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank.

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on Commerce Bank’s secure website

Member FDIC

CommerceOptions Premium Money Market account

This account is available exclusively to customers with a CommerceRelationship checking account.
APYMinimum Balance to Earn APY
0.07%
$0.01
0.10%
$25,000 to $49,999
0.15%
$50,000 to $99,998
0.20%
$100,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $20; can be waived with significant product relationships (contact the bank for details).
  • ATM fee: None on Commerce Bank ATMs; $2.75 on out-of-network ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $37

This account is only available to Commerce Bank customers who also have a CommerceRelationship checking account and offers a slightly higher rate. It otherwise comes with most of the same things, such as free online banking services. You can also get quarterly paper statements without a fee. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank.

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on Commerce Bank’s secure website

Member FDIC

Personal Investment Savings account

Another money market account with a less-than-impressive rate.
APYMinimum Balance to Earn APY
0.02%
$500
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $6; can be waived with maintained daily balance of $500, maintained monthly balance of $1,000, or with one monthly direct deposit of at least $25
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This account earns a very small interest rate and also comes with free online banking, six free checks per month and free paperless statements (paper statements will cost $4 per month with images, $3 per month without, and online statements with images will cost you $1 with images). Since it is a savings account, this one is governed by Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank.

How to get Commerce Bank’s money market accounts

For the myRewards Money Market, Premium Money Market and Personal Investment Savings accounts, you can open an account online or in person at a branch. For the CommerceOptions Premium Money Market account, you’ll need to visit a branch in person to open it. For all accounts, be sure you’re prepared with your Social Security number, two forms of ID and a way to fund the account.

SEE DETAILS Secured

on Commerce Bank’s secure website

Member FDIC

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How Commerce Bank’s money market accounts compare

Many traditional banks are getting away with paying very low rates on their money market accounts, and Commerce Bank is no exception. While the fees associated with each of these products are fairly easy to avoid, you can do better and earn better returns on your funds. Consider one of the accounts on our list of the best money market rates instead, as many offer more than twice these rates.

Overall review of Commerce Bank’s banking products

Not surprisingly, we’re not floored by any of the rates on Commerce Bank’s deposit accounts. While the fees are easy to avoid and, for the most part, fairly reasonable to begin with, that’s just not enough to make up for the pretty dismal rates across the board. Do your due diligence and research your banking options to ensure you make the most worthwhile choice.

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Pacific National Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Pacific National Bank’s checking account options

Personal Checking account

A non-interest bearing checking account.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15, unless minimum monthly balance of $500 is maintained, and you opt for e-statements, e-documents, online banking and basic bill pay
  • ATM fee: None at Pacific National Bank ATMs; four free transactions at Publix (Presto!) ATMs; otherwise, outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $35

For being a basic checking account, this one comes with a pretty hefty minimum opening deposit and monthly fee. As we noted above, however, it’s pretty easy to avoid that fee with its requirements, if you’re able to easily come up with the deposit to open the account, that is. You may also want to note that debits in excess of 30 per month will cost $0.25 per additional transaction, and receiving paper statements will result in an additional $5 fee.

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on Pacific National Bank’s secure website

PNB SuperNow Checking account

This account does earn a small amount of interest on balances of at least $2,500.
APYMinimum Balance to Earn APY
0.20%$2,500
0.20%$1 million
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15, unless minimum monthly balance of $2,500 is maintained, and and you opt for e-statements, e-documents, online banking and basic bill pay
  • ATM fee: None at Pacific National Bank ATMs; four free transactions at Publix (Presto!) ATMs; otherwise, outside bank fees may apply
  • ATM fee refund: None
  • Overdraft fee: $35

This checking account does earn interest if you can maintain its high minimum balance requirement, increasing slightly once you hit the $1 million mark. If you can maintain that balance, it’s pretty easy to adhere to the requirements to avoid the monthly fee on this account. As with the bank’s other checking account, debits in excess of 30 per month will cost $0.25 per additional transaction, and receiving paper statements will result in an additional $5 fee.

