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Comerica Bank Review 2024

Updated January 25, 2024
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.8 stars out of 5

Checking

Rating: 3.9 stars out of 5

Savings

Rating: 2.8 stars out of 5

MMA

Rating: 2.8 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
Sponsored offers
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Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/13/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.30
%
APY
APY
Info
As of 6/13/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees, unlimited withdrawals, better for the planet
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 6/13/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

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.

The bank’s website is fairly easy to navigate and offers a transparent breakdown of fees and rates. However, reviews for its mobile banking app are on the low side.

Pros

  • Checkmark

    There are many types of accounts offered.

  • Checkmark

    Savings and money market accounts come with an ATM card.

  • Checkmark

    A wide variety of CD terms is available.

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.

  • The bank’s mobile app is rated poorly.

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Comerica banking products

2.8
Rating: 2.8 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. Account owners can make up to six free withdrawals per month, then it costs $5 to make a withdrawal. The account earns interest on all balances. However, the yield is bare minimum.

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 and six free withdrawals.

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.

  • Comerica
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/13/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $26 for first overdraft each year; then $34 per item
Account maintenance fees (if requirements not met) $5.50 for savings; $12 for money market; $13 for checking
Out-of-network ATM fee $2.50
Excessive transaction fee $5

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 over 400 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.

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 to below-average ratings on Google Play and low ratings on the Apple app store. Some user reviews note that the app crashes frequently.

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.