Features

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?

Checking Accounts
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.

Savings Accounts
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

 

  • Branch
  • Online
  • CDs
  • Checking
  • IRAs
  • Savings
  • Mobile App
  • Savings Interest Rate
    0.01%
  • Checking Interest Rate
    0.01%
  • Bauer Financial A+/A Rating
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0 votes

I was fed up with my bank. Couldn't ever get anyone on the phone to explain the fees and penalties on my statements . When I did occasionally get someone they were little to no help. "visit the branch" was the answer I most often got. When I did they couldn't explain anything and ended up taking the charges off. My guess is that's how they make money. Put the on the statement and hope the costumer doesn't notice. I now bank with Commerica. My statements are easy to understand ... and transparent. More Less

0 votes

I have been banking with Comerica for quite some time now, and I am very happy with them. They are so helpful, and always guide you in the right direction when you are trying to save money on certain features they offer. I have never had any issues with my debit/credit card, and they always contact me via phone when there are any discrepancies. Most banks just shut off your debit card, and don't contact you, but not this bank !


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