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First Commerce Bank Review

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First Commerce Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Commerce Bank was founded in 2002 with headquarters located in Lewisburg, Tennessee. It manages assets of $355 million and deposits totaling $321 million, making it a small bank. First Commerce Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 4.3 stars out of 5, First Commerce Bank should be solidly in contention for your choice of bank. First Commerce Bank provides customers with a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account has a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Finding a bank with free checking as well as a high savings APY is your best bet for returning the highest income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
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

First Commerce Bank features a savings rate of 0.25%, which is poor as compared against the national average. Its one-year CD earns at a rate of 1.75% and the five-year CD earns at a rate of 2.80%, while its highest-yielding money market account earns at a rate of 0.30%. Given First Commerce Bank's poor savings rate, you should think about other options to earn more on your deposits.

How First Commerce Bank's Savings Rates Compare

First Commerce Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

On average, First Commerce Bank charges its customers above-average fees in comparison to the national average. Its checking account has a monthly fee of $5.00, making it fair for anyone looking for a simple account. Additionally, at $33.00, First Commerce Bank has a significantly lower overdraft fee compared to the average U.S. overdraft fee. First Commerce Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll be required to search for a First Commerce Bank ATM or pay the cost of withdrawal.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $33.00 National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

First Commerce Bank is a brick-and-mortar bank, with four total branches in Tennessee. With mobile and web apps, First Commerce Bank makes account access straightforward, even on the go. First Commerce Bank's online and mobile banking services get high marks from users. The First Commerce Bank mobile app has an overall rating of 4.7 out of 5 (with 16 customer reviews on iOS and Android) compared to the national average of 3.8. First Commerce Bank's mobile app allows you to manage your finances by checking monthly statements, sending and receiving money as well as accessing support representatives. First Commerce Bank receives a superb consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.7/5
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

First Commerce Bank ranks as a small bank with assets totaling $355 million and $321 million in deposits. First Commerce Bank has an excellent Texas Ratio of 1.66%, indicating a low probability of failure. Additionally, First Commerce 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 First Commerce Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.25% APY $1000
Certificates of Deposit
  • 12 Month: 1.75% APY
  • 24 Month: 2.15% APY
  • 36 Month: 2.35% APY
  • 48 Month: 2.65% APY
  • 60 Month: 2.80% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

First Commerce Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Commerce Bank does not have the best savings rate, which means you should think about looking 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. First Commerce Bank's CD rates are fair compared to the national average.

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Find a First Commerce Bank Near Me

First Commerce Bank has four locations across the U.S.

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