November 2, 2018

Comerica Bank Review: Account Good for You?

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Do you look for a wide range of account options at banks? Do you want a bank that offers free savings accounts with any checking account? Comerica Bank may provide what you need.

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Comerica started in Detroit around 1850 and has since expanded into five states, including Arizona, California, Texas, Michigan, and Florida. Comerica offers online and mobile access to your bank accounts and pays interest on many of their deposit accounts.

Keep reading to see if Comerica provides the banking services that you need.

Services Offered

Checking

Comerica offers four checking accounts to meet the varying needs of consumers. You can open any of the accounts with just $50, but they each have different balance requirements. Each of the checking accounts comes standard with access to online banking, online bill pay (only some are free), a debit card, and 24/7 access to the checking account online, over the phone, or at an ATM.

  • Access Checking: Open this basic checking account that doesn't earn interest with just $50. You have access to a free Statement Savings account in conjunction with Access Checking. If you want to waive the monthly service fee, you'll need a minimum $1,000 average daily balance, one monthly direct deposit of at least $250, or meet one of the special requirements. If you are a college student, businesses owner with a Comerica business account, or an active or retired member of the military, you will not pay a monthly fee. It pays to set up direct deposit in this account if you plan to use the online bill pay service. If you don't, you will pay a hefty monthly fee for the service.

  • Rich Rewards Checking : This checking account does earn interest and also makes you eligible for a free Statement Savings account. This account does include free online bill pay, access to higher CD rates, free checks, and free access to copies of the front of your canceled checks. You'll also be eligible for complimentary consultations for your insurance and/or investment needs. You'll need a minimum $5,000 average daily balance or a combined balance of $7,500 across all Comerica deposit accounts in order to waive the monthly service fee.

  • Premier Checking : If you keep a higher balance in your checking account, the Premier Checking account has a few more benefits. You'll need a minimum daily balance of $7,500 in your Premier Checking account, $20,000 across all deposit accounts, or a Comerica home equity line of credit to waive the monthly service fee. With this account, you are eligible for a free Statement Savings account or Money Market Investment account. You may also be eligible for lower interest rates on a Comerica mortgage and/or lower closing costs as well as higher interest rates on CDs.

  • Comerica Platinum Circle Checking : If you maintain an average balance of $50,000 in your checking account, you may be eligible for this account. You'll receive all of the benefits of the above accounts plus higher interest rates on CD and money market accounts, free checks, and an additional checking account for a family member with no fees. You'll also get higher withdrawal limits on your debit card per day and waived overdraft transfer fees. In order to waive the monthly service fee, you'll need an average daily balance of at least $50,000 or a combined balance of $2,500,000 across all Comerica deposit accounts.

Savings

Comerica offers a variety of ways to save money, whether you want a basic savings account or you want to take advantage of the high yield money market accounts with higher interest rates.

  • Statement Savings: This is your basic savings account. You'll receive a Comerica debit card, the ability to set up automatic transfers from your checking account, and the ability to use direct deposit to increase your savings. You do need to keep a minimum balance of $500 to waive the monthly service fee. You may also have the fee waived if you are under the age of 18, over the age of 62 with Social Security income directly deposited into your account, or you already own a Comerica checking account.

  • Money Market Investment Account: If you want a savings account that allows check writing, this account may fit the bill. You can write up to six checks per month for free, as six is the maximum number of free withdrawals for any savings account at any bank. In order to waive the service fees, you'll need a minimum $2,500 balance each day, an average daily balance of $5,000, or you have a Comerica Platinum Circle Checking or Premier checking account.

  • High Yield Money Market Investment Account: If you keep higher balances in your savings account, you can earn higher tiered interest rates with this account. You'll need a minimum daily balance of $15,000 to waive the monthly service fee. You can also write up to six checks per month from this account.

  • Health Savings Account: If your medical insurance is a high-deductible plan, you can opt to save money in your Health Savings Account. You can open an account by rolling over an existing HSA or if you have a qualifying high-deductible insurance plan. You can then withdraw the funds as needed for qualifying medical expenses. You won't pay taxes on the interest earned and you can roll the funds over from year to year if they aren't used.

CDs

  • Fixed Rate CD: You can lock in a fixed interest rate for a specific period with the Fixed Rate CD. You'll earn tiered interest rates, meaning the more money you save, the higher the interest rate earned. You can choose from terms between 7 and 364 days. Your funds will automatically roll over unless you withdraw them right after maturity.

  • Flexible Rate CD: This is a one-year CD that has tiered interest rates for higher balances. You can make additional deposits throughout the term in $100 increments. You are also able to make a one-time early withdrawal fee equal to 50% of the balance without a fee. The CD automatically renews unless you withdraw the funds during the grace period following maturity.

