Commonwealth National Bank review: Black-owned bank with free overdraft protection

Table of Contents: Masthead Sticky

Overall bank rating

Feature	Insider rating (out of 5)
Savings	3
Checking	3.25
CD	3.5
Money market account	2.75
Trustworthiness	4
Total	3.3

Pros and cons

Pros	Cons
Black-owned bank Free overdraft protection Competitive rates on longer-term CDs	Only available to people in Mobile, Alabama Low interest rates Compounds interest monthly, not daily Monthly fees on some accounts (unless you qualify to waive them) Only 6 free transactions from savings each quarter Difficult to get in touch with customer service

Savings

Commonwealth National Bank Regular Savings Account

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

Commonwealth National Bank Regular Checking Account

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.

CD

Commonwealth National Bank Certificate of Deposit

The Commonwealth National Bank Certificate of Deposit 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

Commonwealth National Bank Money Market Checking Account

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 Regular Checking Account 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 2	Mobile locations None; online	Mobile locations None; online
Standout feature Physical branches	Standout feature Early direct deposit	Standout feature High interest rates
Commonwealth National Bank Regular Checking Account	OneUnited Bank BankBlack Checking Account	Liberty Bank Personal Checking Account

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.

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