Comerica Bank Review
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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 FeesHighlights:
CDs
Checking
Savings
MMA
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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There are many types of accounts offered.
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Savings and money market accounts come with an ATM card.
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Short-term CDs with terms under one month are available.
Cons
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Branch access is limited to five states.
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APYs on some products are lower than the national average.
Comerica banking products
Comerica Statement Savings overview
Pros
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The Statement Savings account comes with an ATM card and six free withdrawals.
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Accountholders can receive unlimited direct deposits and transfers into the account.
Cons
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A daily balance of $500 is needed to waive the monthly fee if you don’t meet other requirements.
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The savings yield is much lower than what other institutions are offering.
Rate history for Comerica's Savings account
Comerica CD overview
Pros
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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
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Most rates are far below average.
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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 Money Market Investment Account
Pros
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The Money Market Investment account comes with check-writing capabilities and an ATM card.
Cons
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The minimum daily balance to waive the monthly fee is higher than other accounts.
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There is a monthly maintenance fee if other requirements to waive it aren’t met.
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Higher rates on money market accounts are available elsewhere.
Comerica Access Checking
Pros
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Students and military members are not charged a monthly fee.
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There are several other ways to waive the monthly fee, including by receiving $250 in direct deposit each month.
Cons
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The $13 monthly fee is high (if the requirements to waive it aren’t met).
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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.
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Review methodology
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.
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