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Chemical Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Chemical Bank’s checking account options

ChemBasic Checking

Living up to its name, ChemBasic Checking is the bank’s entry-level, no-frills checking account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0 with eStatements ($3 with paper statements)
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

ChemBasic Checking is targeted toward customers who don’t keep large balances in their checking account or frequently write checks. If you’re looking for a no-fee account and can’t qualify for a no-fee relationship checking account, this might be your best option.

Customers who don’t select the eStatement option with this account will be charged a $3 monthly fee for paper statements. The account offers certain features common with entry-level checking accounts, such as eBanking, eBill Pay, Voice Banking, Mobile Banking and Mobile Remote Deposit Capture. However, the bank also offers, on approval, a 0.25% discount on a personal loan. ATM fees are fairly standard, which means they are free for network ATMs but charge a fee for out-of-network withdrawals. Overdraft fees are high, though they can be reduced with overdraft protection.

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ChemPlus Checking

A standard checking account reserved for those 55 and older.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

With the exception of the 55-and-over age requirement, the ChemPlus Checking account does provide a few additional features from that of the ChemBasic Checking account. For starters, this is the only Chemical Bank checking account that doesn’t charge a $3 fee for paper statements. Green-mint safety paper checks are also provided free of charge with this account, and customers can get a 50% discount on orders of other types of checks.

ChemPlus account holders are also entitled to free notary services and photocopies. Beyond that, the account comes with the standard eStatements, bill pay, mobile and telephone banking and the 0.25% personal loan discount.

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Classic Checking

Classic Checking is Chemical Bank’s “traditional” checking account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5; $0 with a daily minimum balance of $500
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Classic Checking has the same features and benefits of the bank’s ChemBasic checking, with the only difference being the minimum balance requirements. Although technically there is no minimum opening deposit, customers are required to deposit $500 within 30 days of the account being opened to avoid a monthly maintenance fee.

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Advantage Checking

Advantage Checking is the only Chemical Bank checking account that pays interest.
APYMinimum Balance to Earn APY
0.01%$0
0.01%$10,000
0.01%$25,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $7; $0 with a daily minimum balance of $1,000, an average daily minimum balance of $1,500, the maintenance of a Midwest Savings Account or an aggregated daily minimum balance of $10,000 in other Chemical Bank deposit accounts
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Advantage Checking pays interest in three tiers, with the top tier for deposits of $25,000 or more. However, at the current time, the interest rate is the same for all tiers. Customers have 30 days after opening the account to deposit enough funds or open a Midwest Savings account to waive the monthly maintenance fee.

This account provides the same basic account features as other Chemical Bank checking accounts, including mobile, online, and telephone banking, along with the 0.25% discount on personal loans.

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Green Checking

Green Checking is an environmentally friendly, completely paper-free account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATMs; $0 foreign ATM fees if 20 debit card signature-based transactions are completed within each monthly cycle
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank’s Green Checking account is best suited for customers that either want to have a small carbon footprint or who otherwise don’t need check-writing capabilities. Account holders access their funds via electronic means or by using a debit card, rather than by writing checks. In that sense, Green Checking isn’t so much a “checking” account as a savings account with unlimited withdrawal capabilities. Other features of the account are the same as the bank’s other checking accounts, including online and mobile capabilities and the 0.25% discount on personal loans.

How to get Chemical Bank’s checking accounts

As noted above, Chemical Bank does not permit accounts to be opened online. To get any of the bank’s checking accounts, you’ll have to visit a Chemical Bank branch.

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How Chemical’s checking accounts compare

Chemical Bank’s checking accounts are mostly variations on the same theme. Nearly every account offers the same basic benefits, with a few tweaks here and there. For example, there’s a dedicated account for those 55 and older, one for those who want to earn interest and one for those who want to go “green” and paperless, but beyond those distinctions, the accounts are mostly similar.

The sole account that pays interest, the Advantage Checking account, pays a low rate across the board, far lower than you can get even with the average checking account nationwide. Those looking for an interest-bearing account should search elsewhere, as Chemical’s rates are a world away from the best nationwide rates for checking accounts.

Chemical Bank’s savings account options

Classic Savings

Classic Savings is Chemical Bank’s traditional savings account, good for first-time savers or for those not in need of additional features.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3; $0 with a daily minimum balance of $300
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32.00; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Classic Savings has no minimum opening deposit requirement, but a small maintaining balance is suggested to eliminate the small monthly fee. The ATM structure of the account is like the bank’s checking accounts, with free withdrawals from in-network ATMs and a small fee for others. Interest is paid on all balances with this account, but rates are not listed on the bank’s website, so you’ll have to visit a branch or talk to a banker to get the current APY. Withdrawals and transfers are limited to six per month, and additional transactions incur a $1 fee each.

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Classic Savings for Minors

Chemical Bank’s Classic Savings account is also available in this format for minors.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM*
  • ATM refund: None
  • Overdraft fee: $32.00; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank offers a special version of Classic Savings for minors, with the most important distinction being that this account carries no monthly maintenance fee, regardless of balance. This account also requires special permission from a branch to have an ATM card issued. As with the Classic Savings account, a fee is charged for non-Chemical ATM withdrawals, and certain withdrawals and transfers in excess of six per month incur a $1 fee per transaction. Overdrafts also have the same fee structure as with Classic Savings.

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Community Savings

Community Savings is a rare bird — a savings account that doesn’t pay any interest.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3; $0 with a daily minimum balance of $300
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Community Savings seems like the account that Chemical Bank can do without. In terms of its overall structure, it’s nearly identical to the bank’s Classic Savings account, with no fee on in-network ATM withdrawals, no minimum required opening deposit and a small maintenance fee that can be avoided with a small balance. However, the account doesn’t pay interest. With the same cost and requirements as the Classic Savings account, customers would be better served opening that account — and earning interest — rather than keeping a Community Savings account.

