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  Commerce Bank Savings Account

Commerce Bank Savings Account

in Savings Accounts from Commerce Bank · fdic

Unaffiliated

Commerce Bank Savings Account

Unaffiliated

in Savings Accounts from Commerce Bank · Member FDIC

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Highlights
Monthly Fee $0 - $3
APY (Annual Percentage Yield) 0.02%
APY Minimum Balance N/A

Commerce Bank Savings Account Review

Commerce Bank Savings Account is offered by Commerce Bank, a bank founded in 1865 and based in Kansas City, MO. Commerce Bank Savings Account is available in 11 states across the USA.

Key Takeaways
  • Low APY. The maximum annual percentage yield for this account is only 0.02%.
  • $0 monthly Service Charge available. This account charges a monthly service fee of up to $3, but the fee is waived if you keep a minimum balance of $300 or have a monthly direct deposit of $25.
  • No minimum initial deposit. There is no minimum balance required to open an account.
  • No ATM fees. Commerce Bank Savings Account does not charge fees on ATM transactions.
  • Bill pay. Pay your bills to practically anyone in the United States through Commerce Bank.
Commerce Bank savings account Pros & Cons
Pros Cons
  • Interest-yielding account.
  • Access to physical branches.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not provide access to a nationwide ATM network.
  • Does not come with a debit card
  • Only available in 11 states.
  • Higher than average wire transfer fees.
  • Monthly service charge (if minimums are not met).
Commerce Bank savings account FAQ

Are savings accounts from Commerce Bank federally insured?

Yes, your Commerce Bank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Commerce Bank offer a signup bonus?

Commerce Bank savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Commerce Bank savings account?

There is no minimum deposit to open a Commerce Bank savings account.
Commerce Bank Savings Account Minimums
Description
Minimum Balance to Avoid Monthly Fee $300
Minimum Direct Deposit to Avoid Monthly Fee $25
Minimum Opening Deposit Starting at $0

What APY does Commerce Bank offer?

Commerce Bank savings account offers an APY of 0.02% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Commerce Bank savings account charge?

Commerce Bank savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $300. Avoid the monthly fees by setting up a direct deposit of at least $25.

  • Outgoing domestic bank transfers come with a $40 fee.
  • Outgoing international bank transfers come with a $60 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
  • Commerce Bank savings account charges $2 every time you request a paper statement.

What features and perks does Commerce Bank savings account offer?

This savings account includes the following features:

  • Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
  • Fraud monitoring - Commerce Bank savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
  • Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
  • Mobile Banking Services - Commerce Bank savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.

Can you set up a direct deposit to Commerce Bank savings account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Commerce Bank savings account?

The customer support email for Commerce Bank savings account is mymoney@commercebank.com.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 11 states
  • Colorado
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Michigan
  • Missouri
  • Ohio
  • Oklahoma
  • Tennessee
  • Texas

Feature Breakdown

Minimum Balance to Avoid Monthly Fee $300
Minimum Direct Deposit to Avoid Monthly Fee $25
Minimum Opening Deposit Starting at $0
Monthly Fee $0 - $3
Paper Statement Fee $2
Returned Deposit Fee (Domestic) $11
Wire Transfer Fee - Domestic (Outgoing) $40
Wire Transfer Fee - International (Outgoing) $60
Bauer Financial A+/A Rating
Account Features
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Branch Access
  • Check Images with Statement
  • Fraud Monitoring
  • Free Bill Pay
  • Interest Bearing Account
  • Mobile Banking
  • Mobile Check Deposit
  • No ATM Fees
  • No Monthly Maintenance Fee
APY (Annual Percentage Yield) 0.02%

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