How to get Pacific National Bank’s checking accounts

If you are a U.S. citizen residing in Florida, you can open either of these accounts in person at a branch. To do so, you’ll need to provide your Social Security number, government-issued ID and a way to fund the account.

SEE DETAILS Secured

on Pacific National Bank’s secure website

Member FDIC

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How Pacific National Bank’s checking accounts compare

When compared to the accounts on our list of the best online checking accounts, these products instantly lose points for earning little to no interest. They also both have fairly high opening deposits and balance requirements to avoid a rather high monthly fee, so if you’re not confident you can maintain that requirement, you’re best off skipping these checking accounts.

Pacific National Bank’s savings account option

PNB Personal Savings

The bank’s sole savings account comes with a high balance requirement to earn any interest.
APYMinimum Balance to Earn APY
0.15%$1,000
0.15%$50,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10, unless minimum monthly balance of $500 is maintained, and and you opt for e-statements, e-documents, online banking and basic bill pay
  • ATM fee: None at Pacific National Bank ATMs; four free transactions at Publix (Presto!) ATMs; otherwise, outside bank fees may apply
  • ATM fee refund: None
  • Overdraft fee: $35

This account does earn interest, but again, at pretty high rates for pretty high balances. As with the checking accounts, if you can maintain the minimum required balance and adhere to the account’s other requirements, it’s fairly easy to avoid the monthly maintenance fee. You may want to also note that receiving paper statements would cost you an additional $5 per month. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month. Transactions in excess of this limit will cost you $20 for each item from the bank.

How to get Pacific National Bank’s savings account

If you are a U.S. citizen residing in Florida, you can open Pacific National Bank’s savings account in person at a branch. To do so, you’ll need to provide your Social Security number, government-issued ID and a way to fund the account.

SEE DETAILS Secured

on Pacific National Bank’s secure website

Member FDIC

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How Pacific National Bank’s savings account compares

With their dismal rates on high balances, these accounts don’t come close to comparing to those on our list of the best online savings accounts. If you can find an account with additional perks and that also allow you to easily avoid fees, you’re better off passing over this one.

Pacific National Bank’s CD rates

Certificates of Deposit

Promotional CDs with a $1,000 minimum opening deposit.
Term APY
12 months1.00%
13 months0.95%
18 months1.45%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty:  7 days worth of interest on the amount withdrawn within the first six days after deposit. Otherwise, it’s 30 days worth of interest on the amount withdrawn on terms up to 23 months in length; 60 days worth of interest on the amount withdrawn on term lengths between 24 and 35 months and 90 days worth of interest on the amount withdrawn on terms of 36 months or more.

While Pacific National Bank is currently only offering three promotional CDs, their opening deposit requirements and rates are pretty standard as far as today’s certificates go.

How to get Pacific National Bank’s CDs

You can open one of Pacific National Bank’s CDs online or in person; you’ll just need to provide your government-issued ID, Social Security number and a way to fund the account.

SEE DETAILS Secured

on Pacific National Bank’s secure website

Member FDIC

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How Pacific National Bank’s CD rates compare

The current promotional offerings available from Pacific National Bank don’t really stack up to those on our list of the best CD rates. The $1,000 opening deposit requirement for its current promotional CDs looks to be pretty standard, though. In any case, contact the bank directly to inquire about available CDs to truly determine if they’ll give you the best bang for your buck.

Pacific National Bank’s money market account options

PNB Personal Money Market account

Another account with a substantial opening deposit and minimum balance requirements.
APYMinimum Balance to Earn APY
0.35%$10,000-$49,999
0.35%$50,000 to $99,999
0.35%$100,000 to $999,999
0.35%$1,000,000
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $25, unless minimum balance of $5,000 is maintained, and you opt for e-statements, e-documents, online banking and basic bill pay
  • ATM fees: None at Pacific National Bank ATMs; four free transactions at Publix (Presto!) ATMs; otherwise, outside bank fees may apply
  • ATM fee refund: None
  • Overdraft fee: $35

This account does earn interest, once again at low rates in exchange for high balances. As with most of its other accounts, it comes with a hefty monthly maintenance fee that can only be waived with an equally hefty minimum balance is maintained, along with other requirements. As with the regular savings account, receiving paper statements will cost you an extra $5 per month. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month. Any additional withdrawals will cost an extra $20 each, imposed by the bank.

