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Comerica Bank Review 2023

Updated September 14, 2023
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.8 stars out of 5

Checking

Rating: 4 stars out of 5

Savings

Rating: 2.9 stars out of 5

MMA

Rating: 2.9 stars out of 5

About Bankrate Score

Overview

Comerica Bank is best for those who live in Michigan, Arizona, California, Florida or Texas and can meet the requirements to waive monthly fees on its accounts.

Highlights

  • Low Min Deposit
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 9/24/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $250 w/ direct deposit. Terms apply.
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 9/24/2023
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.05
%
APY
APY
Info
As of 9/24/2023
Rating: 4.9 stars out of 5
$5000
Min. balance for APY
View offer Arrow Right
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.

Overall

Comerica Bank offers a full suite of deposit products. While there are many types of accounts available, they tend to have low yields and high monthly fees. However, there are ways to waive the monthly fees on each account.

Pros

  • Checkmark

    There are many types of accounts offered.

  • Checkmark

    Savings and money market accounts come with an ATM card.

Cons

  • Deposit accounts come with high monthly fees, though they can be waived.

  • Annual percentage yields (APYs) on all accounts are far below average.

  • Branch access is limited to five states.

Comerica banking products

2.9
Rating: 2.9 stars out of 5
Bankrate Score

Comerica savings overview

Comerica’s Statement Savings account requires $50 to open and a minimum balance of $500 to avoid the monthly maintenance fee. Otherwise, the monthly fee is $5.50. The fee is also waived for minors, those 62 and older with recurring federal payments and those who have a checking account with Comerica Bank.

Some unique features of the savings account are its ATM card and fraud detection tools. The account earns interest on all balances. However, the yield is very low.

Pros

  • Checkmark

    Though there is a monthly fee, it can be waived in several ways.

  • Checkmark

    The Statement Savings account comes with an ATM card.

Cons

  • A 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.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Comerica
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 9/24/2023
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $250 w/ direct deposit. Terms apply.

Bank experience

Comerica Bank offers branch services in Michigan, Arizona, California, Florida and Texas. 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.

Comerica Bank’s mobile app has average to below-average ratings on Google Play and the Apple app store.

About Comerica Bank

First opened as Detroit Savings Fund Institute in 1849, Comerica Bank initially served only Detroit residents. It has since merged with several other institutions and now has branches across Michigan, Arizona, California, Florida and Texas.

Comerica Bank provides a wide variety of products and services, including deposit accounts for consumers and small businesses, credit cards, loans and insurance.

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.