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Holiday Savings

Holiday Savings is a typical club account, with interest earned on deposits until a mandatory distribution date near the end of the year.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

Chemical’s Holiday Savings account allows customers to make regular contributions the account over the course of the year, with a mandatory payout on either Oct. 10th or Oct. 31st. Any withdrawals made before this distribution date will trigger account closure. Interest is paid on Holiday Savings deposits, but you’ll have to contact a banker to get the current rates, as they are not available on the bank’s website.

Customers typically use this account to save for special occasions, such as weddings, vacations or holiday spending. Voice Banking, eBanking and Mobile Banking services are all available with this account.

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Midwest Savings

Midwest Savings is Chemical Bank’s top-tier checking account, good for those with higher balances who want to earn interest and gain a complementary checking account.
APYMinimum Balance to Earn APY
0.01%$0
0.01%$5,000
0.01%$10,000
0.01%$25,000
0.01%$50,000
0.01%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Opening a Midwest Savings account is one of the ways to get Chemical Bank’s Advantage Checking account without a monthly fee; it’s also a way to earn tiered interest on your savings. Somewhat unusual, the bank doesn’t pay its highest rates on the largest deposits. Once your account size reaches $50,000 or more, your money earns the same low rate paid on deposits of up to $10,000.

This account has no monthly fee and requires no balance to open, but withdrawals are limited to just four per month. After that, a $1 fee is assessed per transaction. Beyond these differences, Midwest Savings also offers the same features that can be found across Chemical Bank accounts, from online and mobile banking to a 0.25% APY discount on personal loans.

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Health Savings

Chemical Bank’s Health Savings account is a typical HSA.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3; $0 with eStatements
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

Chemical’s HSA requires no minimum deposit but does charge a small fee if you don’t sign up for eStatements. You can access the account via check writing or a debit card, but you won’t have ATM access. You also will not be allowed to overdraw the account. As with all HSAs, you must meet certain requirements to qualify for this account, such as being under age 65 and participating in a high-deductible health plan.

How to get Chemical Bank’s savings accounts

As mentioned above, Chemical Bank has no online account application. You must visit a branch to open an account.

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How Chemical Bank’s savings account compares

As with the bank’s checking account roster, there is no shortage of available savings accounts at Chemical Bank. Whether you’re looking for a traditional savings account, one for a minor, a holiday savings account or an HSA, you can find it at Chemical. Unfortunately, rates and features of all the accounts are a bit sparse.

When compared with the national average, none of Chemical Bank’s savings accounts can measure up, with each account failing to hit that benchmark. The best available savings rates can be found at other institutions.

Chemical Bank’s CD account options

Regular CDs

Chemical Bank offers an attractive range of CD maturities, with low minimums.
TermAPYMinimum Balance to Earn APY
15 months0.10%$100
18 months0.15%$100
24 months 0.15%$100
30 months0.20%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest for maturities of 3 to 12 months; 6 months’ interest for maturities of 13 to 35 months; 12 months’ interest for maturities of 36 to 60 months

For a large bank, Chemical offers a pretty low minimum balance requirement to open a regular CD account. Unless you’re looking for an extremely long maturity, you can likely find a term suiting your needs in Chemical’s regular CD lineup. Chemical offers both single maturity and automatic renewal certificates, with interest payments monthly, quarterly or at maturity. Chemical offers terms from 3 to 60 months but doesn’t advertise all of the rates. You need to call the bank for the complete list of rates.

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Raise-Your-Rate CD

The Raise-Your-Rate CD allows you to adjust the yield on your CD to the current rate.
TermAPYMinimum Balance to Earn APY
36 months0.30%$100
48 months0.30%$100
60 months0.30%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 12 months’ interest

Chemical’s Raise-Your-Rate CDs are only offered in 3 year, 4 year and 5 year maturities. Once per term, you can call the bank and have your rate raised to the then-current rate, up to a maximum increase of 1%. Minimums and withdrawal penalties are otherwise the same as with the bank’s regular CDs.

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Add-On CD

Chemical Bank’s Add-On CD is a single-maturity CD that allows additional deposits before maturity.
TermAPYMinimum Balance to Earn APY
12 months0.10%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest

In all respects but one, Chemical Bank’s Add-On CD is a regular CD, including the minimum opening deposit and the early withdrawal penalty. The distinction is an important one, however. This 12 month CD allows customer to continue making deposits into the account until it matures. The only restriction is that deposits must be at least $100.

How to get Chemical Bank’s CDs

As mentioned above, you can’t open any Chemical Bank CDs online. You must visit a branch.

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How Chemical Bank’s CD rates compare

Overall, Chemical Bank’s CDs are nothing to write home about. Although it’s nice to have the option to choose a Raise-Your-Rate or Add-On CD, the rates paid on Chemical’s CDs of all types are below average. While not all banks can compete with the very best available national CD rates, even the average CD rate tops those offered at Chemical Bank, for every maturity.

Chemical Bank’s money market account options

Money Market

This account is Chemical Bank’s traditional money market account, combining features of both checking and savings accounts.
APYMinimum Balance to Earn APY
0.01%$0
0.01%$10,000
0.01%$25,000
0.01%$50,000
0.01%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10; $0 with $2,500 average daily minimum balance
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank’s Money Market account has a fairly high monthly maintenance fee, but you can avoid it with a $2,500 average daily balance. Per Federal Regulation D, certain transactions, including pre-authorized withdrawals or transfers, are limited up to six per month. Interest is paid in tiers, with the highest rates paid on deposits of at least $100,000.

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Premier Money Market

Chemical Bank’s Premier Money Market account allows customers the opportunity to earn higher interest rates but requires a larger maintaining balance.
APYMinimum Balance to Earn APY
0.01%$0
0.05%$10,000
0.05%$50,000
0.10%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $30; $0 with average daily minimum balance of $35,000
  • ATM fee: $0; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank knows how to put the “premier” into its Premier Money Market account. True, the account pays higher interest rates than those in its regular Money Market account. However, it takes a lot of money to get that benefit. The $30 monthly maintenance fee is one of the highest bank account fees you can find. To avoid it, you’ll need to deposit 14 times the amount required for the bank’s regular Money Market account, and you’ll need to keep it there. Otherwise, the accounts are identical.

