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

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Updated on Tuesday, September 1, 2020

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.

SEE DETAILS Secured

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).

SEE DETAILS Secured

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.

SEE DETAILS Secured

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.

SEE DETAILS Secured

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.

SEE DETAILS Secured

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.

SEE DETAILS Secured

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
0.03%
$25,000-$49,999
0.05%
$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.

SEE DETAILS Secured

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.

SEE DETAILS Secured

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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