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Commerce Bank Review: Checking, Savings and CDs

Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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Commerce Bank Review: Checking, Savings and CDs

Commerce Bank
NerdWallet’s rating: 3.0 / 5.0

3.0 stars out of 5

Commerce Bank
Learn more
at Commerce Bank
Commerce Bank may work well for some consumers in its service area, especially those that have a loan, mortgage or brokerage account with the institution. However, the basic accounts have fees for a variety of services that are typically free at other banks.

The bottom line

  • Commerce Bank has 204 branches and 406 ATMs in Colorado, Illinois, Kansas, Missouri and Oklahoma.
  • It pays below-average interest rates on basic interest checking, savings and money market accounts.
  • Online and mobile banking are available, but there’s a 50-cent fee for mobile check deposits.

» MORE: NerdWallet’s best checking accounts

Our Ratings
Checking accounts2.5 stars out of 5
Savings3.0 stars out of 5
Certificates of deposit (CDs)2.5 stars out of 5
Customer experience3.0 stars out of 5
Other fees2.0 stars out of 5
Overall3.0 stars out of 5

Read on for more details about Commerce Bank’s checking and savings accounts, CDs, customer experience and overdraft fees.


2.5 stars out of 5
2.5 / 5.0

Commerce Bank’s myRewards Checking has an $8 monthly fee, but it’s waived with a single $500 direct deposit or a combined balance of $1,500 among your checking, savings and money market accounts. The minimum to open the account is $100. E-statements are free, but it’s $1 for e-statements with check and deposit ticket images. Paper statements are $3 or $4. There’s a free mobile banking app, but it costs 50 cents to make a mobile check deposit. If you use a non-Commerce ATM, the fee is $2.

Commerce’s most economical checking account is the paperless myDirect account. There’s no fee as long as you choose basic e-statements. However, it’s $2 to write a paper check or make a withdrawal in person, on top of the cost of the checks. If you make no transactions for 60 days, there’s a $3 monthly inactivity fee.


  • Eligibility for a myRewards savings account with an annual savings reward of up to $50 per account (see below).
  • Limited ATM network.
  • $2 fee for using non-Commerce ATMs.
  • 50 cent fee for mobile check deposits.

Account reviewed for rating: myRewards Checking.

» MORE: NerdWallet’s best free checking accounts


3.0 stars out of 5
3.0 / 5.0

Commerce Bank’s myRewards Savings account pays 0.02% annual percentage yield on balances of $100 or more. There is a $3 monthly fee, waived with a $300 minimum balance or one $25 electronic deposit.

One disadvantage is the limit of three free withdrawals or transfers per month. Additional ones cost $1. Most banks allow six. If you don’t use your account for 12 months, you’ll be charged a $5 monthly fee.

On the plus side, myReward Savings account holders can earn an annual savings bonus worth up to $50 for a single account. To get it, you must maintain a myRewards Checking account and make 11 consecutive monthly deposits — and no more than four withdrawals — per year. Once a year, Commerce will match your average monthly deposit over that period. The maximum value of the reward is $100 per household; that works out to about 9% of the required deposits.

  • Annual savings bonus up to $50 per account.
  • No minimum balance.

  • $3 monthly fee; waived with $300 minimum balance or one electronic deposit of $25 per month.
  • 0.02% APY is below the national average of 0.06%.
  • Only three free withdrawals or transfers a month; $1 each additional.
  • 50 cent fee for mobile check deposits.

Account reviewed for rating: myRewards Savings.

Certificates of deposit

2.5 stars out of 5
2.5 / 5.0

Commerce Bank’s regular two-, three- and five-year CDs all pay less than the national averages listed by the Federal Deposit Insurance Corp. For example, its two-year CD pays 0.30%, compared with a national average of 0.36%. If yield is a priority, use NerdWallet’s CD tool to compare offerings; some two-year CDs from online banks yield 1.5% or more.

  • Wide variety of terms available, from three months to five years.

  • High minimum deposit of $1,000 ($2,500 for short terms).
  • CD rates are mostly below average.

Account reviewed for rating: CDs.

Customer experience

3.0 stars out of 5
3.0 / 5.0

Commerce Bank’s limited ATM network is concentrated in Kansas and Missouri, with just a handful in the other states.

The mobile banking app receives 3.4 out of five stars from Android app store users but just two out of five from iOS users. For customer service, Commerce Bank reps are available by phone on weekdays from 8 a.m. to 8 p.m. and on Saturdays from 8 a.m. to 4 p.m. They’re also on Twitter weekdays 8 a.m. to 5 p.m. (all Central time). There’s also a 24-hour automated phone line.

Overdraft fees

2.0 stars out of 5
2.0 / 5.0

If you overdraw your account, the penalties can be severe. The overdraft/insufficient funds fee is among the highest at $35, and you can be charged multiple times. The maximum is $240 per day — that’s also steep relative to many other banks.

There are two types of overdraft services. You can sign up for overdraft cash advance on a Commerce Bank Visa credit card. The cash advances are in increments of $50, and the fee is 5% of the amount, with a minimum of $10, plus interest. You can also link a checking, savings or money market account, at a cost of $10 per overdraft transfer.

Commerce Bank
Learn more
at Commerce Bank
With Commerce Bank’s basic checking and savings account, fees can add up quickly, and the interest rates it pays are low. You can find options for lower-cost accounts with better yields on NerdWallet’s lists of best checking and best savings accounts.

Jeanne Lee is a staff writer at NerdWallet, a personal finance website. Email: Twitter: @jlee_jeanne.

Ratings methodology

NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, customer experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.

What the ratings mean:
5 stars out of 5 — Among the very best
4.5 stars out of 5 — Very good; only minor caveats for most customers
4 stars out of 5 — Good; issues that might make a difference to some customers
3.5 stars out of 5 — Fair; make sure strengths and weaknesses are a good match for you
3 stars out of 5 — Poor; proceed with great caution
2.5 stars out of 5 (or below) — Best to avoid