How to get Chemical Bank’s money market account

As mentioned above, you’ll have to visit a branch if you want to open a Chemical Bank money market account.

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How Chemical Bank’s money market accounts compare

While the Chemical Bank Money Market account is a perfectly normal, serviceable money market account, the Premier Money Market is one of the most expensive accounts you can find.

With an astronomical annual fee that can only be waived with a significant and ongoing minimum balance, the interest rates paid should be commensurately higher. Sadly, that is not the case. Rates on the Premier Money Market account only climb above the national average on deposits of $100,000 or more, and even this “top” rate is nowhere near the best available money market rates nationwide.

Chemical Bank’s IRA account options

IRA Regular CDs

Chemical Bank’s IRA CD lineup has varying rates and maturities, but you’ll have to check with a bank to get all current options.
TermAPYMinimum Balance to Earn APY
15 months0.10%$100
18 months0.15%$100
24 months0.15%$100
30 months0.20%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest for maturities of 3 to 12 months; 6 months’ interest for maturities of 13 to 35 months; 12 months’ interest for maturities of 36 to 60 months

Chemical’s IRA CDs are similar to the lineup in its non-IRA accounts, but there are a few differences in terms of available maturities. Only a few of the bank’s rates are published on the website. For complete details, you’ll have to contact the bank directly. Chemical offers both single maturity and automatic renewal certificates in its IRAs, with interest payments monthly, quarterly or at maturity.

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IRA Variable-Rate CD

Chemical Bank offers a Variable-Rate IRA CD in a single maturity; this CD is not available in the bank’s taxable accounts.
TermAPYMinimum Balance to Earn APY
6 months0.05%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest

Chemical Bank’s IRA Variable-Rate CD is an unusual product. Coming in a single, short maturity of six months, the CD pays a rate that can be adjusted after purchase by the bank, but not by the customer. The rate on this variable CD is currently the same as with a regular six-month IRA CD. Minimums and penalties on this account are the same as with regular IRA CDs.

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IRA Raise-Your-Rate

The IRA Raise-Your-Rate CD is a carbon copy of the bank’s non-IRA CD of the same name.
TermAPYMinimum Balance to Earn APY
36 months0.30%$100
48 months0.30%$100
60 months0.30%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 12 months’ interest

Chemical’s Raise-Your-Rate IRA CDs are offered in 3 year, 4 year and 5 year maturities, just like the non-IRA version. Once per term, you can call the bank and have your rate raised to the then-current rate, up to a maximum increase of 1%. Minimums and withdrawal penalties are otherwise the same as with the bank’s regular IRA CDs.

How to get Chemical Bank’s IRA accounts

As with the bank’s non-IRA products, if you want to open an IRA account at Chemical Bank, you’ll have to visit a branch.

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How Chemical Bank’s IRA accounts compare

Chemical Bank’s IRA CDs share the same lackluster yields as the bank’s regular CD lineup. You’ll be able to find better IRA CD rates elsewhere.

Overall review of Chemical Bank’s products

Chemical Bank offers a large number of both checking and savings accounts, but not one of them particularly stand out. Only a single checking account pays interest, and its rates — along with the rates on all of Chemical’s savings accounts — are below average.When it comes to the bank’s money market and CD accounts, sub-par rates continue to prevail.

New customers looking for a bank with a wide range of account options might be curious about Chemical Bank, as they offer accounts for seemingly any need. However, upon comparison shopping, it’s clear that higher rates can be had elsewhere for nearly any type of account. You can find better options at competitor banks.

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Reviews

Comerica Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Comerica Bank’s checking account options

Access Checking

Access Checking is Comerica Bank’s entry-level checking account, with basic services and features.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $13; $2 discount with eStatements AND suppression of paper statements upon request; $0 fee with either a $1,000.00 minimum daily balance, 1 direct deposit of at least $250 or more per statement cycle, status as a full-time college student up to the age of 26 or a business owner with a Comerica business checking account; active or retired members of the U.S. military or members of a Comerica Platinum Circle Checking household.
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5.00 for international ATMs (non-U.S.)
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7, and $16 for 8+ occurrences

Access Checking may be a basic checking account, but the fee structure is high and a bit complicated. For an account that doesn’t have extensive features or pay interest, the monthly maintenance fee is astoundingly high.

Access Checking includes standard features such as ATM access, free online access and bill pay, and it even throws in additional perks such as a rate discount on a home equity line and a free savings account. However, if you agree to both eStatements and the suppression of paper statements, you only get a $2 discount on the high monthly fee. With many other banks, eStatements are enough to waive the fee altogether.

To drop the Access Checking fee to $0, you must meet one of the following qualifications: keep a minimum daily balance of $1,000.00; have a direct deposit; be a full-time college student; be a business owner with a Comerica business checking account; be a member of the U.S. military; or be a Comerica Platinum Circle Checking household.

This account also has a high overdraft fee that increases with the number of occurrences.

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Rich Rewards Checking

Rich Rewards Checking is Comerica’s first-level interest-bearing account, with extra features on top of those offered by Access Checking.
APYMinimum Balance to Earn APY
0.01%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18; $2 discount with eStatements AND suppression of paper statements upon request; $0 with a $5,000.00 minimum daily balance or a minimum combined balance of $7,500.00 each day in this account and/or up to 3 other related Comerica Bank accounts
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7, and $16 for 8+ occurrences

The high-priced and convoluted fee structure found in Comerica Bank’s Access Checking account continues with the bank’s interest-bearing Rich Rewards Checking Account. With this account, the monthly fee is even higher, and the hurdles to get the fee waived are commensurately higher as well. The increasing overdraft fee structure is also in place with this checking account.

Although Rich Rewards Checking pays interest, the rate is extremely low. The account does come with additional service enhancements, however, including the following:

  • A waiver of the first-year, $65 annual fee on a home equity line, along with a 0.25% APY discount
  • A 0.50% APY discount on a home equity loan
  • A 0.50% APY discount on non-real estate installment loans
  • Enhanced interest rates on new-money CD and IRA deposits
  • Up to $50 off the cost of a safety deposit box rental, with an additional $5 discount with autopay

As with Access Checking, Rich Rewards Checking comes with a free savings account as well.

