Started in 1904, Bank of Commerce has assets totaling $386 million and deposits totaling $322 million, classifying the institution as a small bank. Bank of Commerce, whose headquarters are in Greenwood, Mississippi, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 3.3 stars out of 5, Bank of Commerce should be more closely examined to see if its services satisfy your needs. Bank of Commerce has a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account maintains a $8.50 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best bet for getting the most income on your deposits alongside easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Bank of Commerce has a savings rate of 0.15%, which is fair as compared against the national average. Bank of Commerce's one-year and five-year term lengths CDs earn at a rate of 1.20% and 2.10%, respectively, while its highest-yielding money market account has an APY of 0.50%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.
How Bank of Commerce's Savings Rates Compare
Bank of Commerce generally has high fees compared to other U.S. banks. Its checking account has a monthly fee of $8.50, making it fair for anyone looking for a simple account. Bank of Commerce unfortunately does not reimburse out-of-network ATM fees, which means you'll need to search for a Bank of Commerce ATM or accept the fee.
Bank of Commerce is a brick-and-mortar bank, with seven total branches in Mississippi. It also offers access to a web app, for a straightforward online-banking experience. Bank of Commerce gets an outstanding consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Bank of Commerce is a small bank with assets totaling $386 million and deposits totaling $322 million. Its Texas Ratio is 1.47%, denoting that Bank of Commerce is in terrific financial well-being and far from failure. Additionally, Bank of Commerce is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.Back to Overview
Compare Bank of Commerce to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.15% APY||$300|
|Checking Account||0.1% APY||$1000|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.5% APY 0.5% APY||$10000 $15000|
Bank of Commerce has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bank of Commerce does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of Commerce's CD rates are fair compared to the average U.S. bank.Back to Overview
Find a Bank of Commerce Near Me
Bank of Commerce has seven branches in the U.S.Back to Overview