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New Top Savings Account Rates at Tennessee Commerce Bank - Available Nationwide


Tennessee Commerce Bank

Update 6/17/2011: The special rates are no longer available. Existing customers are seeing the savings account rate slashed. See this post for more details.

Tennessee Commerce Bank is offering some very competitive special rates on its savings account when you also have a checking relationship. The savings account has a tiered rate structure with a 1.50% APY on balances from $250 to $100K and 1.55% APY on balances from $100K to $250K. This is listed on the bank's specials page as of 3/29/2011.

According to the specials webpage, this is starting April 1, 2011, but according to my chat session with the bank rep, these rates are in effect now. On April 1st, these rates will require the customer to have the checking relationship.

Below are some additional details that I was told in the chat session with the bank rep.

The special applies to the Classic Savings Account and the TCB Personal Checking Account.

The savings and checking accounts are available nationwide. There's a link on the specials webpage that takes you to the online application. I was told funding can be done by check or wire transfer. ACH transfer can't be done for the first deposit.

They do have an ACH transfer service that can be used after the account is opened. However, there is a $10,000 per day transfer limit. You can call or fax in a request for a higher limit, but there's going to be a $10 charge for this request starting April 1st. Using another bank's ACH system would probably be the best approach for large deposits and withdrawals.

Past Savings Account

This bank used to offer a competitive savings account back in 2009 called the TCB Savings Account, but it stopped offering the account later that year.

Top CD Rates

The bank is still offering some competitive CDs with yields ranging from 2.15% APY for 3 years to 2.65% APY for 5 years as of 3/29/2011. I reviewed these CDs on March 3rd.

Bank Overview

TCB is a one-office bank based in Franklin, Tennessee. The bank has long offered accounts nationwide so it's not the typical small bank. Based on the FDIC's December 2010 data, it has 99 employees, $1.44 billion in assets and $1.31 billion in deposits. The bank has an overall health score at of 3 stars (out of 5) with a Texas Ratio of 40.34% (below average) based on December 2010 data. Please refer to our financial overview of Tennessee Commerce Bank for more details. The bank has been a FDIC member since 2000 (FDIC Certificate # 35296).

How It Compares and Will It Last?

Compared to other liquid accounts without a balance cap, this TCB savings account is very competitive. The only one that is close is the checking account from The Morrill and Janes Bank which has a 1.51% APY as of 3/29/2011.

One important question is how long will these special rates last. I did not receive an answer on this question from my chat session. TCB does have a history of offering top rates like it did on its TCB Savings account back in 2009. Instead of lowering the rate, they stopped offering the account to new customers. I'm not sure how the rate held up for existing customers. If you were a customer, please leave a comment about your experience.

Searching for the Best Checking, Savings and Money Market Rates

  Tags: Tennessee Commerce Bank, savings account

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Comment #2 by Anonymous posted on
I opened the TCB Savings account back in September 2009 and shortly after that they stopped accepting new accounts.  They held the interest rate at 2.29% from September 2009 until March 1, 2011.  Compared to other savings accounts I felt I was fortunate to get in under the wire on that rate!  They recently changed the rate to 1.49% as you listed in your post.    

Comment #3 by Anonymous posted on
After they closed accepting new account, can you still make deposit to your existing account and enjoyed the same rate?

Comment #4 by Anonymous posted on
I opened the Classic Savings account online yesterday, 3/29. It was after hours so I was not able to call and ask questions. This morning I talked to a Rep and was told that since I opened the account before 4/1, I didn't have to open the Checking Account as Banking Guy told us. So today I am mailing the ID documents and check to fund the account. The Rep also said it's best to mail the documents by Certified Mail.

Comment #5 by RITA (anonymous) posted on
for  Anonymous - #4, -- How 's the application process? Hard pull or soft pull of your Credit.?

Comment #6 by Anonymous posted on
You are forced to open both a checking and a saving account and hold a minimum balance of $250 in both (to avoid monthly fee).  Of course, the checking account gives you a low interest.  I wonder why can't banks stop trying to game their own customers?

Comment #7 by Anonymous posted on
Just received a letter in the mail today 6/15 that was dated 6/6 - they are lowering the savings rate to 0.9% effective July 1, 2011.

They are giving 3 options:

1) Keep in svaings at 0.9%

2) Transfer to Money Market (0.96-1.07%)

3) Open a 30 month CD at 1.60% APRwith one free withdrawal with no penalty.

I am going to be transferring everything out - too bad they didn't stay competitive with Discover/Amex/Costco/ING.

Comment #8 by Anonymous posted on
Receive this same notice yesterday.

I think I may take option3, 30month CD 1.60% and 1 free withdrawal at anytime, with no penalty.

Why transfer everything out when we can make 1.60% interest and have the option to withdraw funds at anytime without a penalty? Nowhere can we make more than 1.26% interest, true with this smaller interest rate the money will be liquid.

Comment #9 by Anonymous posted on
I'm also very tempted by the CD option, especially since the "free withdrawal" offer is in writing on a signed letter.  Since it's money I'm not planning to access anyway, it makes sense to lock it in at 1.60% until rates get better.


Comment #10 by Anonymous posted on
still showing 1.54% as 7/1/11 in my account

Comment #11 by Anonymous posted on
according to CR they extended current rate to 7/15/11