Comerica Bank Revew 2024
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Comerica Bank Revew 2024
5 min read
J
By: Joseph Grant

About Comerica Bank

 

Comerica Bank is a regional bank headquartered in Dallas, Texas. It was founded in 1849 under the name Detroit Savings Fund Institute, and in 1982, changed its name to Comerica. It operates more than 400 branches in Texas, Michigan, Arizona, Florida, and California. 

 

 

Featured Offers

Comerica Bank logo
Bank Grade
5.00% APY
180 Day Fixed-Rate CD
6 Month CD by Comerica Bank
Comerica Bank logo
Bank Grade
4.50% APY
270 Day Fixed Rate CD
9 Month CD by Comerica Bank
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3.00% APY
12 Month Fixed-Rate CD
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Top 1% rate
5.92% APY
12 Month Flex Index CD
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Top 1% rate
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5.75% APY
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Comerica Bank Overview

 

Comerica is a full-service regional bank that offers a wide range of banking products for individuals and businesses, such as savings, checking, money market, and CDs. It operates more than 400 branches in five states. If in-person banking is important and you live in one of the states it services, Comerica may be a good fit.

 

Competitive CD yields.Certain accounts have monthly service charges that are assessed if certain requirements are not met.
Competitive yield on one of its money market accounts.Low yields on the majority of its savings and checking accounts.
Savings accounts come with debit cards.
Large number of branches in the states it services for convenience.

 

 

 

Comerica Bank Product Offerings

 

Savings Accounts

A savings account is a deposit account at a bank or credit union that insures your principal up to the FDIC or NCUA limitations and generally pays a modest interest rate. Comerica personal and business customers have access to a limited number of savings account options. Here are the two accounts available:

 

Comerica Bank
Statement Savings
Personal Savings Account by Comerica Bank
Bank Grade
B
APY
0.01%
Avg. user rating
1.91
Why we chose it?
What to watch for

 

Comerica Bank
Small Business Savings
Business Savings Account by Comerica Bank
Bank Grade
B
APY
0.01%
Avg. user rating
1.91
Why we chose it?
What to watch for

Checking Accounts

Comerica Bank currently offers several personal and business checking accounts with little to no opening balance requirements, and relatively low monthly service charges. The accounts offered are excellent for day-to-day use but unfortunately, offer very low yields.

 

Comerica Bank
Access Checking
Personal Checking Account by Comerica Bank
Bank Grade
B
APY
0.00%
Avg. user rating
1.91
Why we chose it?
What to watch for
Comerica Bank
Basic Business Checking
Business Checking by Comerica Bank
Bank Grade
B
APY
0.01%
Avg. user rating
1.91
Why we chose it?
What to watch for

Money Market Accounts.

A money market account is a hybrid between a savings account and a checking account. It is an interest-bearing account that offers a debit card and check-writing privileges. The drawback is that, much like savings accounts, there are usually withdrawal limits imposed. Here are some of the best money market accounts offered by Comerica Bank:

Comerica Bank
High Yield Money Market Investment Account
High Yield Money Market by Comerica Bank
Bank Grade
B
APY
4.25%
Avg. user rating
1.91
Why we chose it?
What to watch for

Comerica Bank
Premium Business Money Market
Business Money Market by Comerica Bank
Bank Grade
B
APY
1.00%
Avg. user rating
1.91
Why we chose it?
What to watch for

CDs

A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period of time, known as a term. Comerica Bank offers CDs with terms ranging from 1-month up to 7-years. Some of their short term CDs offer competitive APYs but the majority offer very low APYs. Here are some of their top CD accounts for April 2024:

 

Comerica Bank
180 Day Fixed-Rate CD
6 Month CD by Comerica Bank
Bank Grade
B
APY
5.00%
Avg. user rating
1.91
Why we chose it?
What to watch for
Comerica Bank
270 Day Fixed Rate CD
9 Month CD by Comerica Bank
Bank Grade
B
APY
4.50%
Avg. user rating
1.91
Why we chose it?
What to watch for

Bank Fees

  • Overdraft fee: $34 for each transaction when the account is overdrawn, limit to two overdraft fees per day. If account remains overdrawn for five or more consecutive days, a $6 per diem fee is applied.

  • Savings and Money Market Account withdrawals: $5 per withdrawal beyond the limited withdrawals.

  • Account closure fee: None

  • Wire transfer fee: Domestic - Incoming is $12 and outgoing is $12; International - Incoming is $15 and outgoing is $15

  • Non-network ATM fee: $2.50

  • International ATM fee: $5.00

  • Monthly service charge: None

  • Stop payment fee: None

  • Paper statement fee: None

 

Comerica Bank FAQs

How much can I withdraw from my Comerica account per day?
Does Comerica Bank have a 24-hour customer service line available?
Is it safe to bank with COmerica Bank?
Does Comerica Bank have branches in every state?
How do I open a Comerica Bank account?

 

Our Take

Comerica is a good regional bank for people living in Texas, Michigan, Arizona, Florida, and California. It offers a fair amount of branches, currently at a bit more than 400 branches. It offers highly competitive rates on some of its short-term CDs and one of its money market accounts, although the money market account requires a relatively high account balance. All in all, the bank is okay, but there are larger national banks that offer a higher number of branches in the same states with similar product offerings.

Methodology

 

Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.

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