Massachusetts-based Commerce Bank & Trust Company (Commerce Bank) has added a new Platinum Money Market account to its product line. Balances of $50k+ earn 1.24% APY, with balances under $50k earning 0.75% APY.
I spoke with CSR at length about this new product. Here’s what I found out:
Monthly Fees - If you have less than $25k in combined balances at Commerce Bank, there is a $15 fee.
Closing Fees - There is no closing fee.
Accrued Interest - There is no loss of interest that has accrued but has not yet been credited to the account. In other words, whatever you have earned it is yours to keep, no matter when in the month the account is closed.
Checking Writing - Three checks per month are allowed.
ACH Transfers - Other banks are allowed to do ACH transfers. Commerce Bank’s version of ACH Transfers is their online bill pay program.
Headquartered in Worcester, Massachusetts, Commerce Bank offers its product line to U.S. Citizens and Resident Aliens, 18 years or older, who reside in Massachusetts, New Hampshire, Rhode Island, or Connecticut.
When I was gathering information for this blog post, I discovered Commerce Bank’s online application doesn’t list the Platinum MMA. CSR seemed surprised when I asked about it, because her information sheet about this new product indicated that it was available online. Bottom line, if you wish to open a new Platinum MMA online, it currently requires a phone call to Commerce Bank until the online application is updated.
FYI – The link to the online application isn’t prominently displayed on the Bank’s website. On the left side of the Savings Rate page, there is a drop-down menu titled "Online Resources;" that’s where the link to the online application can be found.
The Platinum MMA can also be opened at any of 16 Massachusetts branches located in Boston (2), Brighton, Holden, Leominster, Marlborough, Milford, Shrewsbury, Webster, West Boylston, Westborough, and Worcester (5).
Commerce Bank & Trust Company, (FDIC Certificate # 17484) has an overall health grade of "C+" at DepositAccounts.com, with a Texas ratio of 13.25% (above average) based on December 31, 2015 data. Commerce Bank has an average capitalization level of 9.11% APY, a result of holding $2.01 billion in assets with $183.5 million in equity. Please refer to our financial overview of Commerce Bank for more details.
Founded in 1955, Commerce Bank & Trust Company served Central Massachusetts for more than 40 years before well-known Worcester businessman, David Massad, purchased a substantial majority of the Bank’s stock. In the years following Massad’s stock purchase, the Bank expanded its market area and in 2012 acquired the Boston-based Mercantile Bank & Trust Company. In the past 5 years, Commerce Bank has become a regional bank leader with assets in excess of $2 billion.
How the Platinum Money Market Compares
As the Platinum MMA is available in multiple states, I have chosen to use nationally available accounts for this comparison. Therefore, when compared to the 111 Money Market Accounts tracked by DepositAccounts.com that are available nationwide, Commerce Bank's Platinum Money Market APY currently ranks second, regardless of minimum deposit.
The above rates are accurate as of 5/18/2016.