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Premier Checking

Premier Checking is the next step up the checking account ladder at Comerica Bank, with enhanced services — and fees — when compared with the Rich Rewards Checking account.
APYMinimum Balance to Earn APY
0.01%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $22; $2 discount applies with eStatements and suppression of paper statements; $0 with a $7,500.00 minimum balance each day, a revolving home equity Account, or a minimum combined daily balance of $20,000 in this account and/or up to 3 other related Comerica Bank Accounts or an open revolving home equity account
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: Refund of first 4 fees per statement cycle. $2/transaction, including balance inquiries, thereafter
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection; $0 with overdraft protection

Premier Checking offers the same benefits as the bank’s Rich Rewards Checking account, with a few enhancements. Notably, Premier Checking offers another rate bump on CDs with maturities of one year or longer, along with free Comerica Advantage-style checks and a waiver of overdraft protection transfer fees. While the account has a small minimum opening deposit, the fee is another step higher than that on the Rich Rewards Checking account, and it can only be waived with large balances in this or other Comerica Bank accounts. The interest rate is not tiered and is noncompetitive as well.

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Comerica Platinum Circle Checking

Platinum Circle Checking is the top-of-the-line checking account at Comerica Bank, with greatly increased services and the potential for higher interest rates.
APYMinimum Balance to Earn APY
0.03%$1
0.05%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0 with a $50,000 average daily balance in any combination of personal or business deposit accounts or a minimum combined balance of $2,500,000 each day in any combination of assets managed by Comerica Asset Management, in Comerica Private Banking loan balances or in Comerica Securities, Inc. account balances
  • ATM fee: $0; $5 for international ATMs (non-U.S.)
  • ATM refund: Unlimited per statement cycle
  • Overdraft fee: Waived for as long as you maintain your Comerica Platinum Circle Checking account.

Comerica Bank’s Platinum Circle Checking account is the queen bee when it comes to accounts at the bank. Unlike many banks, there’s actually no monthly maintenance fee for this top-level account; however, if you can’t maintain the significant required balances in the account, your account may be converted to a Rich Rewards Checking account, thereby disqualifying you from all of the benefits of the Platinum Circle account.

One of the main benefits of this account is that it qualifies account holders for higher interest rates on CDs and in the High-Yield Money Market Investment account. Other features, on top of those offered by the other checking accounts at the bank, include the following:

  • A Statement Savings account and a High-Yield Money Market Investment account for no monthly fee
  • Waived overdraft protection transfer fees
  • Free Comerica Bank checks of any style
  • A free checking account for a household member
  • A dedicated customer service number
  • Discounts on certain residential mortgage closing costs
  • Professional investment, insurance and banking services

This account also pays the best checking account interest rates at the bank, although they still remain low.

How to get Comerica Bank’s checking accounts

As mentioned above, only the Access Checking account can be opened online. Other account types can only be opened at a Comerica Bank branch.

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How Comerica’s checking accounts compare

Comerica Bank offers a tiered range of four checking accounts, each with a higher level of service. The crown jewel of the bank is the Platinum Circle Checking account, which brings with it an assortment of enhancements, including much higher interest rates on the bank’s CD and money market products.

When it comes to the interest rates paid on the bank’s checking accounts, however, much is left to be desired. The two lower-level interest-bearing accounts, Rich Rewards Checking and Premier Checking, pay embarrassingly low rates. The best rates available for checking accounts nationwide are anywhere from 60 to 100 times as high as Comerica Bank’s rates. Even the top tier of the Platinum Circle Checking account pays just a fraction of the best available rates.

Comerica Bank’s savings account options

Statement Savings

Statement Savings is Comerica Bank’s only traditional savings account.
APYMinimum Balance to Earn APY
0.01%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5; $0 with a Comerica personal checking account, if you maintain a $400 minimum daily balance, you’re a minor under 18 years of age or you’re age 62 or older with direct deposit of Social Security, pension or other federal recurring payments to your savings account or if you have a personal checking account.
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7, and $16 for 8+ occurrences.

Statement Savings is a basic savings account, with features you’d expect from most entry-level accounts. A Comerica Bank ATM card gives you 24-hour access to Comerica ATMs, although you’ll pay a fee for non-network machines. The high overdraft fees of the bank’s checking accounts apply to the savings account as well. After six debit transactions per month, Comerica Bank will charge a $5 fee per additional transaction.

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on Comerica Bank’s secure website

Member FDIC

Health Savings Account

Comerica Bank’s Health Savings account is a standard HSA, providing tax-advantaged savings for eligible health expenses.

Per bank representative on Oct. 9, 2018:

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

As with any HSA, Comerica Bank’s Health Savings account can only be opened by individuals with a HSA-qualified, high-deductible health plan, or via rollover from another HSA. Per IRS rules, contributions may be tax-deductible, and distributions can be tax-free when used for qualifying medical expenses. Unlike come corporate-sponsored health plans, there is no “use-it-or-lose-it” provision with an HSA; balances can be maintained regardless of the change in calendar.

How to get Comerica Bank’s savings accounts

The Statement Savings account can be opened online using the application on the bank’s website. To open a Health Savings account, you’ll have to contact the bank directly.

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on Comerica Bank’s secure website

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How Comerica Bank’s savings account compares

Comerica Bank’s only true, stand-alone savings account doesn’t offer much by way of additional features. If it paid a high interest rate, that could probably be overlooked, but the current APY on the savings account is more of a token interest rate than anything. The Statement Savings APY is dwarfed by even the average national APY. The nation’s best available savings rates simply put it to shame.

