Comerica may be worthwhile if you live in Arizona, California, Florida, Michigan, or Texas, and prefer banking at a branch instead of completely online. But if you prioritize using one of the best mobile banking apps or fee-free bank accounts, you'll want to look elsewhere.
Comerica: Overall Bank Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 2.75 |
| Checking | 3.25 |
| Money market account | 3.75 |
| CD | 3 |
| Trustworthiness | 4 |
| Total: | 3.25 |
In our Comerica review,we rate checking accounts, savings accounts, CDs, and money market accounts by looking at features like minimum opening requirements, monthly service fees, and customer support. Learn more about our methodology for rating bank accounts.
Comerica: Pros and Cons
| Pros | Cons |
|
|
Comerica Statement Savings Account
$5.50 monthly service fee
0.01%
$50
- Possible to waive the monthly service fee
- ATM card included
- Low APY
- $5.50 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 $5.50 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 the average savings account. It could be worth considering if you qualify to waive the $5.50 monthly service fee. Otherwise, you'll find much stronger savings accounts on our best high-yield savings account guide.
Compare Today's Rates
Comerica Access Checking Account
$11 or $13 monthly service fee
None
$0 (online); $50 (in-branch)
- No minimum opening deposit online
- Possible to waive the monthly service fee
- Free overdraft protection
- $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 for one of the requirements to waive the monthly service fee. You won't have to pay a fee if you 1) have a $1,000 daily minimum account balance; 2) have a monthly direct deposit of $250 or more; 3) are a student that's under the age of 26; 4) have a Comerica business checking account 5) are an active or retired member of the US military or 6) have a Comerica Platinum Circle Checking Account.
Compare Today's Banking Offers
Comerica CD
0.03% to 0.20%
$1,000
- Better interest rates than some brick-and-mortar banks
- Variety of terms
- Standard-to-low early withdrawal penalties
- $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 has solid CDs. Terms range from seven days to 10 years. You can find more competitive CD rates at other brick-and-mortar financial institutions, though.
Comerica Money Market Investment Account
$12 monthly service fee
0.03% to 3.25%
$50
- Low minimum opening deposit
- Comerica ATM card included
- Check writing included
- Possible to waive the monthly service fee
- Low interest rate
- $12 monthly service fee
- To earn the promotional 3.25% APY, open the Comerica High Yield Money Market Investment Account with at least $15,000 in new money by February 28, 2025; you must open the account at a banking center and also have A Comerica checking account relationship
- 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
The Comerica Money Market Investment Account might be a decent choice 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 a.m. to 9 p.m. ET on weekdays or 8 a.m. to 5 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 out of 5 stars in the Apple Store and 3.4 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 a couple of recent public controversies.
In 2023, Rosen Law Firm filed a class action lawsuit against Comerica, claiming the bank provided misleading information about the company to shareholders which led to shareholders losing money. This case is ongoing.
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.
At Personal Finance Insider, we also use ratings from the Better Business Bureau to evaluate how well a bank interacts with customers. Comerica has an A+ rating from the BBB.
Comerica Review vs. PNC Bank Review
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 might be a better option 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.
For CDs, it could be a toss-up between the two banks. Both institutions offer a variety of terms. If you're searching for which bank offers a higher CD rate, it may ultimately depend on the term you'd like to choose.
Comerica Review vs. Wells Fargo Review
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.
If you'd like to open a CD, you may favor Comerica. Comerica has CD terms ranging from seven days to 10 years. Wells Fargo also requires at least $2,500 for CDs, while Comerica a minimum of $1,000.
Why You Should Trust Us: How We Reviewed Comerica
We rate bank accounts on a scale from one to five stars. For Comerica's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For Comerica's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Comerica: Frequently Asked Questions
Comerica is an FDIC-insured financial institution, so if you open an individual bank account, up to $250,000 is secure.
Comerica may a good choice if you prefer a traditional brick-and-mortar banking experience. It offers a variety of bank accounts.
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.
