American Express VS Commerce Bank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
2.00%APY
Savings/MMA
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Pros:

  • Options on how to receive interest
  • No opening required amount
  • Pay credit card bill from savings account
  • Competitive interest rates on accounts

Cons:

  • Only offer savings and CD accounts
  • Must link account to a different bank
  • Funds not transferred immediately
  • No checks, debit cards, or ATM cards
  • 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
American Express Review

American Express Bank offers ways to receive the money you earn off interest. You can deposit it back into the account earning the interest. The interest can be transferred to your CD account. You can deposit the money into your linked external account, or receive a check. You can request a check to come monthly, quarterly, or annually.

There is no minimum amount required to open an account. You start earning interest with any amount deposited into the high-yield savings account. The more money you deposit, the more interest you earn, but no required amount.

Once you open a savings account with American Express, you can link that account to your credit card. Log into your account and link the savings account to the credit card. Paying your credit card bill from your savings account does count as a withdrawal.

American Express Bank offers higher interest rates than your typical bank. Their rates are competitive with other online banks. You can find the current rates are on their website.

American Express Bank only offers a high-yield savings account and CDs. To deposit money into the accounts, you must link it to your current banking accounts. You can also sign up for direct deposit from your employer or to make automatic deposits.

You must link your American Express accounts to your current bank account. You can then transfer money between the different accounts. Federal regulations only allow six transactions each billing cycle for savings accounts.

Transferring money to and from your American Express personal account is not immediate. Money coming into your American Express account is not available until the fifth business day. All other transfers take 1-3 business days.

American Express Bank does not offer checks, debit cards, or ATM cards for their accounts. To get your money, you must transfer it from your American Express savings account back into your linked external account. If you open a CD, you must wait until the maturity date to access your money without a penalty.

Read the full American Express 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.

Favorite Rates

Citizens Access
Savings 12/18/2018
APY 2.25%
Rate 2.23%
For APY $5,000
Monthly Fee $0.00
Checkbook No
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Synchrony Bank
Savings 12/14/2018
APY 2.05%
Rate 2.03%
For APY $0
Monthly Fee $0.00
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Capital One 360
MMA 12/18/2018
APY 2.00%
Rate 1.98%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
One of the Nation's Top Savings Rates - No Fees
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Ally Bank
Savings 12/18/2018
APY 2.00%
Rate 1.98%
For APY $0
Monthly Fee $0.00
Checkbook No
Open an Account Today. Ally Bank, Member FDIC.
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American Express National Bank
Savings 12/18/2018
APY 2.00%
Rate 1.98%
For APY $1
Monthly Fee $0.00
Checkbook No
Accounts offered by American Express National Bank. Member FDIC
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E*TRADE Bank
Savings 12/18/2018
APY 1.90%
Rate 1.88%
For APY $1
Monthly Fee $10.00
Checkbook No
Make the most of your savings - higher rates & a whole lot more!
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Open Account