Commerce Bank is advertising a money market special with a 1.10% APY guaranteed until 12/31/2013. It’s called the Boston Blue Ribbon Money Market account. Minimum balance to qualify for the 1.10% APY is $5,000, and the maximum balance is $1 million. The offer isn’t listed at the bank’s website. It was recently advertised in a Boston newspaper. The ad is available online here as of 8/27/2013.
The ad says that this account can only be opened at one of the bank’s Boston locations. These branches are at 1320 Washington Street, Boston; 61 Brookline Avenue, Boston; and 423 Washington Street, Brighton.
According to FDIC records these Boston branches were recently established in August 2012. Most of the bank’s branches are located in Central Massachusetts.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 4.88% (excellent) based on March 2013 data. Please refer to our financial overview of Commerce Bank for more details. The bank has been a FDIC member since 1955 (FDIC Certificate # 17484).
How This Money Market Account Compares
This special is similar to what EverBank offers. For the case of EverBank, it has an intro rate of 1.10% that’s guaranteed for the first six months of account opening. This intro rate applies to the first $50K of the money market account and to the first $100K of the checking account. With a balance cap of $1 million, Commerce Bank’s money market special should be more appealing to large depositors.