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Comerica Bank Review

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by Lauren Perez Updated
Comerica Bank

If you’re looking for a bank that offers a variety of bank accounts, Comerica Bank could be the right place for you. You can choose from a number of certificates of deposit, four checking accounts, two money market accounts and a savings account. However if you’re looking for a bank that offers high interest rates, this is likely not it. Most accounts (except the CDs and the Comerica Platinum Circle Checking® account) charge a monthly fee, although you can often get these fees waived by meeting a minimum balance.

The bank is limited in its physical locations, with branches only in Arizona, California, Florida, Michigan and Texas. Three of the bank’s accounts need to be opened at a branch, so unless you live near a branch, your account options will be limited, too.

Products Offered

Products Key Details
Savings Accounts
  • One account option
  • Lowest interest rate
  • Low and waivable monthly fee
Certificates of Deposit
  • Choose between Fixed-Rate CDs and Flexible-Rate CDs
  • Average interest rates
  • Must visit a branch to open a Flexible Rate CD
  • High minimum deposit requirement 
Money Market Accounts
  • Two account options 
  • Interest rates higher than regular savings account
  • Waivable monthly fees 
Checking Accounts
  • Four account options, including three interest-earning accounts
  • Waivable monthly fees, except for Comerica Platinum Circle Checking® account (no fee)

Comerica Bank Interest Rate Comparison

Comerica Bank Overview

Comerica Bank’s history can be traced back to 1849 when it started as Detroit Savings Fund Institute. Today, with its headquarters in Dallas, Comerica Incorporated includes three segments: The Business Bank, The Retail Bank and Wealth Management. The bank brands itself as focusing on relationships so as to help its customers succeed financially. 

Currently, you can only find Comerica Bank in Arizona, California, Florida, Michigan and Texas. You can also find select businesses in other states, Canada and Mexico. 

Comerica Bank Account Features

When you bank with Comerica, you’ll have access to a number of features that make your banking experience a more convenient one. For starters, you can access your accounts online and on mobile for free. There, you can check your balances, statements, checks (with check images), make transfers, pay bills and more. 

Comerica Bank Statement Savings Account

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $5 monthly fee, waivable with one of the following
  • Maintain a minimum daily ledger balance of $500
  • You are under 18 years old
  • You are 62 years or older with direct deposit of Social Security, pension or other federal recurring payments to your savings account
  • You have a Comerica personal checking account
Current Terms and Rates Rates based on the state of California
  • 0.01% APY

The Statement Savings Account allows you to save at a low interest rate with few strings attached. There is a low monthly fee, however you can avoid it by meeting a minimum balance requirement. You can also open a Comerica checking account to avoid the savings fee and set up automatic transfers to keep your savings consistent.

When you open this account, you’ll receive a Comerica ATM card which gives you access to the bank’s ATMs. 

Comerica Bank Fixed Rate CD (Certificate of Deposit)

Key Features Details
Minimum Deposit $1,000
Access to Your CD Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fees, although you may face a penalty for early withdrawal.
Current Terms and Rates Rates based on the state of California
  • 7 - 179 Day: 0.03% APY
  • 180 - 364 Day: 0.04% APY
  • 1 Year: 0.10% APY
  • 2 Year: 0.15% APY
  • 3 Year: 0.20% APY
  • 4 Year: 0.25% APY
  • 5 Year: 0.35% APY
  • 6 Year: 0.35% APY
  • 7 - 10 Year: 0.40% APY

A certificate of deposit offers a more structured way to save. CDs come in different terms, in Comerica’s case, from seven days to 10 years. Once you make an initial deposit into account, you cannot touch the account until it reaches maturity, or the end of its term. This prevents you from dipping into your savings for frivolous expenses. If you truly need the money, you’ll face heavy penalties that may lessen the benefits of withdrawal. 

With a wide variety of term lengths, Comerica allows you to use a CD to meet your short-term and long-term savings goals. The bank’s interest rates perform lower than many other banks’ CD rates. However, you may be able to earn at a bonus interest rate if you link a Comerica checking account to your CD.

When you withdraw your savings at maturity, if you choose to, the funds can be transferred into your Comerica Checking, Savings or MMIA accounts. You can also choose to receive a check. If you don’t want to withdraw your money after a term, or you don’t take any action, the account will renew automatically at the same term length. 

Comerica Bank Flexible Rate CD (Certificate of Deposit)

Key Features Details
Minimum Deposit $1,000
Access to Your CD Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fees, although you may face a penalty for early withdrawal.
Current Terms and Rates Rates based on the state of California
  • Account balances of $1 - $9,999: 0.05% APY
  • Account balances of $10,000 - $99,999: 0.07% APY
  • Account balances of $100,000 and over: 0.10% APY

The Flexible Rate CD comes in only one term length of one year. It also changes the rules of CDs by allowing you to make additional deposits of at least $100 at any time. This allows you to grow your savings faster, especially when you get a bonus or some extra cash. Additional deposits can also help you take advantage of the balance tiers. With this account, larger balances earn higher interest rates. 

You will also be able to make a one-time withdrawal of up to 50% of the principal balance without facing an early withdrawal penalty. After that withdrawal, you’ll have to wait until the account reaches maturity to make any other penalty-free withdrawals. Again, the account will automatically renew at maturity if you don’t take any action to the opposite. Interest paid can be transferred into your Comerica Checking, Savings or MMIA accounts, or paid directly by check. 

You will have to visit a branch to open a Flexible Rate CD. 

Comerica Bank Money Market Investment Account

Key Features Details
Minimum Deposit $50
Access to Your Money Market Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $12 monthly fee, waivable with one of the following
  • Maintain a minimum daily ledger balance of $2,500
  • Maintain an average daily ledger balance of at least $5,000
  • You have a Premier Checking account (and you have not selected a Statement Savings Account as your no-fee savings account)
Current Terms and Rates Rates based on the state of California
  • 0.03% APY

Opening a Money Market Investment Account allows you to earn at a higher interest rate than with a basic savings account. You’ll also be able to take advantage of the account’s check-writing abilities. You can write up to six checks per statement cycle. You’ll also receive a Comerica ATM card to access your account. 

Comerica Bank High Yield Money Market Investment Account

Key Features Details
Minimum Deposit $50
Access to Your Money Market Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $17 monthly fee, waivable with a minimum daily ledger balance of $15,000
Current Terms and Rates Rates based on the state of California
  • Account balances of $1 - $14,999: 0.03% APY
  • Account balances of $15,000 - $99,999: 0.04% APY
  • Account balances of $100,000 and over: 0.06% APY

This High Yield Money Market Investment Account allows you to earn at higher interest rates depending on your account balance. You can still open the account with its low minimum deposit requirement. You can also benefit from six checks per statement cycle and a Comerica ATM card. 

The account does have a higher monthly fee, however. While you can get the fee waived, the minimum balance required to do so is also higher. 

Comerica Bank Access Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $13 monthly fee, waivable with one of the following 
  • Maintain a minimum daily ledger balance of $1,000
  • One direct deposit of at least $250 per statement cycle
  • Be a full time college student up to the age of 26
  • Be a business owner with a Comerica business checking account
  • Be an Active or Retired Member of the U.S. Military (with valid Military I.D.)

The Comerica Access Checking Account offers a simple checking account with all the essentials. You have access to Web Banking®, Web Bill Pay® and a debit card. There is a monthly fee that comes with the account, although you can easily get the fee waived by regularly using the account. If you can’t get the fee waived entirely, you can at least receive a $2 discount when you sign up for eStatements in lieu of paper statements. 

Owning this account also provides check safekeeping, a Comerica Home Equity Flexline® rate discount and the opportunity to waive the monthly fee on a Statement Savings Account. 

Comerica Bank Rich Rewards® Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $18 monthly fee, waivable with one of the following
  • Maintain a minimum daily ledger balance of $5,000
  • A minimum combined balance of $7,500 each day in this account and/or up to three other related Comerica accounts (Statement Savings, MMIA, HYMMIA, CDs or IRAs)
Current Terms and Rates Rates based on the state of California
  • 0.01% APY

This checking account earns owners a small amount of interest. You’ll also have access to Web Banking®, Web Bill Pay®, a debit card and free Comerica Advantage style checks. The CheckPhoto feature gives customers the option of receiving images of any canceled checks with their monthly statements. 

The Rich Rewards® Checking account perks extend beyond the account itself, too. Owning the account can get you a rate discount on a Comerica Home Equity Flexline® and Non-Real Estate Installment Loan when using autopay from this checking account. You can also receive interest rate boosts on new fixed rate CDs and IRAs with a term of one year or more. 

Comerica Bank Premier Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $22 monthly fee, waivable with one of the following
  • Maintain a minimum daily ledger balance of $7,500
  • A minimum combined balance of $20,000 each day in this account and/or up to three other related Comerica accounts (Statement Savings, MMIA, HYMMIA, CDs or IRAs)
Current Terms and Rates Rates based on the state of California
  • 0.01% APY

Although billed as a high yield interest-earning checking account, the Premier Checking account earns at the same interest rate as the Comerica Bank Rich Rewards® Checking account. This interest rate is the lowest rate you can earn, falling below the national average. 

Despite the low interest rate, you do have access to some great financial features. These include the bank’s premium financial and money management services, discounts on a Comerica Home Equity Flexline® and Non-Real Estate Installment Loan when using autopay and boosted interest rates on new fixed-rate CDs and IRAs with a term of one year or more. You’ll also be able to get overdraft protection fees and fees for a MMIA or a Statement Savings Account waived. 

