Commerce Bank Review

How does your bank stack up?

  • Financial Rates: 1.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 3.5 Star Icon


  • Rewards for saving in money market
  • Free ATM transactions and refunds
  • Good variety of accounts offered
  • mySpending card


  • Only three withdrawals per month
  • Account interest rates are low
  • Monthly fees and other fees on accounts
  • Customer service not open 24/7

What You Need to Know

Get rewarded for saving money with Commerce Bank. When you open a myRewards money market account, you will earn a bonus at the end of each year. Commerce pays 0.05 percent of the average collected month-end balance after every 12 months. The maximum reward each year is $200.

Checking accounts offer free transactions at Commerce Bank ATMs. The CommerceRelationship checking account offers free transactions at ATMs across the nation. This account also offers up to $10 each month in ATM fee refunds. To have the fees refunded, the transactions must come from the CommerceRelationship account.

Commerce Bank offers a variety of accounts. These accounts include:

  • Five checking accounts
  • Student savings and checking account
  • myRewards savings account
  • myRewards money market account
  • Premier money market account
  • CDs terms from three-months to five-years
  • Personal loans, credit cards, and investment options
  • Business checking and savings accounts
  • Business loans, bonds, investments, and credit cards

Commerce offers a mySpending card, which is a reloadable Visa debit card. Load the amount you want onto the card. The card is accepted anywhere Visa is. There is not a monthly fee. It costs $5.95 to buy the card for the first time. You must load it with at least $20 the first time. There is a loading limit of $3,000 per week.

Savings accounts only allow for three withdrawals per billing cycle. Any more than three will cost you $2.00 per withdrawal. Federal regulations allow six withdrawals from a savings account per billing cycle.

The interest rates for Commerce Bank accounts are low. They are not competitive with other online-only banks. Their rates are typical of brick-and-mortar banks.

Accounts with Commerce Bank have a plethora of fees. They have monthly service charges ranging from $3-20, depending on the account. Some accounts have fees for paper statements, e-statements, and foreign ATM fees. The student checking account has a $2 fee for every check written and for each teller-assisted withdrawal. Know the fees and how to waive them before you open accounts.

Customer service is not open 24/7. Customer service hours are Monday-Friday from 8 a.m. to 8 p.m. Saturday from 8 a.m. to 4 p.m. These times are Central Time. There is a 24-hour account information line.

Digital or Mobile Banking

Commerce Bank customers can access their accounts online or through the mobile app. Between these two mediums, you can:

  • Set account alerts
  • Lock and unlock debit cards
  • Pay bills
  • View account balances and history
  • Pay others with Popmoney
  • Deposit checks
  • Find ATM or branch locations
  • Transfer money between Commerce Bank accounts
  • Make payments with Apple, Fitbit, Garmin, Google, and Samsung Pay

Cool Things

Bonus to Refer Friends

Earn $50 for you and $50 for a friend when you refer someone to open a Commerce Bank account. Your friend must register and open a checking account. They must then have one direct deposit of over $300 into the account. They must also enroll in paperless statements and online banking. Once those requirements are met, you will both receive the Visa Reward Card within 60 days.

Financial Education

Commerce Bank offers topics to help you learn how to better your finances. Learn how to meal plan and how to prevent fraud at the holidays. Other topics are saving money with an HSA and how to teach your kids about money.

myRewards Savings

Commerce Bank allows you to open up to five myRewards savings accounts. They can be for specific goals. If you make up to 11 deposits, one each month, Commerce will reward you with $50 on your 12th deposit. Only four withdrawals are allowed each year to earn the bonus. There is no required amount to open the account. To avoid the monthly fee, you must have a $25 direct deposit into the account, or have $300 in the account at all times. You must also have a Commerce checking account to qualify for the myRewards savings.


Commerce Bank opened in communities after the Civil War ended. The bank funded Long-Bell Lumber, which provided wood to railroads and communities.

Commerce Bank grew and expanded. As it acquired banks, they invested in the communities. They made smart business decisions over the years, which helped during the crisis of 2008. Because Commerce Bank had avoided risky mortgage options, they stood strong. They were the country's third-largest bank to decline government help.

