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Commonwealth Business Bank Review

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Commonwealth Business Bank Savings
1.00% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Commonwealth Business Bank was founded in 2005 with its headquarters in Los Angeles, California. Commonwealth Business Bank handles $1 billion in assets along with deposits totaling $896 million, making it a medium-size bank. Commonwealth Business Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a poor 3.4 stars out of 5, Commonwealth Business Bank proves it is a fair bank that you should look closer at to see if it fits your needs. Commonwealth Business Bank has a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product has a $7.00 monthly fee, making it a rather pricey bank for checking. Locating an institution with no-fee checking as well as a high savings APY is the best option for gaining the highest income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.2
SmartAsset Average: 3.5

Commonwealth Business Bank features a savings rate of 1.00%, which is poor in comparison to other U.S. banks. Commonwealth Business Bank's CD rates are 2.25% and 3.20% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.75%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Commonwealth Business Bank's Savings Rates Compare

Commonwealth Business Bank Savings 1.00 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

On average, Commonwealth Business Bank charges its customers high fees compared to the average U.S. bank. Its checking account has a monthly fee of $7.00, making it fair for anyone looking for a hassle-free account. Commonwealth Business Bank unfortunately does not refund out-of-network ATM charges, which means you will need to find a Commonwealth Business Bank ATM or pay the ATM charge.

Monthly Fee $7.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Commonwealth Business Bank is a brick-and-mortar bank, with eight total branches in California and Texas. It also offers access to mobile and web apps for easy access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Thursday, 8:30 a.m. to 5:30 p.m. PT; Friday, and 9:00 a.m. to 6:00 p.m. PT. Commonwealth Business Bank's mobile app allows you to control your bank accounts by reviewing account balances, sending and receiving funds as well as reaching customer service. Commonwealth Business Bank receives an outstanding consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Commonwealth Business Bank is a medium-size bank with assets totaling $1 billion and deposits totaling $896 million. Commonwealth Business Bank's Texas Ratio is 1.63%, suggesting a negligible likelihood of failure. Additionally, Commonwealth Business 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.

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Compare Commonwealth Business Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 1.0% APY $500
Checking Account 0.25% APY $500
Certificates of Deposit
  • 12 Month: 2.25% APY
  • 24 Month: 2.60% APY
  • 36 Month: 2.75% APY
  • 48 Month: 3.00% APY
  • 60 Month: 3.20% APY
$1000 for all terms
Money Market Accounts 0.75% APY 0.75% APY $10000 $15000

Commonwealth Business Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Commonwealth Business 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. Commonwealth Business Bank's CD rates are fair as compared against the national average.

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Find a Commonwealth Business Bank Near Me

Commonwealth Business Bank has eight physical locations across the U.S.

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