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Overall bank rating

Pros and cons

Savings

Annual Percentage Yield (APY)

0.01% APY

  • Pros & Cons
  • Details

  • Pros
    • Possible to waive the monthly service fee
    • ATM card included
    Cons
    • Low APY
    • $5 monthly service fee
    • $50 minimum opening deposit
    • Over 400 banking centers in Arizona, California, Florida, Michigan, and Texas
    • Over 600 free ATMs
    • To waive the $5 monthly service fee you meet one of the following requirements: own a checking account; maintain at least $500 in your account daily; be under the age of 18; or be 62 years or older and have a direct deposit of Social Security, pension, or other federal recurring payment
    • Interest compounded and deposited monthly
    • Member FDIC

    The Comerica Statement Savings Account pays a low interest rate in comparison to


    online banks

    . It could be worth considering if you qualify to waive the $5 monthly service fee. Otherwise, you’ll find much stronger savings accounts on our best high-yield savings account guide.

    Checking

    Annual Percentage Yield (APY)

    None

    Min Deposit

    $0 (online); $50 (in-branch)

  • Pros & Cons
  • Details

  • Pros
    • No minimum opening deposit online
    • Possible to waive the monthly service fee
    • Free overdraft protection
    Cons
    • $11 or $13 monthly service fee
    • $26 to $38 overdraft fee
    • $2.50 out-of-network ATM fee
    • Over 400 banking centers in Arizona, California, Florida, Michigan, and Texas
    • Over 600 free ATMs
    • $13 monthly service fee if you get paper statements
    • $11 monthly service fee if you get eStatements
    • To waive the monthly service fee, you must meet one of the following requirements: keep at least $1,000 in your account daily, make at least one direct deposit of $250 each month; be a student that’s under the age of 26; own a Comerica business checking account; be an active or retired member of the US Miltary; or have a household member who is a Comerica Platinum Circle checking account
    • Overdraft fees: If it’s your first time paying an overdraft fee you’ll be charged $26; If second to fourth time paying an overdraft fee you’ll be charged $34; if it’s at least your fifth time paying an overdraft fee, you’ll be charged $38
    • Free overdraft protection lets you link your checking account to a Comerica savings account or get a line of credit
    • Member FDIC

     

    The Comerica Access Checking Account has several bank fees to watch out for, including monthly service fees, overdraft fees, and out-of-network ATM fees.

    You could consider a Comerica checking account if you qualify to waive the monthly service fee. If not, look at our no-fee checking account guide for more options.

    CD

    Annual Percentage Yield (APY)

    0.01% APY to 0.20% APY

  • Pros & Cons
  • Details

  • Pros
    • Better interest rates than some brick-and-mortar banks
    • Variety of terms
    • Standard-to-low early withdrawal penalties
    Cons
    • $1,000 minimum opening deposit
    • Online banks can offer a higher interest rate
    • Over 400 banking centers in Arizona, California, Florida, Michigan, and Texas
    • Over 600 free ATMs
    • Terms range from 7 days to 10 years
    • Interest compounded and deposited monthly
    • Early withdrawal penalties: For terms less than 90 days, one month’s interest; For terms between 90 days and 179 days, three months of interest; For terms longer than 180 days, 6 months of interest
    • Member FDIC

    Comerica’s strongest bank product is its CDs. Terms range from seven days to 10 years. You’ll also get a decent interest rate, particularly when compared to other brick-and-mortar banks.

    Money market account

    Annual Percentage Yield (APY)

    0.02% APY

  • Pros & Cons
  • Details

  • Pros
    • Low minimum opening deposit
    • Comerica ATM card included
    • Check writing included
    • Possible to waive the monthly service fee
    Cons
    • Low interest rate
    • $12 monthly service fee
    • Over 400 banking centers in Arizona, California, Florida, Michigan, and Texas
    • Over 600 free ATMs
    • To waive the $12 monthly service fee you must meet one of the following requirements: own a Comerica Platinum Circle Checking Account or Premier Checking Account (if you have not selected the Statement Savings Account as your fee-fee account); maintain at least $2,500 in your account daily; maintain an average balance of $5,000 each month
    • Interest compounded and deposited monthly
    • Member FDIC

    You might like the Comerica Money Market Investment Account if you are searching for an account that provides easy access to your money through an ATM card and check writing. To waive the monthly service fee, you’ll need to maintain a high account balance daily or already own a specific Comerica checking account.

    How Comerica works

    Comerica has more than 400 banking centers and 600 ATMs in Arizona, California, Florida, Michigan, and Texas.

    Call customer support from 8:00 a.m. to 9:00 p.m. ET on weekdays or 8:00 a.m. to 5:00 p.m. on Saturdays. 

    Comerica may not be the most appealing choice if you frequently use


    mobile banking

    . The bank’s mobile app has 2.3 out of 5 stars in the Apple Store and 3.2 out of 5 stars in the Google Play store.

    Comerica is FDIC insured, which means up to $250,000 is protected in an individual bank account.

    Is Comerica trustworthy?

    Comerica has been involved in one recent public controversy. In 2021, the US Central District of California required Comerica to pay over $54 million in a settlement that accused the bank of helping in an alleged Ponzi scheme by Woodbridge Group.

    We also use ratings from the Better Business Bureau to help indicate how a bank is likely to interact with customers.

    Comerica has an A+ rating from the BBB. A good BBB rating doesn’t necessarily guarantee your relationship with the bank will be ideal, though. It can also help to talk to current customers or read online customer reviews. 

    How Comerica compares

    We compared Comerica to two other national banks: PNC Bank and Wells Fargo. 

    If you live in Arizona, California, Florida, or Texas, you might be near a Comerica or Wells Fargo branch. PNC Bank has branches in Florida and Texas and offers online bank accounts to residents of states where there aren’t any PNC branches.

    PNC Bank has the strongest options for savings and


    checking accounts

    . It offers the highest potential interest rates on savings accounts, especially if you live in an area without a branch. Its checking accounts also come with budgeting tools.

    If you’d like to open a CD, you may favor Comerica. Comerica has CDs that ranging seven days to 10 years. It also offers the most competitive interest rates out of all three banks.

    Wells Fargo might be appealing if you’d like a bank with a substantial branch and ATM network. Wells Fargo has more than 5,000 branches and 13,000 free ATMs across the US. 

    Frequently asked questions (FAQ)

    Is Comerica a real bank?

    Comerica is an FDIC-insured financial institution, so if you open an individual bank account, up to $250,000 is secure.

    Is Comerica a good bank? 

    Comerica may a good choice if you prefer a traditional brick-and-mortar banking experience. It offers a variety of bank accounts and decent interest rates on CDs.

    Like many brick-and-mortar banks, Comerica bank accounts have monthly service fees, out-of-network ATM fees, or overdraft fees unless you qualify to waive them. Online banks will likely be a stronger option if you’d like fee-free bank accounts.

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