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Bank7 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
No Rate Information
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Pros:

  • Personal and business accounts offered
  • Online personal deposit accounts
  • Competitive rates for online accounts
  • Some accounts have low opening amount

Cons:

  • Accounts have monthly fees
  • CDs and checking have high opening amount
  • Interest rates not listed on the website
  • Online accounts only for new customers
  • 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
Bank7 Review

Bank7 offers a variety of personal and business accounts. Checking, savings, and money market accounts are available for personal deposit or businesses. They offer business and personal CDs, credit cards, and lending options. These accounts can only be opened in a branch location.

Bank7 offers online personal deposit accounts. These include checking, savings, money market accounts, and CDs. The term length of CDs offered are 24-month and 36-month CDs. Only one online money market and savings account per person can be opened. Customers can open more than one CD and checking account.

The Bank7 online accounts offer competitive interest rates. Those rates are much higher than the Bank7 rates for in branch accounts. To earn the most competitive rate, you must have a set amount in the account. Those accounts range from $100 to $10,000, depending on the account.

Some Bank7 online and in branch accounts have low opening required amounts. The savings accounts and Bank7 checking account only require $100 to open. The Super7 checking requires $1,000. The 6-month, 12-month, and 18-month CD terms also require $1,000 to open.

All Bank7 in branch checking accounts have a $1 monthly fee. This fee is easy to waive. Electronic statements, a direct deposit, or keeping a set balance waives the fee. The online Bank7 accounts have a monthly fee of $15. Waive the online fees by receiving electronic statements and keeping a set balance. That amount is $100 for high rate online savings and $5,000 for the online MMA.

Some CDs and one checking account have a high opening required amount. The 24-month, 36-month, and 48-month CDs require $10,000 to open and earn interest. The Premier7 checking account also requires $10,000 to open. The online money market account requires $5,000 to open.

Specific interest rates for in-branch accounts are not listed on the Bank7 website. To get account rates, call a bank representative. The interest rates for the savings account are tiered. To earn the best interest on the accounts requires a set account balance.

The online accounts at Bank7 offer the most competitive interest rates. These online accounts are only for new customers to Bank7. You can open these accounts online. Everything for the account is online.

Read the full Bank7 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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