Comerica Bank Customer Service: You can contact Comerica Bank at the appropriate number based on your location from 8 AM to 8PM local time:

Eastern Time Zone: 800-266-3742
Central Time Zone: 800-925-2160
Pacific Time Zone: 800-522-2265
Hearing Impaired (Eastern Time): TDD 800-822-6546

Reasons We Like Comerica Bank

  • You can set up recurring transfers between your Comerica accounts. This comes in handy with savings accounts. If you want to make saving money automatic, set up a recurring transfer between your checking and savings account for an amount and frequency that you can comfortably afford.

  • You can download your transactions into Microsoft Excel or Quicken Banking with Comerica. When you download the transactions, they can be automatically logged in your records, making staying on top of your bank accounts easier.

  • You can set up bill payments for the next day for many accounts. You can check with Comerica regarding your exact creditors, but Comerica is able to pay bills by the next business day in many cases. This makes it easy to stay on track with your bills and minimizes the number of late payments you incur.

  • You can set up automatic bill reminders. If you do take advantage of the Comerica Bill Pay service, you can receive reminders about your upcoming bills. This way, if you don't set up automatic payments, you can make sure you get the bills paid on time.

  • You can deposit checks and pay friends/family right from the mobile app. The Comerica mobile app gives you the same access you get with their online banking portal. But you have the added benefit of mobile check deposit and paying friends and family right on the spot. All you need is a mobile phone number or email address.

  • You can set up alerts. If you want to know when your balance is running low, when a large transaction took place in your account, or when you incurred an overdraft charge, you can set up text or push alerts. You are in charge of what you receive and when, so you are more in tune with what's going on in your account.

  • You can open many of the Comerica deposit accounts with just $50. The low opening balance requirements make it easy for consumers to get started with the right checking or savings account. Make sure you know which account you can meet the minimum requirements for to waive the monthly service fee, though, as they can get costly.

  • Your deposit accounts are FDIC insured. Having FDIC insurance can give you the peace of mind that your deposits are safe even if Comerica Bank goes out of business. Each account is insured up to $250,000.

  • If you open a Comerica Platinum Circle Checking account, you have access to a dedicated customer service line. This customer service line is reserved for clients with this elusive checking account, giving you access to faster service.

  • You can get the monthly service fees waived in many ways. Comerica Bank is very good about offering options to get the monthly service fee waived. Many of the requirements pertain to your average balance, but they do offer a few other simple ways, especially for the basic checking account.

Comerica Bank Routing Number: Your routing number will depend on the state in which you opened your account. The routing numbers are as follows:

Arizona: 121137522
California: 121137522
Florida: 067012099
Michigan: 072000096
Texas: 111000753

Reasons You May Want to Look Elsewhere

  • Comerica Bank is only located in five states. This may limit the accessibility of the accounts for you. While some of the bank accounts may be opened online, your funds wouldn't be accessible, which would defeat the purpose of banking at Comerica.

  • You have to visit a branch to open a Flexible Rate CD. If you wanted to take advantage of the 12-month CD that allows continual deposits, you have to open the account at a physical branch in one of the five states that Comerica operates.

  • If you have an Access Checking account, it may cost you to use online bill pay. Typically, online bill pay is included with even the most basic checking account, but not at Comerica. It can cost you almost $100 per year just to be able to pay your bills online.

How It Compares

Chase: Chase is a national bank with more options for people in states where Comerica doesn't exist. Chase offers a large number of promotions to entice consumers to bank with them. Chase offers checking and savings accounts, with low opening deposit requirements and easy ways to waive the monthly fees.

Bank of America: Bank of America is a popular bank because they are "everywhere." Many people who choose Bank of America don't do so because of the great interest rates or low fees, but rather because of the convenience of their locations and ATMs. You'll likely find that Bank of America's account offerings are minimal compared to other banks, such as Comerica.

Bottom Line

If you have a need for both a checking and savings account, you may save money on service fees at Comerica Bank. They offer the free savings/money market account with any checking account, which can eliminate the worry of keeping up with specific balances in each account.

If you are looking for a convenient bank that allows you to access your money all over the US, though, you may want to look for a bank with a national presence.

Chase
Member FDIC

Chase Total Checking® - $225 Bonus

  • New Chase customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
CIT Bank
Member FDIC

CIT Bank Money Market Account - 0.45% APY

  • 0.45% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee
HSBC Bank
Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code CY21 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
TD Bank
Member FDIC

TD Beyond Checking - $300 Cash Bonus

  • New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
  • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
  • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Rush Bill Payments and more.
  • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
  • TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • Overdraft Payback - Get overdraft fees automatically reversed up to two times a year.
  • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
  • TD checking accounts come with an instant-issue debit card. And, you can pay with confidence with Zero Liability protection and 24/7 fraud monitoring.
  • Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings and Money Market accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.

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