Comerica Bank Review: One Institution for All Your Financial Needs
Written by
Kellan Jansen
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
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GOBankingRates Score
Comerica Bank
-
Checking Account
4.8
-
Savings Accounts
4.5
-
CD Accounts
4.5
-
Money Market Accounts
4.7
-
Banking Experience
4.0
Pros
- Checking, savings, CD and money market accounts under one brand
- A network of over 400 physical branches
- Scalable savings products that pay you more as your balance grows
- Multiple checking options to suit a variety of financial situations
Cons
- Even basic checking requires a $1,000 minimum daily ledger balance
- No live chat support
- Some services carry hefty monthly fees
Comerica Bank Overview
Comerica has a long history with roots tracing back to the 1849 founding of the Detroit Savings Fund Institute. Today, it’s a modern digital banking institution with mobile apps, online account access, and a wide variety of financial products for consumers to choose from.
One area where Comerica stands out is its checking products. The company took home one of GOBankingRates’ awards for Best Premium Checking Accounts of 2024 thanks to its interest-bearing accounts and easy integrations with Comerica saving and investment products.
The company also has hundreds of physical branches, which makes it a good fit for people who value in-person banking interactions. However, Comerica only has offices in 17 states. So, if in-person banking matters to you, you should check for Comerica locations in your area before signing up.
You should also know that Comerica’s fees can add up quickly, depending on the products you choose and how you engage with them. We take a closer look at some of these fees throughout the next part of this review.
Comerica Bank Review: Key Features
Let’s take a closer look at some of Comerica’s most popular products.
Checking Account
Comerica gives consumers four checking accounts to choose from:
- Access Checking: A basic checking option with the features you expect from an everyday checking product.
- Rich Rewards Checking: Comes with everything Access Checking offers and wealth management services.
- Premier Checking: Includes premium wealth management services in addition to everything offered in the previous checking account tiers.
- Platinum Circle Checking: Comerica’s highest-tier checking option for clients with the most demanding financial needs.
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The minimum required average daily balance scales from $1,000 to $50,000 as you move up the tier list from Access Checking to Platinum Circle. You also qualify for higher interest payments as you go up the tiers, so it can pay to open the highest checking account option that you qualify for.
Savings Accounts
Comerica has a traditional statement savings option that’s ideal for beginning savers. It comes with complimentary mobile and web banking, as well as tools, like direct deposits and free transfers, to make it easier to manage your money. You also get an ATM card so you can withdraw cash anytime you need it from a Comerica ATM.
CD Accounts
If you prefer a CD account, you can choose from fixed-rate and flexible-rate options at Comerica. With a fixed-rate CD, you lock in your money for a pre-determined amount of time, which can range from 7 days to 12 months. At the end of the period you choose, you get your initial deposit back plus all of the interest you earned.
Flexible-rate CDs give you more financial flexibility. The APY that you receive on your initial CD deposit can change, but you can withdraw funds whenever you want. So, you have the option of locking in today’s APY rate long-term and losing some financial flexibility or accepting a variable-rate CD to maintain that flexibility.
Money Market Accounts
You can also open two types of money market accounts at Comerica Bank. The first option is a standard money market investment account that pays you a higher APY than traditional savings products. This account also lets you spend your money however you want with integrated support for checking and debit.
Comerica offers a high-yield money market account as well. This includes the same features and tools as the standard money market account but pays a higher APY.
One thing to note about each of these products is they carry a monthly maintenance fee. However, there are ways to waive the fee by taking qualified actions or maintaining a minimum average account balance.
Banking Experience
Comerica’s banking experience is solid for the average user but doesn’t stand out relative to the competition. The company offers good phone-based customer support hours but doesn’t have live chat assistance.
You can also manage your Comerica accounts online or on your phone at any time. The company’s iOS app has a good rating with 4.5 stars out of 5, but reviews for Comerica’s Google Play app are worse, with 3.6 stars out of 5.
There are also many different fees to keep an eye on while using your Comerica accounts. You may not ever have to pay most of the fees, but because of the variety of fees, it’s easy to incur fees without realizing it’s happening.
Comparable Banking Options
If you’ve made it this far into our review and still aren’t sure about Comerica Bank, then you may want to consider a few alternatives. Here are two that may appeal to you.
Citi®
Citi is similar to Comerica in that it offers checking, savings, investing and CDs under a single brand. But, Citi has more physical locations and, unlike Comerica, it offers live chat support.
Citizens Bank
Citizens Bank is another institution that offers many different account options. It also has a large physical branch network and some nice features like automatic reversals for overdraft fees. Citizens Bank may be a better option than Comerica if you value in-person banking and don’t live near a Comerica branch.
Final Take
Comerica took home one of our top awards for premier checking for several reasons. It offers a variety of account types to choose from with good support availability and some opportunities for in-person banking for those who value it.
Ultimately, this makes Comerica Bank a solid option if you want to handle checking, saving, CD, money market, and retirement planning through one institution.
But there are some things that Comerica doesn’t do well that you should know about. Its hidden fees and lack of live chat support could make another institution a better alternative for your unique needs.
Comerica Bank FAQ
Now that you know more about Comerica’s products and services, here are answers to some of the bank’s frequently asked questions.- How do I check my Comerica balance?
- You can check your Comerica balance either on the bank’s website or by using its Android or iOS apps.
- How do I deposit a check with Comerica?
- You can deposit a check at any Comerica Bank branch, at a Comerica ATM or via the mobile app.
- How long does it take for a check to clear at Comerica Bank?
- Deposited checks are available at Comerica Bank no more than two business days after deposit. Comerica checks deposited at a Comerica Banking Center may be available overnight.
- How do I talk to a live person at Comerica Bank?
- You can talk to a live person at Comerica by calling 1-800-266-3742. There is 24/7 personal banking assistance available..
- How much cash can you withdraw from Comerica Bank?
- You can withdraw a maximum of $500 per day from a Comerica Bank ATM. But you can continue spending with your debit card after you've hit that limit.
- How much is Comerica's ATM withdrawal fee?
- You can withdraw money from Comerica ATM machines for free. However, the company charges a $2.50 fee for withdrawals from non-Comerica ATMs.
Vance Cariaga and John Csiszar contributed to the reporting for this article.
To determine rankings for the Best Premium Checking Accounts, GOBankingRates looked at the following factors from the most premier/costly checking product from the top 25 banks (in terms of total assets): (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) APY on the checking account; and (5) associated and advertised benefits/perks from these premium products. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factor (5) was weighted 3 times.
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