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Commercial Bank (TN) Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Commercial Bank Savings
0.20% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

Commercial Bank was founded in 1976 with headquarters located in Harrogate, Tennessee. It handles assets totaling $981 million along with $798 million in deposits, which makes it a medium-size bank. Commercial Bank does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. SmartAsset has rated Commercial Bank 4 stars out of 5, which means it is a respectable bank that deserves your consideration. 

Commercial Bank offers a mixture of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. Commercial Bank has a fair savings rate, which means other popular banks have higher rates. The bank's standard checking product carries a $3.00 monthly fee, which is not too bad compared to the national average. Keeping accounts in one place can be perfect when you want to get the most return on your deposits while retaining access to your money without having to wait for money to transfer between accounts.

Service Quality

Commercial Bank is a brick-and-mortar bank, with 28 total bank locations in Kentucky and Tennessee. With mobile and web apps, Commercial Bank makes account access easy, even on the go.  

Commercial Bank receives great ratings from users for its online presence: out of 30 customer reviews across iOS and Android platforms, the Commercial Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). You can utilize Commercial Bank's app to manage your accounts by looking at monthly statements, transferring funds as well as reaching customer service. Commercial Bank gets an exceptional consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.20% APY $25 Compare Offers
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 1.30% APY
  • 36 Month: 2.37% APY
  • 60 Month: 2.78% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.12% APY
  • 25K tier: 0.20% APY
  • $2,500
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $1,000 Compare Offers

It offers several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Commercial Bank does not have the best savings rate, which means you should think about other options for banks that offer 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 competitive compared to other U.S. banks.

Rates

With a savings rate of 0.20%, Commercial Bank ranks below the mean in comparison to the average U.S. bank. Its CD rates are 0.60% and 2.35% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.20%. Commercial Bank has a fair savings rate compared to the average savings account. Think about taking a look at other banks for savings accounts.

Compare Commercial Bank to Other Competitive Offers

Fees

On average, Commercial Bank charges its customers average fees as compared against the national average. At $3.00 per month, Commercial Bank's checking account is average for those who want a hassle-free checking account. 

Financial Health

Commercial Bank is currently a medium-size bank with assets totaling $981 million as well as $798 million in deposits. Commercial Bank's Texas Ratio is 21.45%, suggesting that the bank is in satisfactory financial well-being. Additionally, Commercial Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Commercial Bank Near Me

Commercial Bank has 28 physical locations in the U.S.

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