Commerce Bank has been in business for over 150 years. They support communities, personal and business banking. Today they have over $24 billion in assets and $20 billion in deposits. They have 176 branches and over 400 online banking customers.

Awards and Recognition

  • Ranked 62nd as "American's Best Mid-Size Employers" by Forbes in 2017
  • Ranked 21st largest bank-owned trust company in the U.S.
  • Named one of three U.S. companies as "Outstanding Employer" in 2017

Giving Back

Commerce Bank installed electric car charging stations at 12 branches in St. Louis. Commerce customers can charge their cars while they are completing their banking needs. Since the charging stations have been open, they have saved 164 gallons of gas.

Commerce Bank has worked to make the environment better with recycling. They decreased how much paper they used by over six percent. Commerce Bank recycled more than three million pounds of paper. They recycled six hundred pounds of aluminum cans and 800 pounds of plastic bottles. They also installed solar systems in 12 branches since 2010.

Commerce Bank started an organization called RISE in 2016. It supports female employees working at Commerce. It stands for Respect, Inspire, Succeed, Empower. The organization helps recruit women and retain female employees. Since it began, Commerce has seen a growth in membership. There are now 450 total members.

List of Common Bank Fees

  • ATM Fees in the United States: $0-5
  • ATM fees international: $0-5, plus 2% transaction fee
  • Bill Pay: $0
  • CD Early Withdrawal Fees: Not listed
  • Excessive Withdrawal Fees: $2
  • Monthly Service Fees: $3-10
  • Overdraft Service Fees: Not listed
  • Paper Bank Statements: $1-4
  • Wire Transfers (Domestic): Not listed
  • Wire Transfers (International): Not listed

Frequently Asked Questions

Are all the accounts FDIC insured?

Yes. Commerce Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.

How do I access my money?

By debit cards, ATM, checks, transfers between Commerce accounts, and to external accounts.

Can I deposit cash?

Yes, at a local branch. Some ATMs may accept cash deposits.

How long do transfers take?

Most transfers take three business days. Some transfers are available the next day. Popmoney also takes three business days.

Can I sign up for direct deposit?

Yes. Signing up for direct deposit is one way to have the monthly maintenance fees waived.

Are ATM transactions free?

Transactions made at Commerce Bank ATMs are free. There may be a fee for using other bank's ATMs.

Are ATM transaction fees reimbursed?

The CommerceRelationship checking offers free ATMs around the nation. It refunds ATM fees up to $10 per month.

Is mobile banking or a mobile app available?

Yes. You can lock or unlock your debit cards. You can view transaction history, pay bills, and deposit checks.

Is bill pay offered?

Yes. All Commerce checking accounts offer free bill pay. You can access the bill pay online or through the mobile app.

Do the accounts offer competitive interest rates?

No. Their interest rates are similar to typical banks. Commerce Bank interest rates are not competitive with online accounts.

Do checking accounts earn interest?

Yes. Two of their checking accounts earn interest. The rates are not as high as some other banks, but they do earn interest.

What are the most popular accounts?

The myRewards checking account is popular.

What are the monthly maintenance fees?

Most Commerce Bank accounts have fees. Know how to waive the fees before you open an account.

Is this one of the best banks?

Commerce Bank interest rates are similar to your typical bank's interest rates. They are not competitive with other online-only accounts. Their accounts have monthly fees. However, they have a variety of accounts and branches.

How are my money and information protected?

They provide secure technology and firewalls. Set up passwords and security questions to secure logins. Commerce Bank automatically logs you out after a period of time. Text and email alerts also come with the accounts so you can keep track of any unusual behavior.

Are any business accounts offered?

Yes. Commerce Bank offers savings, checking, and money market business accounts. Credit cards, loans, and investment opportunities are also offered.

What makes these accounts different?

You can access your accounts online or by visiting a branch.

How do I reach customer service?

By phone, mail, email, or by visiting a local branch. You can follow Commerce Bank on Facebook, Instagram, LinkedIn, and Twitter.

Bank Contact Information

Commerce Bank

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Savings (Rate as of 7/18/2024)
APY 4.25%
Rate 4.16%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
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Savings (Rate as of 7/18/2024)
APY 4.50%
Rate 4.50%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >