Comerica Bank Money Market Account
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Comerica Bank Money Market Account Review
Comerica is the 31st largest bank in the United States by assets. It has $71 billion in assets and 478 branches in five states. Comerica is based in Dallas, Texas, and is the biggest commercial bank with headquarters in Texas. Comerica Bank has a five-star rating with Bauer Financial and an A+ rating with the BBB.
What Are Comerica Bank’s Checking and Savings Accounts Like?
Comerica has four main types of checking accounts: Access Checking, Rich Rewards Checking, Premier Checking and Comerica Platinum Circle Checking.
The Access Checking is a basic checking account that qualifies users for a free savings account. It does not pay interest. Users receive a checking card; 24-hour access to Comerica ATMs, and a rate discount for Comerica Home Equity lines of credit. It has a $13 monthly maintenance fee, which you can avoid if you maintain a minimum balance of $1,000. This account is best for people with basic checking needs and who can keep a balance of at least $1,000.
The Rich Rewards Checking provides a complimentary savings account and pays interest, albeit just 0.01% APY. Users also receive free Web Bill Pay, free checks and increased rates on certain CDs and IRAs. The monthly fee is $18, but users can avoid it, if they maintain a minimum balance of $5,000 or a minimum combined balance of $7,500 in Comerica accounts.
The Premier Checking is also an interest bearing account that includes a savings account and a money market investment account. All users receive a 0.01% APY, regardless of their balance. This account also provides waived fees for overdraft protection. There is a $22 maintenance fee, but you can avoid it with by maintaining a $7,500 minimum balance or a combined balance of $20,000.
The Comerica Platinum Circle Checking offers all the benefits of the Premier Checking account plus a dedicated customer service number, a higher interest rate (up to 0.05%), and increased money market interest rates. The account has a $50 maintenance fee you can avoid by maintaining a minimum balance of $50,000 or a combined balance of $2.5 million.
Comerica has three primary savings accounts: the Statement Savings Account, the Money Market Investment Account, and the High Yield Money Market Account.
The Statement Savings Account is free for users with a Rich Rewards, Premier Checking or Platinum Circle Checking account. Other users must pay a $5.50 monthly maintenance fee if they don’t keep a $500 minimum balance. The interest rate is only 0.01% APY.
The Money Market Investment Account is complimentary with the Premier and Platinum checking accounts. Other users must pay a $12 maintenance fee if the balance drops below $2,500 or their average balance drops below $5,000. It pays an APY of 0.03%.
The High Yield Money Market Account has a tiered rate system ranging from 0.03% to 0.06% based on the account balance. The minimum opening deposit is $50, and the monthly maintenance fee is $17. You can avoid this fee by keeping a balance of at least $15,000 each day.
What Are The Advantages And Disadvantages of Comerica Bank’s Checking And Savings Accounts?
We love this about Comerica Bank:
• Wide selection of checking and savings accounts
• Easy to avoid monthly fees
• Higher than average interest rates
• Extensive network of ATMs
We don’t like this about Comerica Bank:
• Charges maintenance fees on checking and savings accounts
• Minimum deposit amounts
• No way to avoid out-of-network ATM fees
• Low-interest rates