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Commerce Bank Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon


  • Rewards for saving in money market
  • ID restoration
  • Many accounts, even business accounts
  • mySpending card


  • Only three withdrawals per month
  • Low-interest rates
  • Accounts have lots of fees
  • 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% of the average collected month-end balance after every 12 months. The maximum reward each year is $200.

ID restoration protects your information. Family ID restoration protects you and your family. Know if someone uses your personal information without your knowledge. ID Restoration Plus offers proactive credit and internet monitoring. Protect you and one family member by signing up for the plus plan. There is a monthly service charge of $2.95 for the family plan and $8.95 for the plus plan.

Commerce Bank offers a variety of accounts. Checking accounts, account for students, savings, money market, and CDs. They also offer business checking and savings accounts, loans, bonds, investments, and credit cards.

Commerce offers a mySpending card. This is a reloadable Visa debit card. Load the amount you want onto the card. The card is accepted anywhere Visa is. There is no monthly fee. It costs $5.95 to buy the card 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.

Interest rates for Commerce Bank accounts 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. Accounts have monthly service charges. There are also fees for paper statements, some E-statements, and non-Commerce Bank ATM fees. The student checking account has a $2 fee for every check written and for each teller-assisted withdrawal. Know the requirements to have fees waived.

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.

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 Topics

Commerce Bank offers a variety of 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 different 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 this 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.

Mid-West. Some of those businesses include Sprint, H&R Block, Trans World Airlines, and the Kansas City Royals.

Commerce Bank grew and expanded. As it acquired different banks, they invested into the communities. They made smart business decisions over the years. This helped them when the crisis of 2008 hit. 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 car 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. Six hundred pounds of aluminum cans and 800 pounds of plastic bottles were recycled. They also installed solar systems in 12 branches since 2010.

Commerce Bank started an organization called RISE in 2016. This is to support female employees that work at Commerce. It stands for Respect, Inspire, Succeed, Empower. This organization helps recruit women and retain female employees. Since it was started, Commerce has seen a growth in membership. There are now 450 total members.

Frequently Asked Questions

Is this bank FDIC insured?

Yes. Commerce Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means 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.

Does this bank offer mobile banking?

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

Is this bank free?

No. Most of Commerce Bank accounts have fees. Know how to waive the fees before you open an account.

Is this a good bank?

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 different accounts and branches.

Is this bank secure online?

Yes. 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.

Does this bank offer competitive interest rates?

Their interest rates are similar to your typical banks. There are other accounts that offer higher interest rates on their accounts.

Can I use this bank for my business accounts?

Yes. Commerce Bank offers a variety of different business accounts. Savings, checking, and money market accounts. Credit cards, loans, and investment opportunities are also offered.

How is the online bank different from the online banking my bank offers?

There are the same. You can access your accounts online or by visiting a branch.

Do their checking accounts pay interest?

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

How do I reach customer service?

By phone, mail, or by visiting a local branch.

Does this bank offer bill pay?

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

Can I deposit cash?

Yes, at a local branch.

How long do transfers take?

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

Can I sign up for direct deposit to this account?

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

Bank Contact Information

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