Tennessee Commerce Bank is offering a competitive savings account paying 2.30% APY as of 6/5/2009. That puts it near the top of the best savings and money market rates on the BestCashCow rate table. It's also offering a some top cd rates. As of 6/5/2009:
- 2.40% APY 12 months
- 2.45% APY 18 months
- 2.87% APY 24 months
- 3.27% APY 36 months
- 3.45% APY 48 months
- 3.65% APY 60 months
Opening and Funding
To open the savings account or a certificate of deposit, you'll need to download an application form, fill it out and mail it back with two pieces of identification. To fund the account, you can send a check with your application, use ACH, or use a wire transfer.
Some key things to know about the account include:
- The account is available nationally
- There is a $250 minimum opening deposit and balance to avoid a $2.50 monthly fee
- Trust accounts and POD accounts available
- $2.50 charge for more than one withdrawal per month.
Safety and Soundness
Based on FDIC data from March 31, 2009, Tennessee Commerce Bank has$1.266 billion in assets and $1.108 billion in deposits. Bauer Financial gives it 3.5 out of 5 stars (Good) for its safety and soundness. The bank is FDIC insured.
Credit for this find goes to BankDeals.
Please share any experience you've had with Tennessee Commerce Bank.
Comments
mab0313
June 25, 2009
Opening an account is slow and clunky. After Mailing an ACH form to fund account and mailing application with copies of two forms of ID you must wait for them to process and mail back signature cards which must then be mailed back to you as well as another ACH form to open your on line access. So far its been 10 days and I'm no where near done. They seem to move very slowly. Woman on phone told me they get lots of complaints because they are so slow...
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