Community Bank of Raymore Reviews: Checking, Savings, CD, and Money Market Accounts

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Updated on Tuesday, September 1, 2020

Community Bank of Raymore checking account options

Free Kasasa Cash

You can earn a good rate for this account…but only if you meet the requirements each month.

APY

Minimum Balance Amount to Earn APY

0.51%

$0 - $10,000 (but only if you meet requirements)

0.51% to 0.05%

Over $10,000 (but only if you meet requirements)

You will receive a much lower APY if you don’t meet requirements. check bank's website for the rate.

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: Up to $25 per month in out-of-network ATM fees if you meet requirements. If not, you won’t be refunded anything.
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

If you’ve been frustrated by the money in your checking account earning a low (or no) rate of interest, this account might be a good one to consider. But in order to earn that high rate, you’ll need to meet these two requirements by the end of each month:

  • Make at least one ACH payment or direct deposit
  • Make at least 10 debit card purchases of more than $5

These shouldn’t be difficult requirements to meet if you’re using the account as it’s designed. But, in the event that you don’t meet these requirements for a given month, you’ll simply earn the much-lower interest rate stated, and you won’t get any ATM fee reimbursements. That’s a lot better than many banks, which will charge you a monthly fee if you don’t meet the account requirements each month.

Any interest you earn and/or ATM fee reimbursements you receive will be credited to your account at the end of the month. In addition, you can only get electronic statements with this account — no paper statements, unless you want to pay $4 per statement.

How to get Community Bank of Raymore’s Free Kasasa Cash account

You can open this account in as little as 10 minutes online if you’re a U.S. citizen or resident alien. You’ll need:

  • Driver’s license or state-issued ID
  • Social Security number
  • Routing information from your previous bank to send over an opening deposit
  • Previous home address (only if you’ve lived at your current place for less than two years)

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Member FDIC

Free Kasasa Cash Back

This account has the same requirements as the Free Kasasa Cash account, but offers cash back instead of an interest rate.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: Up to $25 per month in out-of-network ATM fees if you meet requirements. If not, you won’t be refunded anything.
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

If you like the idea of cash back rewards programs more than earning interest, this might be a better checking account for you. You’ll need to meet the same requirements as the Free Kasasa Cash account:

  • Make at least one ACH payment or direct deposit
  • Make at least 10 debit card purchases of more than $5

If you can do that each month, you’ll earn a sweet 3% cash back on your purchases. Unfortunately, it does come with a few limitations. You’ll only earn this rate on the first $300 of purchases you make each month, and won’t earn anything after that. This means that no matter how much more you spend, you’ll be limited to earning just $9 per month, or $108 per year.

If you don’t meet the account requirements each month, then you won’t be charged any monthly fees or anything like some banks. However, you will forego any cash back earnings and ATM fee reimbursements for that month. You also agree to receive only electronic statements when you sign up for this account.

How to get Community Bank of Raymore’s Free Kasasa Cash Back account

If you’re a U.S. citizen or resident alien, you can sign up for this account by visiting a local branch or by applying online. It just takes a few minutes, and you’ll need your state-issued ID, Social Security number, routing information from your existing bank, and your old home address if you haven’t lived in your present location for more than two years.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Free Kasasa Tunes

If you’re a music lover, you’ll love this account that refunds a portion of your iTunes, Amazon, or Google Play purchases each month.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: Up to $25 per month in out-of-network ATM fees if you meet requirements. If not, you won’t be refunded anything.
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

This account is yet another variant of the basic Free Kasasa Cash checking account. This account is also unique because it comes with a sign-up bonus: you’ll receive a refund up to $9.90 on iTunes, Amazon, or Google Play purchases made during the first 90 days after you open the account.

In addition, you’ll receive that same reimbursement each month if you meet this account’s sole qualification: make at least 10 debit card purchases of $5 or more each month. If you don’t meet that requirement during a given month for some reason, no problem: you just won’t earn any reimbursements that month from ATM fees, or from purchases on iTunes, Amazon, or Google Play (up to $9.90).

Just like with the other Kasasa accounts, you agree to get electronic statements only with this account when you sign up. You can get paper statements, but that’ll set you back a hefty $4 per-statement fee.

How to get Community Bank of Raymore’s Free Kasasa Tunes account

If you’re a U.S. citizen or resident alien, you can sign up for this account by visiting a local branch or by applying online. It just takes a few minutes, and you’ll need your state-issued ID, Social Security number, routing information from your existing bank, and your old home address if you haven’t lived in your present location for more than two years.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Green Checking

Community Bank of Raymore’s most basic checking account doesn’t offer any rewards or cost anything.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

This account comes with no monthly fees. In fact, we’re not really sure why you would choose this account at all, since none of Community Bank of Raymore’s other checking accounts charge monthly fees either. At least then you’d have a chance at earning some kind of reward if you choose among those checking accounts.

Regardless, there are a couple of other things you should know about this account if you’re still interested. You agree to receive electronic statements as a condition of opening this account. Otherwise, it’ll cost you $4 per paper statement, although this fee is waived if you keep more than $10,000 in the account (as with the rest of Community Bank of Raymore’s accounts). If you decide to close this account within 90 days after opening it, you’ll also pay a $20 early account closing fee.

How to get Community Bank of Raymore’s Green Checking account

If you’re a U.S. citizen or resident alien, you can sign up for this account by visiting a local branch or by applying online. It just takes a few minutes, and you’ll need your state-issued ID, Social Security number, routing information from your existing bank, and your old home address if you haven’t lived in your present location for more than two years.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Interest Checking

If you don’t want to be bothered with the Kasasa checking account requirements but still do want to earn interest, this might be a better account for you.

APY

Minimum Balance Amount to Earn APY

0.05%

$0

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6, but only if your account balance drops below $400 and you’re not signed up for electronic statements.
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

With this account, you won’t have to worry about the Kasasa checking account requirements and you’ll earn interest (not a huge amount, but better than what you’ll find at most big banks these days).

However, you’ll still need to jump through a few hoops each month. You’ll need to keep a balance of at least $400 in your account and make sure you stay signed up for electronic statements, otherwise you’ll pay a monthly fee. You can get paper statements for $4 a statement, and this fee will be waived if you keep more than $10,000 in this account.

How to get Community Bank of Raymore’s Interest Checking account

If you’re a U.S. citizen or resident alien, you can sign up for this account by visiting a local branch or by applying online. It just takes a few minutes, and you’ll need your state-issued ID, Social Security number, routing information from your existing bank, and your old home address if you haven’t lived in your present location for more than two years.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Member FDIC

Wall Street Checking

This checking account for bigger balances offers a higher interest rate… and a higher monthly fee if you’re not careful.

APY

Minimum Balance Amount to Earn APY

0.05%

$0.01 - $2,499

0.15%

Over $2,500

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $8, but only if your account balance drops below $1,000
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

If you tend to keep your checking account balance on the higher side, you could potentially earn a better interest rate with this account than with the regular Interest Checking account. However, you’ll need to keep a larger account balance — at least $1,000 — or else you’ll pay a higher $8 monthly fee.

Other than that, this account works similarly to the regular Interest Checking account. You still get to write an unlimited number of checks per month and receive electronic statements for free. You can choose paper statements for a $4 fee per each statement, although this fee is waived if your account balance is over $10,000.

How to get Community Bank of Raymore’s Wall Street Checking account

You have two options for opening this account: either open it in a local branch, or online. It takes about 10 minutes to open the account online and you’ll need your driver’s license, social security number, previous home address (only if you’ve lived at your current address for two years or less), and the routing number for your previous bank account.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Member FDIC

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How Community Bank of Raymore’s checking accounts compare

Community Bank of Raymore’s checking accounts fall along a spectrum. Its Kasasa checking accounts offer fantastic interest rates and good perks such as ATM fee reimbursements. In fact, the Free Kasasa Cash account offers interest rates that are right on par with our current best online checking accounts.

On the other hand, the non-Kasasa checking accounts don’t really offer very high interest rates, nor do they come with many perks.

Community Bank of Raymore’s savings account options

Kasasa Saver

If you link this account up with your Kasasa Cash or Kasasa Cash Back checking account, your rewards will be transferred over automatically.

APY

Minimum Balance Amount to Earn APY

0.20%

$0.01 - $10,000 (but only if you meet requirements)

0.05%

Over $10,000 (but only if you meet requirements)

You will receive a much lower APY if you don’t meet requirements. check bank's website for the rate.

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

It may seem odd that Community Bank of Raymore’s Free Kasasa Saver account offers less interest than its Free Kasasa Cash account. But since they’re both tiered-interest accounts, you could maximize your earnings by doing the following.

First, keep your initial $10,000 deposit in the checking account. Any money you have left after that, pop it into this account where it’ll continue to earn more interest until you reach the $10,000 mark again (so, $20,000 total). Beyond $20,000, it doesn’t matter which account you store your money in since they both earn the same interest rate beyond that point.