How to get Pacific National Bank’s money market account

Customers can open Pacific National Bank’s money market account online or in person at one of its Florida branches. You’ll need to provide your government-issued ID, Social Security number, and a way to fund the account.

SEE DETAILS Secured

on Pacific National Bank’s secure website

Member FDIC

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How Pacific National Bank’s money market account compare

Just like with the bank’s other interest-earning accounts, these rates lag far behind those on our list of the best money market rates. And from what we can see, its high fees (and challenges to avoid them), along with the high balance and deposit requirements, we have a hunch that you can easily find a better product to sock away your cash. Do your research, and possibly consider one of the accounts on our list instead.

Overall review of Pacific National Bank’s banking products

None of the rates on Pacific National Bank’s personal accounts make for any standout products, we’re sorry to to say. Not only that, but from what we can tell, most of the bank’s accounts come with high deposit and balance requirements, paired with fees that require some hoops to jump through to avoid them. Even if you’re a Florida resident who’s qualified to open a checking or savings account, it might not be convenient for you to pop into a branch to open one in person. In any case, we’re not sure if it’s worth the trouble. But if you’re truly interested in working with Pacific National Bank, be sure to do a little comparison shopping beforehand.

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BankPurely Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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BankPurely’s checking account option

CheckingPurely account

An interest-bearing account with no minimum balance required to earn the rate.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None on ATMs that are part of the Allpoint network; no charge from BankPurely on out-of-network ATMs, though the ATM owner may charge a fee
  • ATM fee refund: Only on surcharges from Allpoint machines
  • Overdraft fee: $30

This checking account is a great option for someone wanting to earn interest on their checking funds without having to worry about monthly fees and minimum balance and deposit requirements. While the account does not offer out-of-network ATM refunds, you shouldn’t have to worry about that, as you will have access to more than 55,000 Allpoint Network ATMs around the world. Other account benefits and features include a complimentary Mastercard iGodebitcard, online and mobile app access, free online bill pay and mobile check deposit. As an added bonus, to go along with its philanthropic support of human and eco-related causes, BankPurely will plant a tree in New York for every checking account opened.

SEE DETAILS Secured

on BankPurely’s secure website

Member FDIC

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How BankPurely’s checking account compares

With its lack of fees and balance requirements, and its ability to earn interest, BankPurely’s checking account is a definite contender for some of the best checking accounts out there. While its interest rate isn’t the highest available, it’s not on the low side, either. This account also has an easy-to-navigate mobile app and online user interface, which is key for any online bank. If you’re especially keen on going green and supporting environmental causes, this account’s paperless characteristics and planting trees bonus will likely appeal to you as well.

BankPurely’s savings account option

SavingPurely account

A savings account offering a high rate and minimal requirements.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None on ATMs that are part of the Allpoint network; no charge from BankPurely on out-of-network ATMs, though the ATM owner may charge a fee
  • ATM fee refund: Only on surcharges from Allpoint machines
  • Overdraft fee: $30

As with BankPurely’s checking account, the savings account is a hassle-free savings option with no monthly fees or balance requirements that also offers a decent interest rate. Other benefits include access to the surcharge-free Allpoint ATM network (which has more than 55,000 ATMs worldwide), a complimentary ATM card, easy-to-navigate online and mobile app access and mobile check deposit capabilities. Falling in line with its support of eco-friendly causes, BankPurely will also plant a tree for every savings account opened. Lastly, as with all savings accounts, this account is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals to six per month.