Comerica Platinum Circle Checking® Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees None
Current Terms and Rates Rates based on the state of California
  • Account balances of $1 - $99,999: 0.03% APY
  • Account balances of $100,000 and over: 0.05% APY

For starters, not everyone can open a Comerica Platinum Circle Checking® account. You qualify to open this account if you have either an average daily ledger balance of at least $50,000 in your personal and business deposit accounts or a minimum daily combined balance of at least $2,500,000 in any combination of assets managed by Comerica Asset Management, in Comerica Private Banking loan balances or in Comerica Securities, Inc. account balances. 

If you qualify for the account, you can take advantage of interest rates that perform better than the bank’s other two interest-earning checking accounts. You also get access to the bank’s dedicated customer service number solely for Platinum customers and your Comerica debit or ATM card will have a higher ATM withdrawal limit. Owning this account also means overdraft protection fees will be waived and you’ll receive free checks, as well as access to a MMIA and a Statement Savings Account and a checking account for a household member. You can also benefit from rate discounts on a Comerica Home Equity Flexline® and Non-Real Estate Installment Loans when using autopay from this checking account, and interest rate boosts on new fixed-rate CDs and IRAs with a term of 180 days or more.

Where Can I Find Comerica Bank?

You can find Comerica Bank online, on mobile, over the phone or at a physical branch or ATM. The bank’s U.S. locations are limited to Arizona, California, Florida, Michigan and Texas. You can find select businesses in other states, Canada and Mexico. 

You can open most accounts online even if you do not live in the above states. However, it may make your application and banking experience more convenient if there’s a location near you.

What Can You Do Online With Comerica Bank?

This image details the Comerica homepage.

The bank’s website allows you to browse its product offerings, check interest rates, find locations, apply to accounts and more, right from its homepage shown here. Since you don’t need to reside in a state with a bank location, you can easily open most accounts online. 

Once you have an account with the bank, you can log into your account(s) online. There, you can pay bills, make transfers, check your statements and more. You can perform most of these actions on the mobile app. Additionally, you can deposit checks on the app. 

How Do I Access My Money?

You can access your money wherever you can find the bank: online, on mobile, over the phone, at a branch or at an ATM. If you do not live in Arizona, California, Florida, Michigan or Texas, however, you won’t have any physical locations available to you. Instead, you can take advantage of Comerica Web Banking®, Comerica Web Bill Pay® and the Comerica Mobile App.

To access your money online, you’ll need to provide your user ID and password. Then you can make transfers, pay bills, set up automatic transactions and more.

To access your money at an ATM or location, you’ll need to have your Comerica Debit Card, ATM Card or your account information.

How Can I Save More Money With a Comerica Bank Account?

Most Comerica Bank accounts don’t have high interest rates. The bank’s highest rates come with its CDs with terms of one year or more. If you choose to open an interest-earning account, you may want to open one that earns at higher interest rates with higher account balances. Of course, this will only benefit you if you can meet the high account balances required. 

You also stand to save more money by avoiding the monthly fees that come with most of the above bank accounts. This will require meeting certain minimum balance requirements, as well. 

What’s the Process for Opening an Account With Comerica Bank?

This image details the Comerica account application page.

Once you’ve found the account(s) you’d like to open, you can apply online by clicking a blue “Apply Now” button for the account. You can do this for all accounts except High Yield Money Market Investment Accounts, Comerica Platinum Circle Checking® accounts and Flexible Rate CDs. 

You will have to provide personal information in your application, just as the accompanying image shows. This includes your home address, phone number, government-issued ID, Social Security number and identity verification. If the account you’re opening has a minimum deposit requirement, you’ll also have to make that deposit at opening, as well.

You can also open an account at a branch or over the phone. You will have to do so for High Yield Money Market Investment Accounts, Comerica Platinum Circle Checking® accounts and Flexible Rate CDs.

What’s the Catch? 

Comerica Bank is limited in its physical locations, with branches in only five U.S. states. This limits your opportunity to open certain accounts. 

The bank also doesn’t offer very favorable rates or fees. Most accounts earns at rates well below the national average. To snag the highest rates the bank can offer, you’ll need to open a long-term CD. So if you’re looking for savings accounts with the highest interest rates in the industry, you’ll need to look elsewhere.

Bottom Line

Comerica is a limited bank, with locations in only five U.S. states and low interest rates on all its accounts. If you value high interest rates and convenient, in-person banking, this likely won’t be the bank for you. However, you can find a variety of bank accounts here, which allows you to keep your accounts in one place. If you choose to open a Comerica bank account, you’ll want to take note of the account’s monthly fee. If you meet the account’s balance requirements, you can get the fee waived and receive a better interest rate. 

 

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