5 Star Bank VS Commerce Bank

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.20%APY
Savings/MMA
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Pros:

  • Variety of different accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • No monthly fees or minimum balances

Cons:

  • Money market account has tiered rates
  • Must meet requirements to earn interest
  • Daily debit card limits
  • Higher balances earn lower rates
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

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

Cons:

  • Only three withdrawals per month
  • Low-interest rates
  • Accounts have lots of fees
  • Customer service not open 24/7
5 Star Bank Review

5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.

5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.

There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.

Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.

To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.

5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.

5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.

Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.

Read the full 5 Star Bank review.

Commerce Bank Review

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.

Read the full Commerce Bank review.

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Capital One 360
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American Express National Bank
Savings 12/12/2018
APY 2.00%
Rate 1.98%
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Checkbook No
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E*TRADE Bank
Savings 12/12/2018
APY 1.90%
Rate 1.88%
For APY $1
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Checkbook No
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