Banking » Reviews » Comerica Bank Review 2024: Great Product Pine, Low Rates
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Comerica Bank Review 2024: 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: June 3, 2024
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: June 3, 2024

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.

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY

live-oak-bank-logo

Savings Rate: 4.40% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.75% APY APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers

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
0.05%
9 Month
0.05%
12 Month
0.05%
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%
Up to 5.00%
4.25%
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

The Smart Investor Bank Reviews: Ranking Methodology

The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:

  • Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.

  • Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.

  • Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.

  •  

By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.

Banking Reviews

Picture of 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.
Search
Banking Reviews
Best Banking Accounts
Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY
Quontic bank logo
Savings Rate: 4.50% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 10/16/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

fifth-third-bank-logo

Promotion:
$200 $200 cash bonus if you make direct deposits totaling $2000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks