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Comerica Bank Review

Updated April 2, 2024
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At a glance

Overview

Comerica features a wide variety of products and services, including deposit accounts for consumers and small businesses, credit cards and loans. It is best for those who reside in the states it operates and can meet the requirements to waive monthly fees on its accounts.

Highlights:

Low Fees
3.7
Rating: 3.7 stars out of 5
Bankrate Score
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CDs

Rating: 3.9 stars out of 5
3.9 /5

Checking

Rating: 3.9 stars out of 5
3.9 /5

Savings

Rating: 2.8 stars out of 5
2.8 /5

MMA

Rating: 2.8 stars out of 5
2.8 /5
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
3.70
%
APY
APY
Info Icon
As of 4/2/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info Icon
As of 4/2/2025
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
Bank logo
Member FDIC
Savings Account
3.75
%
APY
APY
Info Icon
As of 4/2/2025
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

Overall

Comerica Bank offers a full suite of deposit products. There are several account options available, though they tend to have low yields. However, there are ways to waive the monthly fees on each account.

Pros

  • Checkmark Icon

    There are many types of accounts offered.

  • Checkmark Icon

    Savings and money market accounts come with an ATM card.

  • Checkmark Icon

    Short-term CDs with terms under one month are available.

Cons

  • Branch access is limited to five states.

  • APYs on some products are lower than the national average.

Comerica banking products

Comerica Statement Savings overview

2.8
/5
Rating: 2.8 stars out of 5

Pros

  • Checkmark Icon

    The Statement Savings account comes with an ATM card and six free withdrawals.

  • Checkmark Icon

    Accountholders can receive unlimited direct deposits and transfers into the account.

Cons

  • A daily balance of $500 is needed to waive the monthly fee if you don’t meet other requirements.

  • The savings yield is much lower than what other institutions are offering.

Rate history for Comerica's Savings account

Comerica
APY
APY
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National average APY
How do we get this data?
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Comerica CD overview

3.9
/5
Rating: 3.9 stars out of 5

Pros

  • Checkmark Icon

    Unique CD terms are offered, including a term of seven to 29 days.

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    Select checking account customers can access higher APYs.

Cons

  • Most rates are far below average.

  • Higher balances do not earn higher yields.

Rate history for Comerica's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Comerica
APY
APY
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National average APY
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How do we get this data?
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Comerica Money Market Investment Account

2.8
/5
Rating: 2.8 stars out of 5

Pros

  • Checkmark Icon

    The Money Market Investment account comes with check-writing capabilities and an ATM card.

Cons

  • The minimum daily balance to waive the monthly fee is higher than other accounts.

  • There is a monthly maintenance fee if other requirements to waive it aren’t met.

  • Higher rates on money market accounts are available elsewhere.

Comerica Access Checking

3.9
/5
Rating: 3.9 stars out of 5

Pros

  • Checkmark Icon

    Students and military members are not charged a monthly fee.

  • Checkmark Icon

    There are several other ways to waive the monthly fee, including by receiving $250 in direct deposit each month.

Cons

  • The $13 monthly fee is high (if the requirements to waive it aren’t met).

  • To open one of Comerica’s interest-bearing checking accounts, there are high minimum balances.

Bank fees

Fee Charged?
Overdraft fee $26 for first; then $34 per item
Account maintenance fees (if requirements not met) $5 for savings; $12 for money market; $13 for checking
Out-of-network ATM fee $2.50
Excessive transaction fee $5

Customer experience

Customer service. Customer service can be reached over the phone on weekdays from 8 a.m. to 9 p.m. ET and on Saturdays 8 a.m. to 5 p.m. ET. There’s also 24/7 self-service banking available, which is done through an automated voice system. Customers can use this service to perform basic banking tasks such as checking their account balance, transferring funds and reporting a missing debit card.

Poorly rated app. Comerica Bank’s mobile app has average low ratings on the Apple app store.

Comerica Logo

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Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.