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The bottom line: You might like Commonwealth National Bank if you live in Mobile, Alabama, and you value using a local brick-and-mortar bank. For more competitive interest rates on savings accounts or money market accounts, check out our best savings account guide or best money market account guide. 

Commonwealth National Bank: Overall Bank Rating

Commonwealth National Bank: Pros and Cons

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. The interest rate is about the same as the average savings account. 

Commonwealth also has a savings account for minors and one specifically for Christmas expenses.

Commonwealth National Bank Regular Checking Account

The Commonwealth National Bank Regular Checking Account might be worthwhile if you regularly maintain at least $100 in your account daily. That way, you'll be able to waive the $10 monthly service fee. Commonwealth National Bank also might be solid option if you want a checking account that offers free overdraft protection. 

Commonwealth also has a Fresh Start Checking Account for people who may not qualify to open an account due to their previous bank account history.

Commonwealth National Bank Certificate of Deposit

The Commonwealth National Bank Certificate of Deposit has a low minimum opening deposit. Commonwealth also pays decent interest rates on a variety of terms. (You can still find better rates with online banks, though.)

Commonwealth National Bank Money Market Checking Account

The Commonwealth National Bank Money Market Checking Account could be a good option if you would like a money market account that includes a debit card and paper checks.

Keep in mind you'll need to maintain a $1,500 balance to waive the $25 monthly fee.

How Commonwealth National Bank Works

Commonwealth National Bank is designated as a minority-led financial institution (MDI) by the FDIC. The FDIC defines an MDI as "a federal insured depository institution for which (1) 51% or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority."

Commonwealth National Bank has 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 a.m. to 5 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.

The Role of Black-led Financial Institutions

There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.

For example, Commonwealth National Bank has a second chance checking account. Most financial institutions use the credit reporting agency ChexSystems to evaluate a person's trustworthiness. However, a second chance checking account can be opened by anyone who has bad credit or no credit.

The bank also has a personal finance program called Enrich. Customers can learn about numerous personal finance topics like student loans and budgeting. 

Is Commonwealth National Bank Trustworthy?

We include ratings from the Better Business Bureau so you can see how an institution addresses customer issues. 

The Better Business Bureau gives Commonwealth National Bank a B- rating because it hasn't responded to one customer complaint on the BBB website.

Commonwealth National Bank does not have any recent public controversies.

Commonwealth National Bank vs. OneUnited Bank

You'll likely favor Commonwealth over OneUnited Bank if you prefer in-person banking. OneUnited Bank has some branches around the US, but not in Mobile.

If you're open to banking digitally, you may like some of OneUnited's checking account. Yu can receive your paycheck and other direct deposits up to two days early if you open the OneUnited Bank Black Wall Street Checking Account.

Commonwealth National Bank vs. Liberty Bank and Trust

You might like Commonwealth if you want a brick-and-mortar bank, but you may prefer Liberty Bank and Trust if you're interested in online-only banking. Commonwealth National Bank currently pays higher CD rates.

Commonwealth National Bank: Frequently Asked Questions