Comerica Bank’s CD account options

Fixed-Rate CDs

Comerica Bank’s Fixed-Rate CDs pay a different APY depending on the type of checking account relationship you have with the bank.
TermAPYMinimum Balance to Earn APY
7-29 days0%$1
7-29 days0.01%$2,500
7-29 days0.01%$10,000
7-29 days0.01%$25,000
7-29 days0.01%$50,000
7-29 days0.01%$100,000
7-29 days0.01%$250,000
7-29 days0.01%$500,000
30-59 days0%$1
30-59 days0.02%$2,500
30-59 days0.02%$10,000
30-59 days0.02%$25,000
30-59 days0.02%$50,000
30-59 days0.02%$100,000
30-59 days0.02%$250,000
30-59 days0.02%$500,000
60-89 days0%$1
60-89 days0.02%$2,500
60-89 days0.02%$10,000
60-89 days0.02%$25,000
60-89 days0.02%$50,000
60-89 days0.02%$100,000
60-89 days0.02%$250,000
60-89 days0.02%$500,000
90-179 days0%$1
90-179 days0.03%$2,500
90-179 days0.03%$10,000
90-179 days0.03%$25,000
90-179 days0.03%$50,000
90-179 days0.03%$100,000
90-179 days0.03%$250,000
90-179 days0.03%$500,000
180-364 days0%$1
180-364 days0.04%$2,500
180-364 days0.04%$10,000
180-364 days0.04%$25,000
180-364 days0.04%$50,000
180-364 days0.04%$100,000
180-364 days0.04%$250,000
180-364 days0.04%$500,000
1 year0%$1
1 year0.10%$2,500
1 year0.10%$10,000
1 year0.10%$25,000
1 year0.10%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$500,000
2 years0%$1
2 years0.10%$2,500
2 years0.10%$10,000
2 years0.10%$25,000
2 years0.10%$50,000
2 years0.10%$100,000
2 years0.10%$250,000
2 years0.10%$500,000
3 years0%$1
3 years0.15%$2,500
3 years0.15%$10,000
3 years0.15%$25,000
3 years0.15%$50,000
3 years0.15%$100,000
3 years0.15%$250,000
3 years0.15%$500,000
4 years0%$1
4 years0.15%$2,500
4 years0.15%$10,000
4 years0.15%$25,000
4 years0.15%$50,000
4 years0.15%$100,000
4 years0.15%$250,000
4 years0.15%$500,000
5 years0%$1
5 years0.20%$2,500
5 years0.20%$10,000
5 years0.20%$25,000
5 years0.20%$50,000
5 years0.20%$100,000
5 years0.20%$250,000
5 years0.20%$500,000
6 years0%$1
6 years0.20%$2,500
6 years0.20%$10,000
6 years0.20%$25,000
6 years0.20%$50,000
6 years0.20%$100,000
6 years0.20%$250,000
6 years0.20%$500,000
7-10 years0%$1
7-10 years0.20%$2,500
7-10 years0.20%$10,000
7-10 years0.20%$25,000
7-10 years0.20%$50,000
7-10 years0.20%$100,000
7-10 years0.20%$250,000
7-10 years0.20%$500,000
*You’ll earn different rates with Rich Rewards Checking/Premier Checking/Platinum Circle Checking. You need to call and verify interest.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 1 month’s interest for CDs with a term of less than 90 days; 3 months’ interest for terms of 90-179 days; 6 months’ interest for terms of 180 days or longer.

Fixed-Rate CDs at Comerica Bank have a complicated payment structure. Each maturity is broken down into eight payment tiers, between $1 and $500,000, although each tier currently pays the same APY for each maturity.

If you have a Rich Rewards Checking account, you’ll earn more on maturities of longer than one year; rates increase even more if you have a Premier Checking account. Customers with a Platinum Circle Checking account earn the highest rates of all.

The bank offers a wide range of maturities, from seven days to 10 years. Interest is generally paid or compounded monthly, except for terms of seven to 29 days, where interest is paid at maturity. Maturing CDs automatically renew for the same term at the then-current rate. The grace period to withdraw funds after maturity is three days, for maturities of less than 30 days, and 10 days for longer maturities.

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on Comerica Bank’s secure website

Member FDIC

Flexible-Rate CDs

Flexible-Rate CDs are misnamed: It’s not the rate that’s flexible, but rather than contribution and withdrawal structure.
TermAPYMinimum Balance to Earn APY
1 year0%$1
1 year0.20%$2,500
1 year0.20%$10,000
1 year0.20%$25,000
1 year0.20%$50,000
1 year0.20%$100,000
1 year0.20%$250,000
1 year0.20%$500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 3 months’ interest

Comerica Bank’s Flexible-Rate CDs come in a single maturity of one year. Rates are tiered, but the APY paid doesn’t vary much between tiers — and it’s extremely low across the board. The main advantage of this CD is the ability to add money to it at any time, in increments of $100 or more, and its flexible withdrawal structure.

Unlike most regular CDs, the Flexible-Rate CD allows you to take a one-time withdrawal of up to 50% of your account balance without penalty, as long as the withdrawal comes after seven days of opening the account or making an additional deposit.

As with the bank’s regular CDs, Flexible-Rate CDs automatically renew, but there’s a 10-day grace period during which you can withdraw your maturing funds.

How to get Comerica Bank’s CDs

You can open a Fixed-Rate CD using the bank’s online application, but for a Flexible-Rate CD, you must contact the bank directly.

SEE DETAILS Secured

on Comerica Bank’s secure website

Member FDIC

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How Comerica Bank’s CD rates compare

The good news is that the low rates available on Comerica Bank’s regular CDs can be greatly enhanced by opening a higher-level checking account at the bank. The bad news is that even with the bank’s top-tier Platinum Circle Checking account, rates far fall below both the national averages and the best available national CD rates, for every maturity. The Flexible-Rate CD is a nice option for those who don’t want to be tied down for the entire term of the CD, but rates are extremely low, and the withdrawal feature can only be used once, for 50% of the account balance.

Comerica Bank’s money market account options

Money Market Investment account

Comerica Bank’s Money Market Investment account is a check-writing account that allows you to earn a higher rate than the bank’s savings account — but just barely.
APYMinimum Balance to Earn APY
0.03%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12; $0 with a $2,500 minimum daily balance, a $5,000 average daily balance, a Comerica Platinum Circle Checking account or a Premier Checking account while not selecting a Statement Savings account as your no-fee savings account.
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.), according to bank representative
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7 and $16 for 8+ occurrences

Comerica Bank’s entry-level money market account offers ATM access and a check-writing option, although checks and certain other debits are limited to six per month. There’s a $5 fee per withdrawal after six transactions per month.

