2.25% 15-Month CD & 2.10% 9-Month CD at Commercial Bank in TN & KY - Local Only

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Update 1/21/2010: The special CD rates have fallen, but they remain competitive: 1.75% APY 9-month and 2.00% APY 13-month.

Commercial Bank is offering two very competitive CD rates: 2.10% APY for 9 months and 2.25% APY for 15 months. The 9-month CD is a special. Both have a $500 minimum deposit. These rates are listed in the bank's rates page as of 12/18/09. Note, on the front page they're listing the 15-month CD with a 2.15% APY. I've emailed the bank to find out which rate is correct.

The bank also offers a high-yield reward checking account with a 3.01% APY for balances up to $25K (see my review).

It appears that a branch visit is required to open an account. Branches are located in several cities in Tennessee and Kentucky. Some of the cities include Harrogate, Knoxville, Kingsport, Luttrell, Pineville, Cumberland and Barbourville.

The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1976 (FDIC Certificate 22354).

Other Competitive Certificate of Deposit Rates

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3.01% Reward Checking Account at Commercial Bank in TN & KY - Local Only
Commercial Bank is offering a high-yield reward checking account called Hometown Rewards Checking. It has the following rates and features if certain monthly requirements are met:
  • 3.01% APY on balances up to $25,000
  • 0.51% APY for portion of balance over $25,000
  • 0.05% base rate if requirements are not met
  • Reimburses ATM fees nationwide per cycle
The monthly requirements include:
  • 10 debit card purchases
  • 1 Automatic Payment or Direct Deposit
Additional features of the account regardless of the monthly requirements include:
  • $100 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • Free Bill Pay
It appears that a branch visit is required...


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