Update: The 1.50% APY savings account rate offered by Tennesse Commerce bank has been adjusted down to 0.90% APY. Anyone who signed up for the special will have their rate reduced to the 0.90% APY on July 1, 2011.
For the current interest rate environment, the 0.90% APY savings account rate offered by Tennessee Commerce is less than stellar.
Requirements for this offer:
- Open a checking account (either Business or Consumer)
- Open a savings account
- Maintain at least $250 in the savings account
Mind the Fine Print
The savings rate of 0.90% APY can change at any time. Here is the link to the current specials listed on the Tennessee Commerce Bank website:
https://www.tncommercebank.com/currentrates.html
The Personal Checking account reimburses ATM fees up to $5 per month and charges a $25 monthly fee unless a balance of $250 is maintained. Be aware that you will probably get a hard pull on your credit when you apply for the checking account.
Unlike many other bank offers, this one doesn’t require you to setup an ACH/payroll deposit every month to qualify for the special rate.
There are several options for choosing business checking account, the Basic Business Checking and the Business Money Market have no monthly fees. Here is the chart of checking accounts:
You can find the above chart on this page:
https://www.tncommercebank.com/checking_business.html
You can apply for both the consumer savings and checking accounts online here: https://www.tncommercebank.com/forms_personalaccountrequest.html
If you prefer the business checking option, here is the link:
https://www.tncommercebank.com/forms_business.html
Before applying for any savings account, be sure to check the latest money market rates chart.