The minimum opening deposit is quite small for a money market account. But to avoid the high monthly fee, customers need to increase their minimum deposit to a more traditional level. The fee can also be avoided through various checking account relationships with the bank, such as having a Comerica Platinum Circle Checking account. Overdraft fees are quite high, although they can be reduced a bit with overdraft protection.

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on Comerica Bank’s secure website

Member FDIC

High-Yield Money Market Investment account

The High-Yield Money Market Investment account pays much higher interest rates than the bank’s regular money market account, but only if you also have a Platinum Circle Checking account.
APYMinimum Balance to Earn APY
0.03%$1
0.15%$15,000
0.03%$100,000+
*You’ll earn different rates with Platinum Circle Checking. You need to call and verify interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25; $0 with $15,000 minimum balance each day
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: None, per bank representative
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7 and $16 for 8+ occurrences.

Comerica Bank’s High-Yield Money Market Investment account is really designed for customers that also have a Platinum Circle Checking account. This entitles account holders to much higher yields on their balances. However, this account also has a much higher monthly fee than the regular money market account, and it requires a much larger maintaining balance to eliminate the monthly fee. As with the regular money market account, Comerica Bank assesses a $5 fee per withdrawal from this account, after six debits that are allowed per month.

How to get Comerica Bank’s money market account

You can get Comerica Bank’s regular money market account via the online application. For the High-Yield Investment Money Market account, you’ll need to contact a branch.

SEE DETAILS Secured

on Comerica Bank’s secure website

Member FDIC

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How Comerica Bank’s money market accounts compare

Comerica Bank’s basic money market account has a low minimum balance to open but requires a much higher balance to waive the monthly fee. Although the account pays interest, it’s an extremely low rate, far below the national average and not even close to the best available money market rates nationwide. The High-Yield Money Market Investment account does much better in the yield department, but only with a complementary Platinum Circle Checking account. Even at its top tier, this account still doesn’t match up with the best rates you can find in competitor accounts.

Comerica Bank’s IRA account options

IRA Fixed-Rate CDs

Comerica Bank’s IRA Fixed-Rate CDs are carbon copies of the bank’s non-IRA CDs, including the enhanced yield paid with certain checking account relationships.
TermAPYMinimum Balance to Earn APY
7-29 days0%$1
7-29 days0.01%$2,500
7-29 days0.01%$10,000
7-29 days0.01%$25,000
7-29 days0.01%$50,000
7-29 days0.01%$100,000
7-29 days0.01%$250,000
7-29 days0.01%$500,000
30-59 days0%$1
30-59 days0.02%$2,500
30-59 days0.02%$10,000
30-59 days0.02%$25,000
30-59 days0.02%$50,000
30-59 days0.02%$100,000
30-59 days0.02%$250,000
30-59 days0.02%$500,000
60-89 days0%$1
60-89 days0.02%$2,500
60-89 days0.02%$10,000
60-89 days0.02%$25,000
60-89 days0.02%$50,000
60-89 days0.02%$100,000
60-89 days0.02%$250,000
60-89 days0.02%$500,000
90-179 days0%$1
90-179 days0.03%$2,500
90-179 days0.03%$10,000
90-179 days0.03%$25,000
90-179 days0.03%$50,000
90-179 days0.03%$100,000
90-179 days0.03%$250,000
90-179 days0.03%$500,000
180-364 days0%$1
180-364 days0.04%$2,500
180-364 days0.04%$10,000
180-364 days0.04%$25,000
180-364 days0.04%$50,000
180-364 days0.04%$100,000
180-364 days0.04%$250,000
180-364 days0.04%$500,000
1 year0%$1
1 year0.10%$2,500
1 year0.10%$10,000
1 year0.10%$25,000
1 year0.10%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$500,000
2 years0%$1
2 years0.10%$2,500
2 years0.10%$10,000
2 years0.10%$25,000
2 years0.10%$50,000
2 years0.10%$100,000
2 years0.10%$250,000
2 years0.10%$500,000
3 years0%$1
3 years0.15%$2,500
3 years0.15%$10,000
3 years0.15%$25,000
3 years0.15%$50,000
3 years0.15%$100,000
3 years0.15%$250,000
3 years0.15%$500,000
4 years0%$1
4 years0.15%$2,500
4 years0.15%$10,000
4 years0.15%$25,000
4 years0.15%$50,000
4 years0.15%$100,000
4 years0.15%$250,000
4 years0.15%$500,000
5 years0%$1
5 years0.20%$2,500
5 years0.20%$10,000
5 years0.20%$25,000
5 years0.20%$50,000
5 years0.20%$100,000
5 years0.20%$250,000
5 years0.20%$500,000
6 years0%$1
6 years0.20%$2,500
6 years0.20%$10,000
6 years0.20%$25,000
6 years0.20%$50,000
6 years0.20%$100,000
6 years0.20%$250,000
6 years0.20%$500,000
7-10 years0%$1
7-10 years0.20%$2,500
7-10 years0.20%$10,000
7-10 years0.20%$25,000
7-10 years0.20%$50,000
7-10 years0.20%$100,000
7-10 years0.20%$250,000
7-10 years0.20%$500,000
*You’ll earn different rates with Rich Rewards Checking/Premier Checking/Platinum Circle Checking. You need to call and verify interest.
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 1 month’s interest for CDs with a term of less than 90 days; 3 months’ interest for terms of 90-179 days; 6 months’ interest for terms of 180 days or longer.

Even the IRA Fixed-Rate CDs have a complicated payment structure at Comerica Bank. Currently, rates are the same in each of the eight payment tiers that are available for each maturity. Rates improve on the 1 year or longer CDs if you have a Rich Rewards Checking account, then bump up again if you have a Premier Checking account. Customers with the top-tier Platinum Circle Checking account earn the highest rates of all.