SEE DETAILS Secured

on BankPurely’s secure website

Member FDIC

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How BankPurely’s savings account compares

The perks that come with BankPurely’s savings account, such as its lack of fees and minimal requirements and its user-friendly online banking capabilities, definitely allow it to compete with some of the best available online savings accounts. Still, there are higher rates from other online banks out there, so if that’s a high priority, we encourage you to review our list. However, if you’re also particularly passionate about supporting environmental causes, then this account might be for you.

BankPurely’s CD rates

PurelyCDs

These CDs guarantee their rates for the duration of their terms and allow you to adjust the terms once they reach maturity.
TermAPYMinimum deposit requirement
12 months0.60%
$1,000
24 months0.15%
$1,000
36 months0.15%
$1,000
60 months0.15%
$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ worth of interest on amount withdrawn if original maturity is more than 1 and less than 3 years; 1 year’s worth of interest on the amount withdrawn if original maturity at least 3 years and less than 7 years.

BankPurely’s CDs rates are guaranteed for the term length you select, which can be for 1, 2, 3 or 5 years. Once your CD reaches maturity, you will have the option to adjust the term, add additional funds, open another CD with the bank, as well as withdraw your funds. These CDs also allow for easy online management, and as with its other products, the bank will plant a tree for every new CD that’s opened.

SEE DETAILS Secured

on BankPurely’s secure website

Member FDIC

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How BankPurely’s CD rates compare

Although BankPurely’s minimum deposit is pretty average compared with come of the best CD options out there, most of its rates simply aren’t as high — in fact, the rate currently decreases from the 24 month to the 36 month options, but then goes back up for the 60 month option. Even if you are drawn to the bank’s ties to green causes, we still suggest doing your research while considering a product that’s a bit more competitive.

BankPurely’s money market account option

PurelyMoneyMarket account

A tiered account that allows you to earn interest on balances over $25,000.
APYMinimum Balance to Earn APY
0.50%
$25,000-$74,999.99
0.50%
$75,000-$99,999.99
0.50%
$100,000
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $25,000
  • Monthly account maintenance fee: $15 if balance falls below $25,000
  • ATM fee: None on ATMs that are part of the Allpoint network; no charge from BankPurely on out-of-network ATMs, though the ATM owner may charge a fee
  • ATM fee refund: Only on surcharges from Allpoint machines
  • Overdraft fee: $30

BankPurely’s money market account allows users to earn interest on balances of $25,000 and up. If you open this account, you’ll want to make sure your balance never falls under that $25,000 mark (which happens to also be the minimum deposit amount) to avoid the monthly service charge, anyway. Although this account is separated into four separate tiers on the bank’s website, there are currently no differences between the tiers that earn interest, as they earn the same rate, assuming your account has the minimum balance of $25,000. Since this is a savings account, certain transactions are limited to six per month, per Federal Reserve Regulation D. Finally, as with BankPurely’s other accounts, this account comes with online and mobile banking capabilities, mobile check deposit and the planting of a tree.

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How BankPurely’s money market account compares

With its competitive rate, BankPurely’s money market account is definitely up there with the best of the best — it’s even on our list of the best money market rates and accounts available. Its minimum balance to earn the rate is a bit higher than other accounts on the list, but its rate still beats others. Where BankPurely’s money market account does lose points, however, is the fact that it does incur a monthly fee if you withdraw money and fall below that minimum balance requirement.

How to get BankPurely’s banking products

You can easily open BankPurely’s checking, savings, money market and CD account products online. To do so, you’ll need your Social Security number, a government-issued ID such as a U.S. driver’s license, and a current bank account and routing number to fund your account. If you’re applying for a joint or beneficiary account, you’ll need the other party’s name, Social Security number and form of identification as well.

Overall review of BankPurely’s banking products

While none of BankPurely’s products offer the highest rates out there, they’re all still pretty good. Having already made our “best-of” list, we say the bank’s money market account is the standout product, which offers a high rate if you don’t let the balance dip below the minimum requirement. If environmental causes are near and dear to your heart, the many conveniences this online-only bank offers make these accounts worth your while.