Tennessee Commerce Bank, although located in Franklin, Tennessee is a national bank and can accept deposits from people throughout the country. Recently they have been offering some very impressive savings rates (especially for a national bank).
As of today, they are offering a money market account which is yielding an almost unheard of APY of 2.30%. This is roughly twice the national average of 1.17% APY. What makes this account even more attractive is the low (acutally, no) minimum balance. Currently you can earn an APY of 2.30% for all balances between $0 – $100k.
If you are looking to stash more than $100,000 into this account, you will only earn an APY of 1.50% on balances above the $100k threashold. Tennessee Commerce Bank is FDIC insured and your deposits will be federally insured up to $250k.
If you are looking for a savings product with a fixed interest rate, they currently have an attractive 24 month CD with an interest rate of 2.50% APY. The national average for 2 year CDs sits at roughly 1.95% APY.
Tennessee Commerce Bank strives to provide excellent savings products for small and medium sized businesses as well as self-employed individuals.
Here are their core-values (as seen on their website):
- Do what we say we will do.
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Tags: Commerce, Tennessee Commerce
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