Overall bank rating
| 3 |
| 3.25 |
| 3.5 |
| 2.75 |
| 4 |
| 3.3 |
Pros and cons
|
Savings
0.06% APY $100 None 0.06% APY $100 None- Pros & Cons
- Details
- No monthly service fees
- $100 minimum opening deposit
- Low APY
- Only 6 transactions per quarter, then $5 fee each time
- Compounds interest monthly, not daily
- Black-owned bank in Mobile, Alabama
- Interest compounds monthly
- FDIC insured
- Pros & Cons
- Details
- Easy to waive $10 monthly service fee
- No out-of-network ATM fees
- Choose from an overdraft line of credit or free transfer from savings as overdraft protection
- $100 minimum opening deposit
- $10 monthly service fee
- Doesn't reimburse any ATM fees charged by out-of-network providers
- $35 overdraft fee, plus $2 fee each day your account is negative
- Black-owned bank in Mobile, Alabama
- Free ATMs at Commonwealth branches, in PNC ATM network, and at Publix stores
- Waive $10 monthly service fee by maintaining a $100 balance
- FDIC insured
- Pros & Cons
- Details
- Low APY on shorter terms
- $500 minimum opening deposit
- Competitive APY on longer terms
- Compounds interest monthly, not daily
- Must contact bank for early withdrawal penalties
- Black-owned bank in Mobile, Alabama
- Terms range from 30 days to 5 years
- Interest compounds monthly
- Member FDIC
- Pros & Cons
- Details
- Includes a debit or ATM card
- Includes paper checks
- No out-of-network ATM fees
- Low APY
- $1,500 minimum opening deposit
- $25 monthly service fee
- Doesn't reimburse any fees charged by out-of-network ATM providers
- Interest compounds monthly, not daily
- Black-owned bank in Mobile, Alabama
- Free ATMs at Commonwealth branches, in PNC ATM network, and at Publix stores
- Waive $25 monthly service fee by maintaining a $1,500 daily balance
- Interest compounded monthly
- FDIC insured
Pros
Cons
The Commonwealth National Bank Regular Savings Account is a good savings account if you want to avoid monthly fees. It pays a low interest rate, though.
Commonwealth also has a savings account for minors and one specifically for Christmas expenses.
Checking
None $100 None None $100 NonePros
Cons
The Commonwealth National Bank Regular Checking Account is a decent basic checking account. Its overdraft fees can get a little steep, but you qualify for free overdraft protection if you link this account to savings.
Commonwealth also has a Fresh Start Checking Account for people who may not qualify to open an account elsewhere.
Popular Articles
CD
0.07% to 0.50% APY $500 None 0.07% to 0.50% APY $500 NonePros
Cons
The Commonwealth CD is probably the bank's best product. The $500 minimum deposit is relatively low, and Commonwealth pays competitive rates on longer terms. (You can still find better rates with online banks , though.)
Money market account
0.05% APY $1,500 None 0.05% APY $1,500 NonePros
Cons
The Commonwealth National Bank Money Market Checking Account could be a good place to store your emergency fund , because it's like a savings account but with a debit card and paper checks. However, you'll need to maintain a $1,500 balance to waive the $25 monthly fee.
How Commonwealth National Bank works
Commonwealth National Bank is a Black-owned bank with two branches in Mobile, Alabama. Both branches have free ATMs. You can also use ATMs in the PNC Bank network and at Publix stores for free.
The bank does have a mobile app, but there aren't any online reviews.
Call customer service Monday through Friday from 9:00 a.m. to 5:00 p.m. CT. It can be difficult to get ahold of a representative, though, so you may be sent to voicemail.
Your deposits are FDIC insured for up to $250,000, or for up to $500,000 for joint accounts.
Is Commonwealth National Bank trustworthy?
Commonwealth National Bank does not have any recent public controversies.
The Better Business Bureau gives Commonwealth National Bank a B- in trustworthiness . The BBB measures trustworthiness by assessing responses to customer complaints, honesty in advertising, and transparency about business practices.
The BBB gives Commonwealth a B- because the bank hasn't responded to the one customer complaint on the BBB website.
On its website, Commonwealth states that it supports local nonprofits such as the Mobile chapter of the NAACP, Dearborn YMCA, and several churches.
How Commonwealth National Bank compares to similar banks
Commonwealth is the only Black-owned bank in Mobile. But we've compared it to Black-owned banks that you can access online: OneUnited Bank and Liberty Bank and Trust .
|
Mobile locations None; online |
Mobile locations None; online |
|
Standout feature Early direct deposit |
Standout feature High interest rates |
Commonwealth National Bank vs. OneUnited Bank
OneUnited Bank has some branches around the US, but not in Mobile. Commonwealth is the clear choice if you prefer in-person banking.
But if you're open to banking digitally, you may like some of OneUnited's unique features. For example, you can receive your paycheck and other direct deposits up to two days early .
Commonwealth National Bank vs. Liberty Bank and Trust
You'll like Commonwealth if you want a brick-and-mortar bank, but you might prefer Liberty Bank and Trust if you're interested in online-only banking. Liberty pays higher interest rates on savings and CDs.
About the author
Laura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
Via PakApNews