Founded in 1962, Commercial Bank has $526 million in assets and $418 million in deposits, which makes the institution a medium-size bank. Commercial Bank, whose headquarters are in Alma, Michigan, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Commercial Bank is a fair bank that you should look closer at to see if it fits your needs, with a score of 3.4 stars out of 5 from the SmartAsset team. Commercial Bank has multiple product offerings, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. Commercial Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product maintains a monthly fee of $6.00, although banks sometimes have requirements that allow you to waive the fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best option for returning the most income from your deposits alongside convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.05%, Commercial Bank ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 1.40% and the five-year CD has a rate of 2.20%. Given Commercial Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.
How Commercial Bank's Savings Rates Compare
Commercial Bank has typically high fees as compared against the national average. At $6.00/month, Commercial Bank's checking account is not great for people who need a hassle-free checking account. Commercial Bank unfortunately does not refund out-of-network ATM charges, meaning you will need to locate a Commercial Bank ATM or pay the ATM charge.
Commercial Bank is a brick-and-mortar bank, with 13 total bank locations in Michigan. It also offers access to mobile and web apps for simple access and banking on the go. Commercial Bank's online and mobile banking services receive poor scores from customers. The Commercial Bank mobile app has an overall rating of 3.0 out of 5 (out of 4 reviews on Apple and Android) compared to the national average of 3.8. You can utilize Commercial Bank's app to manage your funds by reviewing account balances, transferring funds as well as accessing customer service. Commercial Bank receives an excellent consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Commercial Bank is currently a medium-size bank and has $526 million in assets and $418 million in deposits. Commercial Bank has a strong Texas Ratio of 5.52%, denoting a small chance of failure. Additionally, Commercial Bank 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 Commercial Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$1|
|Checking Account||0.05% APY||$1|
|Certificates of Deposit|| ||$500 for all terms|
Commercial Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Commercial Bank does not have the best savings rate, which means you should think about taking a look elsewhere 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. Commercial Bank's CD rates are fair compared to the average U.S. bank.Back to Overview
Find a Commercial Bank Near Me
Commercial Bank has 13 locations in the U.S.Back to Overview