2.53% 24-Month CD at Commerce National Bank in Texas - Local Only


Commerce National Bank is offering a competitive 24-month CD rate of 2.53% APY. Minimum deposit is $1,000, and the early withdrawal penalty is 90 days of interest. The CD rates are not listed at the bank's website. A reader mentioned these to me, and I just called the bank to confirm that this rate is still available as of 12/03/09. The CSR didn't know how much longer it would last.

The CD is also available in an IRA. The bank also has an 18-month no-penalty CD, but this rate is much lower at 1.51% APY. The Bank does a good job at listing the CD features in their CD overview page. It would be better if they also included the rates.

The 90-day early withdrawal penalty is a nice feature for a 2-year CD. The typical penalty is 6 months of interest. If you held this for one year and then did an early withdrawal, you would lose 25% of the accrued interest for the year. This would approximately equal the return of a 1.90% 1-year CD.

In addition to competitive CD rates, the bank also has an attractive reward checking account that currently pays 4% APY on balances up to $25,000. It has the typical reward checking requirements (see post).

A branch visit is required to open an account. Branches are located in the Texas cities of Austin, Bryan/College Station and Lubbock.

The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1978 (FDIC Certificate # 22752). The bank's actual name is Lubbock National Bank. It looks like they're trying to appeal to those outside of Lubbock with the Commerce name and website.

Thanks to the reader who emailed me news of this 2-year CD.

Other Competitive Certificate of Deposit Rates
Related Pages: CD rates, Lubbock National Bank, Dallas, Waco, Amarillo, Austin, Lubbock, IRA rates

High-Yield Reward Checking Account at Commerce National Bank in Texas - Local Only

Commerce National Bank is offering a high-yield reward checking account called AwardChecking with the following rates and features if certain monthly requirements are met:

  • 2.12% APY on balances up to $25,000
  • 0.60% APY on portion of balance over $25,000
  • 0.10% on all balances if requirements are not met
  • ATM fees refunded nationwide up to $15 per cycle

The monthly requirements include:

  • 12 debit card purchases
  • One direct deposit, ACH debit or Online Bill Payment
  • Sign on to Online Banking
  • Receive e-statements

Additional features of the account regardless of the monthly requirements include:

  • $500 minimum initial deposit
  • No minimum balance requirement
  • No monthly service...
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