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California First National Bank VS Commerce Bank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
0.25%APY
Savings/MMA
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Pros:

  • Reimbursement of ATM fees
  • Competitive interest rates on accounts
  • Interest rates are not tiered
  • Free first order of checks with checking

Cons:

  • Not a wide variety of accounts
  • High opening required amounts
  • Accounts have monthly fees
  • Not all CDs offer competitive 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
California First National Bank Review

You can withdraw money from any ATMs with the specific “Plus” logo. If you withdraw money from another ATM, you are reimbursed for the fees charged. CalFirst will reimburse up to $6.00 each statement cycle in ATM fees.

Most CalFirst accounts offer competitive interest rates. The interest rates are not tiered, so you earn the highest rates offered on any balance in the account. Interest is paid monthly on the actual daily balance.

The interest rates for CalFirst accounts are not tiered. Any amount you have in their accounts earns the competitive interest rates. You do not have to have a certain amount in the account to earn the most competitive rates.

The first order of checks is free when you open an interest checking account. You get an ATM card when you open an interest checking account. Free online bill pay comes with each CalFirst checking account opened.

CalFirst does not have a wide variety of accounts. No business accounts are available, only personal deposit accounts. One money market account and savings account are available. There is an interest checking and one regular checking account. CalFirst only offers five different CD terms.

CalFirst accounts have high opening amounts. The money market account and CDs require $5,000 to open. The interest checking account requires $2,500 to open. The savings account and regular checking account both require $1,000 to open.

The accounts at CalFirst all have a monthly fee. The fees range from $10 to $20 a month, depending on the account you open. Waive the fee by keeping a set amount in CalFirst accounts. You can also have a combined balance between a variety of CalFirst accounts.

Not all the CD terms offer competitive rates. The most competitive rates are the three-month, six-month, and the one-year terms. The two-year and three-year terms have interest rates much lower than the other terms. Regular CDs require $5,000 to open. The IRA CDs require $2,000 to open. The only fees are if you withdraw the money before the maturity date.

Read the full California First National 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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