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Commonwealth Business Bank Review

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Commonwealth Business Bank Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 2005, Commonwealth Business Bank has $1 billion in assets along with $896 million in deposits, classifying it as a medium-size bank. Commonwealth Business Bank, whose headquarters are in Los Angeles, California, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional 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 is a fair bank that you should further examine to see if it fits your needs. Commonwealth Business Bank offers a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Commonwealth Business Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $7.00, making it a rather expensive bank for checking. Using an institution with free checking, in addition to a high interest rate savings account is the best option for returning the most 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

With a savings rate of 0.35%, Commonwealth Business Bank ranks poorly as compared against the national average. Commonwealth Business Bank's CD rates are 1.50% and 2.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.35%. Given Commonwealth Business Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Commonwealth Business Bank's Savings Rates Compare

Commonwealth Business Bank Savings 0.35 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Commonwealth Business Bank charges customers high fees compared to other U.S. banks. Its checking account has a monthly fee of $7.00, which makes it fair for anyone looking for a simple account. Commonwealth Business Bank does not reimburse out-of-network ATM charges, which means you'll need to search for a Commonwealth Business Bank ATM or pay the withdrawal fee.

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. With mobile and web apps, Commonwealth Business Bank makes mobile banking convenient, even 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 lets you manage your funds by monitoring monthly statements, sending and receiving funds and reaching support representatives. Commonwealth Business Bank receives a superb 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.

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 and manages assets totaling $1 billion and $896 million in deposits. Commonwealth Business Bank has an excellent Texas Ratio of 1.63%, suggesting a low 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 0.35% APY $500
Checking Account 0.25% APY $500
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.60% APY
  • 60 Month: 2.75% APY
$1000 for all terms
Money Market Account 0.35% APY $2500

Commonwealth Business Bank has 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 consider 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 in comparison to the national average.

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Find a Commonwealth Business Bank Near Me

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

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