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Plains Commerce Bank 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
Plains Commerce Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Plains Commerce Bank started in 1931 and its headquarters are located in Hoven, South Dakota. It handles $650 million in assets and deposits totaling $559 million, classifying it as a medium-size bank. Plains Commerce Bank lacks premium access to customer service, with no options for live chat or all-day service. 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 commendable 4 out of 5 stars, Plains Commerce Bank is a respectable bank that gets the job done. Plains Commerce Bank provides customers with a diverse array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Plains Commerce Bank offers an option without a maintenance or monthly fee. Using a bank with free checking, in addition to a high interest rate savings account is the best bet for accruing the highest income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

Plains Commerce Bank features a savings rate of 0.07%, which is poor compared to the national average. Plains Commerce Bank's CDs feature a rate of 0.95% and 2.10% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given Plains Commerce Bank's below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Plains Commerce Bank's Savings Rates Compare

Plains Commerce Bank Savings 0.07 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Plains Commerce Bank charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Plains Commerce Bank's checking account is ideal for those who need an easy checking account. Also, Plains Commerce Bank has an overdraft fee of $30.00, which is considerably less than that of other U.S. banks. Plains Commerce Bank does not refund out-of-network ATM charges, which means you'll need to find a Plains Commerce Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Plains Commerce Bank is a brick-and-mortar bank, with nine total branches in North Dakota and South Dakota. With mobile and web apps, Plains Commerce Bank makes account access straightforward, even on the go. Plains Commerce Bank gets reasonably high praise from users for its mobile app. With 13 customer reviews across both Apple and Android platforms, the Plains Commerce Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). You can utilize Plains Commerce Bank's app to manage your finances by checking monthly statements, sending and receiving funds as well as reaching support representatives. Plains Commerce Bank gets a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

3.6
SmartAsset Average: 4.8

Plains Commerce Bank ranks as a medium-size bank owning assets totaling $650 million and deposits totaling $559 million. Plains Commerce Bank has a good Texas Ratio of 28.96%, signifying that the bank is in fine financial health. Additionally, Plains 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

28.96%
High Risk 75% 50% 20% 10% Low Risk

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 Plains Commerce Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.95% APY
  • 24 Month: 1.20% APY
  • 36 Month: 1.40% APY
  • 48 Month: 1.70% APY
  • 60 Month: 2.10% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

Plains Commerce Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Plains Commerce Bank does not have the best savings rate, which means you should consider other options 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. Plains Commerce Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Plains Commerce Bank Near Me

Plains Commerce Bank has nine physical locations in the U.S.

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