Commerce Bank, named one of the best banks in Kansas City and headquartered in Lebanon, Missouri, has a sizeable collection of certificate of deposit (CD) accounts. Terms range from three months all the way up to five years, and all terms except the shortest two have a minimum deposit requirement of $1,000. Three-month and six-month CDs have a $2,500 minimum, which could scare off some investors who aren’t looking to stash a lot of cash.
To open a CD, you’ll have to come in to one of the bank's 174 branch locations, located throughout Colorado, Indiana, Iowa, Kansas, Michigan, Missouri, Tennesee and Texas. You can begin your application online if you like, but you'll have to finalize the process in person.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.
Commerce Bank CD
Specific rates can vary depending on the branch location at which you open your CD. For the purposes of this article, we will be referring to the current rates that apply to the bank’s headquarters in Lebanon, Missouri, with a zip code of 65536.
| Term Length | Minimum Deposit | APY | |
| 3 Month | $2,500 | 0.01% | Compare CD Rates |
| 6 Month | $2,500 | 0.02% | Compare CD Rates |
| 12 Month | $1,000 | 0.03% | Compare CD Rates |
| 24 Month | $1,000 | 0.05% | Compare CD Rates |
| 36 Month | $1,000 | 0.05% | Compare CD Rates |
| 48 Month | $1,000 | 0.05% | Compare CD Rates |
| 60 Month | $1,000 | 0.10% | Compare CD Rates |
12-Month CD Interest Rate Comparison
Overview of Commerce Bank CDs
With seven different term lengths to choose from, there’s a good bit of variety in the offerings at Commerce Bank. However, the high minimum requirement for deposits can be prohibitive for many investors, especially for those looking to invest in multiple CDs to form a CD ladder. You’ll have to visit one of Commerce Banks’ physical branch locations in order to finalize your CD, although you are able to start the process online.
If you attempt to withdraw part or all of your principal before the maturity date, you will face a penalty for early withdrawal that will eat away at some of your earned interest. Specifics of the penalty will be dependent on a number of factors, including how far you are into your term, how much time is remaining on your term and your initial deposit to name a few. Whatever the penalty is, it will only apply to your earned interest and not to your principal. Still, you should always plan on not seeing your money until your maturity date when investing in a CD.
How Much You Earn With Commerce Bank Certificates of Deposit Over Time
Although more appealing than rates from enormous, nationwide banks, the rates offered at Commerce Bank are still on the lower end. As a consequence, the interest you’ll earn with them is far from lucrative. A $10,000 investment in a five-year CD will net you $150.90 in interest, whereas the same investment at an online bank like Ally could bring you thousands of dollars.
Interest is compounded daily for all Commerce Bank CDs, which is a mark in the bank's favor. You can refer to the below table to see how varying investments will fare in Commerce CDs of different lengths. Note that the calculations assume you leave all earned interest in the CD until your maturity date.
| Initial Deposit | 3 Month CD | 12 Month CD | 60 Month CD |
| $1,000 | - | $1,000.30 | $1,005.01 |
| $2,500 | $2,500.06 | $2,500.75 | $2,512.53 |
| $5,000 | $5,000.12 | $5,001.50 | $5,025.05 |
| $10,000 | $10,000.25 | $10,003 | $10,050.10 |
Compare Commerce Bank to Other Competitive Offers
How Commerce Bank CD Rates Compare to Other Banks'
Rates at Commerce Bank are slightly more competitive when you compare CD rates to those at large, national banks like BMO Harris or Chase. If you live in the Midwest near a branch location and you prefer to do your banking in person, then Commerce Bank will likely be a more attractive option. Compared to rates at online banks like Ally, however, Commerce Bank doesn’t stack up quite as well. What's more, the minimum deposit requirement at Commerce could turn away those who can't afford to deposit thousands, whereas Ally has no minimum requirement.
Note that the rates listed below are assuming a deposit of $2,500.
| Term Length | Commerce Bank | BMO Harris | Ally Bank | Chase |
| 3 Month | 0.01% | 0.05% | 3.00% | 0.01% |
| 12 Month | 0.03% | 0.05% | 4.75% | 0.01% |
| 60 Month | 0.10% | 0.25% | 3.90% | 0.01% |
Should You Get a Commerce Bank CD Account?
If you are an existing Commerce Bank customer and you’re interested in doing all your banking in one place, then you may want to consider opening a CD with Commerce. You could certainly do worse. However, if your main priority is getting the best rate possible, you would be better served looking elsewhere, perhaps at a smaller bank or an online outlet.
If you’re planning on opening a CD with Commerce Bank, keep in mind that you’ll need to bring two forms of identification and your Social Security number with you, along with information like your address and phone number, to the branch before you can purchase any CD.
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