Comerica Bank Review 2024 | Bankrate (2024)

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At a glance

3.4

Rating: 3.4 stars out of 5

Bankrate Score

CDs

Rating: 2.8 stars out of 5

Checking

Rating: 3.9 stars out of 5

Savings

Rating: 2.8 stars out of 5

MMA

Rating: 2.8 stars out of 5

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Overview

Comerica Bank is best for those who live in Michigan, Arizona, California, Florida or Texas and can meet the requirements to waive monthly fees on its accounts.

Highlights

Low Min Deposit

Overall

Comerica Bank offers a full suite of deposit products. While there are many types of accounts available, they tend to have low yields and high monthly fees. However, there are ways to waive the monthly fees on each account.

The bank’s website is fairly easy to navigate and offers a transparent breakdown of fees and rates. However, reviews for its mobile banking app are on the low side.

Pros

There are many types of accounts offered.
Savings and money market accounts come with an ATM card.
A wide variety of CD terms is available.

Cons

Deposit accounts come with high monthly fees, though they can be waived.
Annual percentage yields (APYs) on all accounts are far below average.
Branch access is limited to five states.
The bank’s mobile app is rated poorly.

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Comerica banking products

2.8

Rating: 2.8 stars out of 5

Bankrate Score

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Comerica savings overview

Comerica’s Statement Savings account requires $50 to open and a minimum balance of $500 to avoid the monthly maintenance fee. Otherwise, the monthly fee is $5.50. The fee is also waived for minors, those 62 and older with recurring federal payments and those who have a checking account with Comerica Bank.

Some unique features of the savings account are its ATM card and fraud detection tools. Account owners can make up to six free withdrawals per month, then it costs $5 to make a withdrawal. The account earns interest on all balances. However, the yield is bare minimum.

Pros

Though there is a monthly fee, it can be waived in several ways.
The Statement Savings account comes with an ATM card and six free withdrawals.

Cons

A balance of $500 is needed to waive the monthly fee if you don’t meet other requirements.
The savings yield is much lower than what other institutions are offering.

Comerica

APY

APY last updated between 6/21 and 6/27.

APY

APY last updated between 6/21 and 6/27.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Comerica APY APY last updated between 6/21 and 6/27. APY APY last updated between 6/21 and 6/27	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
06/04/2024	0.01%	0.58%
05/07/2024	0.01%	0.59%
04/02/2024	0.01%	0.58%
03/05/2024	0.01%	0.57%
01/02/2024	0.01%	0.58%
12/05/2023	0.01%	0.57%
11/07/2023	0.01%	0.60%
10/03/2023	0.01%	0.58%
09/05/2023	0.01%	0.57%
07/04/2023	0.01%	0.54%

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Comerica CD overview

Comerica Bank offers many CD terms, ranging from under a month to 10 years. Five of those terms are under a year long. The minimum deposit for all terms is $1,000.

While rates are tiered by CD balance, all tiers currently offer the same rate for each term as of the time of this review. The yield on a one-year CD is far below average. Yields increase slightly for longer CD terms, but they’re still meager.

In addition to its fixed-term CDs, Comerica Bank offers a one-year CD that comes with both a flexible rate and the opportunity to add money to it over time.

Pros

Unique CD terms are offered, including a term of seven to 29 days.
A specialty CD, the one-year flexible rate CD, is available.

Cons

Rates are far below average.
Higher balances do not earn higher yields.

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Comerica money market overview

Comerica’s Money Market Investment account gives account holders both check-writing privileges and an ATM card. It requires $50 to open, and there’s a $12 monthly maintenance fee. However, the monthly fee can be waived in a few ways, including: maintaining a $2,500 minimum daily balance, having a $5,000 average balance or having a Comerica Premier or Platinum Circle checking account.

The account earns a slightly higher rate than Comerica’s Statement Savings account, but that rate is still negligible compared to other options on the market.

Pros

The Money Market Investment account comes with check-writing capabilities and an ATM card.

Cons

The monthly maintenance fee is $12 if requirements to waive it aren’t met.
The minimum daily balance to waive the $12 monthly fee — $5,000 — is high.
Much higher rates on money market accounts are available elsewhere.

3.9

Rating: 3.9 stars out of 5

Bankrate Score

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Comerica checking overview

With Comerica’s Access Checking account, consumers get helpful tools such as mobile banking, online bill pay, a debit Mastercard or ATM card and access to financial advisors. There’s a $50 minimum requirement to open the checking account at a branch; online, there’s no minimum.

Customers are charged an $13 monthly maintenance fee unless they meet certain requirements, such as maintaining a $1,000 minimum daily balance, receiving at least $250 in direct deposits each month or having a Comerica business checking account. The monthly fee is also waived for students up to 26 years old and active or retired military members. If you choose to receive paper statements, the monthly fee is $2 more.

Comerica’s overdraft policy is fee-heavy. For the first overdraft occurrence in a year, $26 is charged. After that, each overdraft costs $34. Plus, if the overdrawn amount is paid back within five days, an additional $6 continuous overdraft fee will be charged per day.

One of the bonuses of having a Comerica checking account is that it automatically waives the monthly service fee for Comerica’s Statement Savings account.

In addition to the Access Checking account, Comerica offers three interest-bearing checking accounts, but these accounts come with higher minimum balance requirements and monthly fees.

Pros

There’s no minimum deposit requirement when you open the Access Checking account online.
Students and military members are not charged a monthly fee.
There are several other ways to waive the monthly fee, including by receiving $250 in direct deposit each month.
Account holders get the monthly fee for the Statement Savings account waived.

Cons

The $13 monthly fee is high if requirements to waive it aren’t met.
The overdraft policy comes with high fees.
To open one of Comerica’s interest-bearing checking accounts, there are high minimum balances and monthly fees.

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Bank fees

Fee	Charged?
Overdraft fee	$26 for first overdraft each year; then $34 per item
Account maintenance fees (if requirements not met)	$5.50 for savings; $12 for money market; $13 for checking
Out-of-network ATM fee	$2.50
Excessive transaction fee	$5

About Comerica Bank

First opened as Detroit Savings Fund Institute in 1849, Comerica Bank initially served only Detroit residents. It has since merged with several other institutions and now has over 400 branches across Michigan, Arizona, California, Florida and Texas.

Comerica Bank provides a wide variety of products and services, including deposit accounts for consumers and small businesses, credit cards, loans and insurance.

Customer experience

Customer service. Customer service can be reached over the phone on weekdays from 8 a.m. to 9 p.m. ET and on Saturdays 8 a.m. to 5 p.m. ET. There’s also 24/7 self-service banking available, which is done through an automated voice system. Customers can use this service to perform basic banking tasks such as checking their account balance, transferring funds and reporting a missing debit card.

Poorly rated app. Comerica Bank’s mobile app has average to below-average ratings on Google Play and low ratings on the Apple app store. Some user reviews note that the app crashes frequently.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Comerica Bank Review 2024 | Bankrate (2024)

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