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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

Commerce Bank
Learn more
at Commerce Bank

Commerce Bank has a small branch and ATM network scattered across the central region of the United States. Interest rates are relatively low, and fees can get expensive.

The bottom line

  • Commerce Bank has 182 branches in Colorado, Illinois, Kansas, Missouri and Oklahoma, but it’s strongest presence is in Missouri
  • Its services are accessible 24/7 through mobile devices and online 
  • Interest rates on all bank accounts — checking, savings and certificates of deposit — are low
  • Overdraft fees are particularly high

» Need a bank with wider reach? Explore NerdWallet’s best national banks

Our ratings
Checking accounts
Certificates of deposit (CDs)
Bank experience
Overdraft fees

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


3.5 / 5.0

Its CommerceBasic Checking has an $8 monthly fee, which you can avoid by having a direct deposit of at least $300 or by making 10 debit card purchases within one statement cycle. The account doesn’t offer interest, and the bank has a small ATM network, so it might not make sense to open a CommerceBasic checking account unless you’re in the bank’s service area. If you’re looking for an account where your money can idle, be careful — there’s a $3 monthly inactivity fee per month if you don’t make any transactions for 60 days.

  • Low minimum opening deposit at $100
  • Though the account isn't free, the $8 monthly fee is relatively easy to avoid
  • Small network of fewer than 400 ATMs
  • $2.75 fee for using non-Commerce ATMs
  • No interest

Account reviewed for rating: CommerceBasic Checking.

» Not what you’re looking for? Browse NerdWallet’s best free checking accounts


3.0 / 5.0

Commerce Bank’s myRewards Savings account doesn’t have a minimum opening deposit requirement. You can earn an annual bonus of up to $50 if you make deposits for 11 consecutive months, provided you withdraw only four times or fewer from the account. You can avoid the $3 monthly fee by keeping a $300 minimum daily balance or making an electronic deposit of $25 per month.

The account has its cons. Its interest rate is extremely low, at a 0.02% annual percentage yield, and there’s a $1 fee if you want to withdraw money from your account more than three times in a statement cycle. Most other banks will allow six withdrawals from savings accounts before they penalize you, if they do at all.

  • No minimum opening deposit
  • Get an annual savings bonus of up to $50 per account by depositing in your account for 11 consecutive months; to be eligible, you may not have more than more four withdrawals a year
  • $3 monthly fee waived with a $300 minimum daily balance or one electronic deposit of $25 per month
  • 0.02% APY is below the national average of 0.06% and way lower than other bank accounts that can offer upwards of 1%
  • Only three free withdrawals or transfers a month; each subsequent one will cost $1
Account reviewed for rating: myRewards Savings.

» Want to see better rates? Check out NerdWallet’s best savings accounts

Certificates of deposit

1.5 / 5.0

Commerce Bank’s CDs don’t pay much compared with those offered by competitors. Take the two-year CD rate, for example: Commerce Bank’s rates range from 0.25% to 0.50% depending on your ZIP code, whereas some online banks offer more than 2.0%.

  • Offers a wide variety of term lengths, from 3 months to 5 years
  • Minimum deposit requirement of $1,000 for CDs that are 1 year and longer

  • Interest rates are fairly low, ranging from 0.05% to 0.90%, depending on term length and ZIP code. You’ll be better off putting your money in a high-yield savings account or another bank with higher CD rates.
  • Minimum deposit requirement of $2,500 for 3- and 6-month certificates

Account reviewed for rating: CDs.

»Looking for better options? Read NerdWallet’s top CD rates roundup

Bank experience

3.0 / 5.0

Though the bank’s 182 branches are primarily concentrated in Missouri and Kansas, it has branches in central Illinois, Denver, and Oklahoma City and Tulsa, Oklahoma. It has a small network of 376 ATMs, and customers with CommerceBasic checking accounts are charged $2.75 every time they use another bank’s ATM. So it would make sense to bank with Commerce only if you live in an area it serves.

Its customer service representatives are available by phone from 8 a.m. to 8 p.m. Central time on weekdays and from 8 a.m. to 4 p.m. Saturdays. They also are responsive on Twitter, and the bank has a 24/7 automated phone line. Commerce’s mobile apps have room to improve, having received 2 and 3.1 stars out of 5 from iOS and Android users, respectively.

Commerce Bank recently updated its website to make it easier to navigate and more mobile friendly. Though basic account fees are clearly stated, others like those for overdrafts and out-of-network ATM transactions, are not. Fee schedules are available only in branches, or you can ask for them over the phone.

Overdraft fees

2.0 / 5.0

If you overdraw your account, the penalties can be harsh; the overdraft fee is a high $36. Banks typically limit the number of times you can be charged for overdrafts in a day. Commerce charges $36 for each overdraft or nonsufficient funds item and caps the total daily amount at $240. That’s steep — see how other institutions compare

There are two types of overdraft services: a cash advance program from a linked Commerce credit card and overdraft transfers from a linked account. If you have a Commerce Bank Visa credit card and sign up for the first service, money will be advanced to you in increments of $50. The service is not cheap: The fee is 5% of the amount, with a minimum of $10, plus interest. If you choose the second option, you can link another Commerce checking, savings or money market account that will transfer money automatically into an overdrawn account, at a cost of $12 per overdraft transfer.

Regional bank with low rates and high fees

Commerce Bank
Learn more
at Commerce Bank

You won’t make much money from the interest rates at Commerce Bank. If you’re not careful, you’ll wind up having to pay for accounts that would be free elsewhere. Overdraft fees are particularly high.

Although Commerce boasts a new and updated website, there are many other banks that might better serve you. Look for lower-cost alternatives 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.

Updated June 28, 2017

Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, 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 technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.