Commerce Bank MyRewards Savings (IL,KS,MO)

by Andy Hough on July 25, 2009

I have written before about Commerce Bank’s myRewards checking account which provides up to $125 in bonuses. Commerce Bank now has two new bonus offers, myRewards Savings and myRewards Money Market, available to myRewards checking account holders.

The savings account bonus if the better deal. I didn’t find the money market bonus to be worthwhile. Here is how the savings account bonus works. Make monthly savings deposits for 11 months in a row, and Commerce will reward you by making your 12th month’s deposit up to $50 per account free, up to a maximum of $100 per household for all eligible accounts. The bonus reward is calculated as an average of your deposits made to each myRewards Savings account during the previous 11 consecutive months. There is no minimum balance or monthly service charge.

Since the account only pays .15% interest I would put in just enough money to collect the bonus. My strategy would be to open two savings accounts and make $50 deposits to them each month to obtain the max $100 bonus in the last month. Combined with the interest the savings account pays your effective return would be well over 10%. This is quite a bit of work for $100 but if you combine it with the $125 in myRewards checking bonuses it could be worthwhile. This offer is only available in locations with Commerce Bank branches. Read their promo page for more info on this bank bonus.

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