Banking » Reviews » Comerica Bank Review 2023: Great Product Pine, Low Rates
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Comerica Bank Review 2023: Great Product Pine, Low Rates

Comerica offers a full line-up of deposit, loan, credit, investment, and insurance products. Some of their products require the customer’s physical presence at the branch before opening.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Comerica Bank

Comerica Bank

Fees

$0 – $22

Our Rating

3.9
3.9/5

Current Promotion

None

APY Savings

0.01%

Comerica offers a wide range of banking services, including deposits, loans, credit, investments, and insurance products. They operate like traditional brick-and-mortar banks, so some services may require visiting a branch in person to open accounts.

It's important to know that like other physical banks, Comerica charges various fees to cover their costs. While they do have ways to waive some fees, eventually, customers may encounter charges. This is the trade-off for accessing services at a physical bank.

Even though the branches have regular business hours, Comerica remains available to customers beyond closing time. They offer a 24/7 interactive voice-response service for different time zones. Live agents are available during office hours on weekdays. However, customers can still handle banking tasks anytime and anywhere through online or mobile banking.

Comerica Bank Review

Comerica Bank Pros & Cons

Here are the main pros and cons of Comerica bank to know before opening an account:

Pros
Cons
Low Minimum Deposits
Low Interest On Savings
Wide Range of Products
Available only in 5 states
High Rates On Promotional CDs
Can't open CD account online

According to the J.D. Power 2023 U.S. retail banking satisfaction study, Comerica bank customer satisfaction ranked lowest in terms of customer satisfaction in the North Central, out of 21 banks. This is a bad sign for new customers and something Comerica has to improve.

Comerica Savings Account: Low Rates

Comerica Savings requires a minimum opening deposit of $50, with a monthly maintenance fee of $5. However, this fee can be waived if certain conditions are met.

These conditions include maintaining a minimum ledger balance of $500 each day, being a minor under 18, being 62 years or older with direct deposit of Social Security or pension payments, or having a Comerica personal checking account. 

Comerica Savings
Savings APY
0.01%
Savings Fees
$5 Can be waives if when you maintain $500 minimum Ledger Balance OR You are a minor under 18 years of age OR you notify us that you are 62 years or older with direct deposit of Social Security, pension or other federal recurring payments to your savings account OR you have a Comerica personal checking account
Minimum Deposit
$50

Additionally, there is a $5.00 withdrawal fee, and other fees may apply. For more detailed information on fees and terms, refer to the Personal Services and Charges Brochure and the Comerica Business and Personal Deposit Account Contract.

You need to look elsewhere if you're looking for good savings rates.

Checking Account

Comerica offers four types of checking accounts: Access Checking, Rich Rewards® Checking, Premier Checking, and Comerica Platinum Circle Checking®.

Access
Rich Rewards
Premier
Platinum
Minimum opening
$50
$50
$50
$50
Monthly fee
$13
$18
$22
$0
Daily balance to waive fee
$1,000
$5,000
$7,500
$50,000
Interest Bearing
No
Yes
Yes
Yes
non-Comerica ATM Refund
No
No
Yes
Yes
Free Checks
No
No
No
Yes
  • Access Checking: This is the basic checking account that comes with a Statement Savings Account and is suitable for those with basic checking needs and a minimum daily Ledger Balance of $1,000. It offers benefits like no monthly fee for Comerica Web Banking Bill Pay, Debit Card or ATM Card, and Check Safekeeping.

  • Rich Rewards® Checking: This interest-bearing checking account is for those looking for a more robust option, requiring a minimum daily Ledger Balance of $5,000. It provides all the benefits of Access Checking, along with additional advantages such as higher interest rates on new fixed-rate CDs and IRAs, choice of a Money Market Investment Account (MMIA) or Statement Savings account with no monthly fee, and refund of Comerica ATM fees for using non-Comerica ATMs in the U.S.

  • Premier Checking: This interest-bearing checking account is designed for individuals with broader financial needs, requiring a minimum daily Ledger Balance of $7,500. It includes all the benefits of Rich Rewards® Checking, along with dedicated customer service, increased interest rates on certain CDs and IRAs, and higher money market interest rates.

  • Comerica Platinum Circle Checking®: This high-interest checking account is best suited for customers maintaining a $50,000 average daily Ledger Balance in personal or business deposit accounts or meeting other qualifications. It offers the benefits of Premier Checking, as well as preferred rates, a higher withdrawal Comerica Debit Card or ATM Card, and no monthly maintenance fee for a household member's checking account.

Overall, each account type comes with different features and benefits tailored to various customer needs and financial requirements.

CDs: Competitive Rates On Special CDs

Comerica offers two types of checking accounts:

  1. Fixed Rate CDs: They provide a range of fixed-rate terms to suit different savings strategies, but the interest rates are generally low, except for special promotional rates for certain terms like 6 or 12 months. The CDs have automatic renewal at the prevailing interest rate upon maturity. Customers with a Comerica checking relationship may qualify for an interest rate bonus. To open this account, a minimum deposit of $1,000 is required, and early withdrawal may incur penalties, with fees potentially impacting earnings.

  2. Flexible-Rate CDs: These accounts allow customers to make additional deposits of at least $100 at any time, increasing interest earned as the balance grows. A one-time withdrawal of up to 50% of the principal balance can be made without incurring an early withdrawal penalty; otherwise, early withdrawal may result in penalties.

Comerica Bank Fixed Rate CDs
6 Month
5.25%
9 Month
5.00%
12 Month
4.75%
Minimum Deposit
$1,000

While Comerica doesn't offer a variety of special CD terms, the CD rates are quite high compared to other banks and credit unions.

Should You Consider Comerica?

Would Comerica be a top-of-mind choice when looking for a bank?

Even if you live in any of the states that they serve, the bank would probably not be your number one choice. For one, there are many banks in the same area that are better prospects in terms of products, rates, location, and service.

You may also see that although it’s easy to open some of their accounts in terms of the opening deposit, maintaining your account requires more money than what other banks are asking. Plus, the fact that some accounts require your physical presence in the branch can also be a big turn off. 

If your needs are simple and you prefer face-to-face banking, and if you are not so particular about deposit interest rates, this could be worth a try.

Alternative Banking Options

sofi logo
CIT-Bank-Logo
Capital One
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
up to 4.60%
5.05%
4.30%
Checking Account Fee The monthly fee on checking account
$0
$0
$0
Checking Minimum Deposit
$0
$100
$50
Mobile App Rating
4.8/5 on iOS, 4.2/5 on Android
4.6/5 on iOS, 4.2/5 on Android
4.8/5 on iOS, 4.7/5 on Android
BBB Rating
A+
B
A

Banking Reviews

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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