Any money you earn with your Free Kasasa Cash or Kasasa Cash Back accounts can be automatically transferred into this savings account to help you save more. In addition, you are allowed to make up to six certain withdrawals per month (not including in-person or ATM withdrawals) under Federal Reserve Regulation D. For each withdrawal past that point, you’ll pay a $1 fee to Community Bank of Raymore, and you may even have your account closed if you exceed this limit too frequently.

How to get Community Bank of Raymore’s Kasasa Saver account

If you’re a U.S. citizen or resident alien, you can sign up for this account by visiting a local branch or by applying online. It just takes a few minutes, and you’ll need your state-issued ID, Social Security number, routing information from your existing bank, and your old home address if you haven’t lived in your present location for more than two years.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Member FDIC

Savings account

This plain Jane savings account only lets you make two free withdrawals per month.

APY

Minimum Balance Amount to Earn APY

0.05%

$0.01

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $1 if your account balance drops below $50
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

If you don’t have a Free Kasasa Cash or Kasasa Cash Back account and typically keep a fairly low savings account balance, this might be the only savings account you’re eligible for at Community Bank of Raymore. Unfortunately, it doesn’t earn very much interest, either.

One of the curious features about this account is that you can only make two free withdrawals per month. You can still make a withdrawal after that limit, but it’ll cost you $1 per transaction. You’ll also need to remember to keep your account balance above $50, otherwise you’ll end up paying a $1 monthly fee.

How to get Community Bank of Raymore’s Savings account

If you’re a U.S. citizen or resident alien, you can sign up for this account by visiting a local branch or by applying online. It just takes a few minutes, and you’ll need your state-issued ID, Social Security number, routing information from your existing bank, and your old home address if you haven’t lived in your present location for more than two years.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Member FDIC

Premier Money Management account

You’ll earn a higher interest rate with this account, but you can only make withdrawals on two days per month.

APY

Minimum Balance Amount to Earn APY

0.00%

$0.01

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 if your account balance falls below $10,000
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

This is the highest-earning account at Community Bank of Raymore. Rest assured that that rate will stay high as well, since the rate is pegged to the 13-week U.S. Treasury Bill index rate (less 0.25%). You can technically open it with as little as $25, we suggest waiting until you have at least $10,000 saved up so you can avoid the monthly fee.

This account also has some pretty tough restrictions on withdrawals. Currently, you can only make withdrawals on the 2nd and 4th Wednesdays of the month (or the next business day, if those happen to be a bank holiday). You can make a withdrawal outside of these two days, but it’ll cost you a hefty $25 per withdrawal. This is a very unusual feature for a bank.

As with most banks, you’ll be further limited under Federal Reserve Regulation D up to six certain withdrawals per month (not including ATM withdrawals or in-person withdrawals). You’ll pay a $1 per-transaction fee past this point, and if you exceed it too often, Community Bank of Raymore may close your account.

How to get Community Bank of Raymore’s Premier Money Management account

Unfortunately, you cannot open this account online. You’ll have to visit a local branch to open it

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Member FDIC

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How Community Bank of Raymore’s savings accounts compare

These savings accounts are odd. The two non-Kasasa ones have onerous withdrawal limitations in place. As well, while the interest rates that Community Bank of Raymore offers aren’t as meager as those offered at many big banks, they’re still not that great. You can earn much more — and for much less work — with one of these top online savings accounts.

Community Bank of Raymore’s CD rates

Certificates of Deposit

Make sure you’re ready to commit when opening these CDs, because the early withdrawal penalty is quite large.

Term

APY

30 days

0.05%

90 days

0.05%

6 months

0.05%

1 year

0.05%

2 years

0.05%

3 years

0.05%

4 years

0.10%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Either $100 or 3% of the amount you withdraw, whichever is more.

If you’ve got just $500 that you haven’t put to work, you can open one of Community Bank of Raymore’s certificates of deposit.

Because the early withdrawal penalty is so high, however, we recommend that you wait unless you know that you really won’t need that money back until it matures. If you had to pay the early withdrawal fee on a $500 deposit, for example, you’d have to shell out a steep $100 — 20% of your entire deposit, in other words. Most banks charge some small percentage of interest earned as an early withdrawal fee, which would likely be much, much less.

When your CD matures, you’ll get a 10-day grace period to go in any make any changes after it automatically renews into another CD with the same term.

One handy benefit that Community Bank of Raymore offers is its CDARS program. This is for people who have very large CD deposits exceeding the normal FDIC insurance limits ($250,000). With this program, you can open a CD with as little as $25,000 to as much as $50 million and still get full insurance protection on your deposit.

How to get Community Bank of Raymore’s CDs

If you’re a U.S. citizen or resident alien, you can purchase a CD by visiting a local branch or by applying online. It just takes a few minutes, and you’ll need your state-issued ID, Social Security number, routing information from your existing bank, and your old home address if you haven’t lived in your present location for more than two years.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Member FDIC

Rate Watcher CD

These CDs offer you the flexibility to increase your rate once during its term if interest rates rise.

Term

APY

15 months

0.05%

27 months

0.05%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000. If your balance drops below this amount, Community Bank of Raymore will close your CD.
  • Early withdrawal penalty: Either $100 or 3% of the amount you withdraw, whichever is more.

If it makes you a little nervous to commit your money to one interest rate for such a long period of time (especially considering the extraordinarily high early withdrawal penalty fee), this might be a better option for you. With the Rate Watcher CD, if the rate increases after you’ve made your opening deposit, you’re allowed to bump up to the new level — but only once per term.

When your CD matures, you will get the opportunity to withdraw the money penalty-free within a a 10-day grace period. After that, it’ll automatically renew into another CD of the same type.

How to get Community Bank of Raymore’s Rate Watcher CDs

You can open these CD accounts online as well, or in a local branch. It just takes a few minutes, and you’ll need your state-issued ID, Social Security number, routing information from your existing bank, and your old home address if you haven’t lived in your present location for more than two years.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Member FDIC

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How Community Bank of Raymore’s CD rates compare

Unfortunately, Community Bank of Raymore misses the mark when it comes to good CD rates. Maybe it would offer better rates if there was a Kasasa version of the certificates of deposit — however, there is not. In addition, the early withdrawal penalties for these CDs are unnecessarily high. If you’re looking for a high-yielding CD that offers a good rate with fewer fees, we suggest one of these CDs instead.

Community Bank of Raymore’s Money Market account options

Money Market account

This account doesn’t really offer much interest at all.

APY

Minimum Balance Amount to Earn APY

0.05%

$0.01 - $24,999

0.10%

$25,000 - $49,999

0.15%

Over $50,000

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 if your account balance drops below $1,000
  • ATM fee: No fees for in-network or out-of-network ATMs; however, the ATM’s owner might charge a fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $12 for overdraft charges up to $10. $29 for overdraft charges over $10.

Community Bank of Raymore’s Money Market account is basically just a savings account with the added feature of being able to write checks. It doesn’t really earn much more interest than their regular savings accounts (except for the Premier Money Management account, if you’ve got enough cash for that), so the only reason you might want to open this account is if you really need those check-writing capabilities.

This account also comes with some limitations. You are allowed to make up to six certain transfers per month (not including in-person transfers), otherwise you’ll pay a $10 per-transaction fee. You’ll also need to keep the balance in this account above $1,000 if you want to avoid the monthly fee. Electronic statements come standard with this account, but you can get paper statements if you want for a $4 monthly fee. Any withdrawals over six in one month (not including ATM withdrawals or in-person withdrawals) will be charged a $1 per-transaction fee, and Community Bank of Raymore may close your account if you exceed this limit too often.

How to get Community Bank of Raymore’s Money Market account

Head online or to a local branch to open this account. You’ll need to be a U.S. citizen or resident alien to open this account as well. Remember to bring your government-issued ID and the routing information for your previous bank so that you can make an initial opening transfer.

SEE DETAILS Secured

on Community Bank Of Raymore’s secure website

Member FDIC

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How Community Bank of Raymore’s Money Market account compares

There are a lot of places you can get money market accounts — many of which offer higher interest rates than Community Bank of Raymore. And when you compare this money market account to the best money market accounts out there, Community Bank of Raymore is just plain left in the dust.

Unless you like high fees and low interest rates with your money market account, we suggest going with one of those money market accounts instead. That way you’ll be more likely to come out ahead in your banking relationship.

Overall review of Community Bank of Raymore’s banking products

Community Bank of Raymore’s bank accounts are a bit hit-or-miss. Its Kasasa checking accounts do offer a great rate for checking accounts, and unique perks like cash back or limited reimbursement for Amazon, iTunes, and Google Play purchases. However, the rest of its accounts aren’t really worth their salt, especially when compared to the best accounts in their class.

Overall, we recommend marking down Community Bank of Raymore as a maybe on your list if you’re searching for checking accounts, and skipping the rest of its accounts for better ones.

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