Maturities span a wide range, from seven days to 10 years. Interest is generally paid or compounded monthly, except for terms of seven to 29 days, where interest is paid at maturity. Maturing CDs automatically renew for the same term at the then-current rate. The grace period to withdraw funds after maturity is three days for maturities of less than 30 days, and 10 days for longer maturities.

SEE DETAILS Secured

on Comerica Bank’s secure website

Member FDIC

IRA Flexible-Rate CDs

IRA Flexible-Rate CDs allow contributions at any time, along with a one-time, penalty-free withdrawal.
TermAPYMinimum Balance to Earn APY
1 year0%$1
1 year0.20%$2,500
1 year0.20%$10,000
1 year0.20%$25,000
1 year0.20%$50,000
1 year0.20%$100,000
1 year0.20%$250,000
1 year0.20%$500,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 3 months’ interest

Comerica Bank’s Flexible-Rate IRA CDs are only available in a one-year maturity. Although the APY you can earn increases slightly across the eight tiers, from $1 to $500,000, rates are very low across the board. You can add money to this IRA CD at any time, in increments of $100 or more. The highlighted feature of the Flexible-Rate IRA CD is the ability to withdraw up to 50% of your IRA CD balance without penalty, as long as the withdrawal comes after seven days of opening the IRA CD or making an additional deposit. Bear in mind that the money can come out of the IRA CD product but must remain within the IRA account as a whole to avoid additional taxes and possible IRS penalties. Flexible-Rate IRA CDs automatically renew, but there’s a 10-day grace period during which you can withdraw your maturing funds.

How to get Comerica Bank’s IRA accounts

IRA accounts cannot be opened online at Comerica Bank. You must visit contact the bank directly.

SEE DETAILS Secured

on Comerica Bank’s secure website

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How Comerica Bank’s IRA accounts compare

Comerica Bank’s IRA CD rates are low in every category. Yields can be greatly enhanced if you open a higher-level checking account at the bank. However, even with this rate boost, the bank’s best yields are well below both the national average and the best available national IRA CD rates. The Flexible-Rate CD is a great idea for those who don’t want to be tied down for the entire term of the CD, but the withdrawal feature can only be used once, for 50% of the account balance, and the interest rates paid are anemic.

Overall review of Comerica Bank’s products

Comerica Bank certainly can’t be accused of having an insufficient number of accounts to offer customers, and the bank is to be commended for offering higher yields and reduced fees on some accounts to customers who open other accounts. However, the end result is a complicated web of relationship banking that makes it hard to determine which accounts you should choose, and how they affect others.

The unfortunate bottom line is that even with the enhanced yields customers can pick up by opening complementary accounts, rates paid by Comerica Bank are low in every category. The Platinum Circle Checking account, for example, offers some impressive bells and whistles, but the interest rates it pays aren’t competitive with the highest rates you can get elsewhere. The bank’s stand-alone savings account can’t even reach the national average savings rate, and the same is true of the bank’s CD offerings, even with the enhanced rates offered with a companion Platinum Circle Checking account. The same refrain can be sung for the bank’s money market accounts and IRA CDs.

When you combine the relatively confusing interplay of accounts at Comerica Bank with the bank’s underwhelming interest rates, most customers are probably better served by shopping around for more competitive options.

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The Best Kasasa Checking Accounts in 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

 

Reviewed By

A Kasasa checking account is a special type of banking product that is only available at certain credit unions and community banks. Kasasa checking accounts are free and offer various rewards, such as cash back or online shopping credits. Additionally, Kasasa checking accounts offer nationwide refunds on ATM withdrawal fees.

What is a Kasasa checking account?

Developed by the Kasasa Corporation, a Texas-based financial services and marketing organization, Kasasa accounts help smaller banks compete against larger rivals by providing special features desired by consumers. In exchange for providing rewards and other benefits, Kasasa accounts require qualification. Typically, customers must enroll in online banking and/or electronic statements and undertake a certain number of monthly transactions, such as 12 debit card purchases and one or more ACH transactions.

While every Kasasa checking account comes with no monthly maintenance fees and national ATM fee rebates, the particulars of each individual bank or credit union’s account can differ. As banking is a competitive landscape, even among institutions that offer Kasasa accounts, rates and benefits will vary.

Here’s a look at the top Kasasa checking accounts, including both regionally available accounts and nationally available accounts. To select the best, we looked for Kasasa accounts that offered the highest APYs and generous rewards.

Top regionally available Kasasa checking accounts

InstitutionAvailabilityAPY

Peoples Bank (Arkansas)

Arkansas, Louisiana, and Texas5.12%

Pelican State Credit Union

Arkansas, Louisiana, Mississippi, and Texas5.01%

Chief Financial Credit Union

Michigan5.00%

Kellogg Community Credit Union

Michigan4.25%

Kalsee Credit Union

Michigan4.25%

Peoples Bank (Arkansas) Free Kasasa Cash Account

  • 5.12% APY
  • $0.01 minimum
  • $15,000 maximum
  • Available in Arkansas, Louisiana and Texas

Peoples Bank is an Arkansas-based bank offering a number of checking accounts, but its Free Kasasa Cash account is the real star of the show. This account offers a generous APY of 5.12% on balances up to $15,000, with the portion of any balances over $15,000 earning 0.89% APY.

Other attractive features of this account include up to $25 in nationwide ATM fees refunded per month, no minimum balance required to earn rewards and no monthly service fee.
There is a $0.01 minimum opening deposit required for this account.

As is common with Kasasa accounts, in order to earn the 5.12% APY, you’re required to meet the following qualifications for each monthly qualification cycle: Have at least 12 debit card purchases post and settle, be enrolled in and review eStatements, and be enrolled in and log into online banking. If you don’t meet the qualifications for that cycle, you’ll earn 0.05% APY.

Peoples Bank is headquartered in Magnolia, Arkansas.

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on The Peoples Bank (AR)’s secure website

Pelican State Credit Union Kasasa Cash Account

  • 5.01% APY
  • $0 minimum
  • $7,500 maximum
  • Available in Arkansas, Louisiana, Mississippi, and Texas

Headquartered in Baton Rouge, La., Pelican State Credit Union serves the local community with a full menu of financial products. Pelican’s Kasasa Cash checking account earns 5.01% APY, one of the highest available rates we’ve found in our research.

To get this rate, you’ll have to sign up for electronic account statements and every monthly cycle make 15 debit purchases per month, log on to your online account at least once, and receive at least one direct deposit or other automatic payment, or make one online bill payment. If qualifications aren’t met in any given month, your balance earns 0.05% APY. Best of all, Pelican offers unlimited refunds of third-party ATM fees incurred nationwide.

Membership in Pelican State Credit Union is open to residents of Arkansas, Louisiana, Mississippi, and Texas who join one of four local charitable organizations. Membership also extends to anyone working for the institution’s employer partners.

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on Pelican State Credit Union’s secure website

NCUA Insured

Chief Financial Credit Union Free Kasasa Cash Checking

  • 5.00% APY
  • $0 minimum
  • $5,000 maximum
  • Available in the Kalamazoo, MI region

Chief Financial Credit Union serves the greater Detroit metro region. Chief’s Free Kasasa Cash Checking account pays you 5.00% on balances up to a maximum of $5,000, and an APY of 0.39% on the balance over this threshold. Chief will also refund up to $25 in third-party ATM fees every month.

To get the highest rate, you must receive electronic bank statements, and every month make at least 12 debit card purchases that post and settle, and log into you online banking account. Membership in Chief Financial is open to residents of the greater Detroit metro region, and selected other communities in the State of Michigan.

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on Chief Financial Credit Union’s secure website

NCUA Insured

Kellogg Community Credit Union Kasasa Cash Account

  • 4.25% APY
  • $0 minimum
  • $7,500 maximum
  • Available in western Michigan

Kellogg Community Credit Union has been providing counties in western Michigan with financial services since 1941. The bank currently offers three types of Kasasa accounts, although it’s Kasasa Cash account is a real winner, paying an impressive 4.25% APY on balances up to $7,500. The portion of your balance above this threshold earns 0.25% APY.

To receive the reward APY, you must agree to receive eStatements, and be enrolled in online banking. Every monthly cycle, you must make at least 12 debit card purchases, log into your online account, and have at least one direct deposit of $500 or more.

Membership in Kellogg Community Credit Union is open to those who live, work, worship, or attend school in, and businesses or other legal entities located in the Michigan counties of Allegan, Barry, Berrien, Branch, Calhoun, Cass, Ionia, Kalamazoo, Kent, St. Joseph, Montcalm, Muskegon, Newaygo, Ottawa or Van Buren.

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on Kellogg Community Credit Union’s secure website

NCUA Insured

Kalsee Credit Union Kasasa Cash+ Account

  • 4.25% APY
  • $0 minimum
  • $25,000 maximum
  • Available in the Kalamazoo, MI region

Kalsee Credit Union serves the Kalamazoo, MI region with a full menu of financial products. Kalsee offers four Kasasa accounts: Kasasa Cash+, Kasasa Cash, Kasasa Cash Back and Kasasa Saver. The credit union’s Kasasa Cash+ checking account earns 4.25% APY.

To get the highest rate, you’ll have to open a Kasasa checking account, make 24 debit purchases per month, sign up for electronic account statements, log on to your account at least once per month, and receive direct deposits totaling at least $1,000 per month. You can earn the 4.25% APY on balances up to $25,000, while balances above this threshold earn 0.35% APY. In addition, Kalsee will refund up to $25 in ATM fees incurred at domestic ATMs.

Membership in Kalsee Credit Union is open to anyone who lives, works, or attends school in the Michigan counties of Allegan, Barry, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, or Van Buren.

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on Kalsee Credit Union’s secure website

NCUA Insured

Top nationally available Kasasa checking accounts

InstitutionAvailabilityAPY

One American Bank

Nationwide2.00%

Main Street Bank (MI)

Nationwide2.00%

Security State Bank (KS)

Nationwide3.00%

First National Bank of Jeanerette

Nationwide3.00%

First Security Bank & Trust

Nationwide2.01%

One American Bank Kasasa Cash Account

  • 2.00% APY
  • $50 minimum
  • $10,000 maximum
  • Available nationwide

Based in Sioux Falls, SD, One American Bank was founded 135 years ago, before South Dakota had achieved statehood. Today this small regional bank packs a big punch, offering a nationally available Kasasa Cash checking account that earns a decent 2.00% APY on balances up to $10,000.

To earn your Kasasa reward APY, for each monthly qualification cycle simply do the following: Make at least 12 debit card purchase transactions of at least $5.00 each that post and settle to your account; receive electronic bank statements, account notices and disclosures; and log in to online banking at least one time.

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on One American Bank’s secure website

Member FDIC

Main Street Bank (MI) Kasasa Checking

  • 2.00% APY
  • $100 minimum
  • $30,000 maximum
  • Available nationwide

Main Street Bank is headquartered in Michigan, but its services are available online, nationwide. Its Kasasa Checking account boasts an impressive APY of 2.00% on balances up to $30,000. This account also stands out thanks to its unlimited monthly ATM refunds, no monthly service fee, no minimum balance needed to earn rewards and a $100 minimum opening deposit.

  • Have at least 10 debit card transactions post and settle
  • Receive e-statements
  • Be enrolled and login to online banking
  • Complete at least one ACH, deposit or bill pay transaction

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on Main Street Bank (MI)’s secure website

Member FDIC

Security State Bank Kasasa Cash Account

  • 3.00% APY
  • $100 minimum
  • $10,000 maximum
  • Available nationwide

Security State Bank is a full-service community bank located in Scott County, KS. Nevertheless, Security State’s Kasasa Cash checking account is available nationwide, and earns a respectable 3.00% APY. The Kasasa account has a $100 minimum deposit to earn rewards, and a ceiling up to and including $10,000 to earn the APY. All you have to do is post 12 debit card purchases in each monthly qualification period, enrollment in electronic statements and log on to online banking every month to qualify for rewards.

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on Security State Bank (KS)’s secure website

Member FDIC

First National Bank of Jeanerette Free Kasasa Cash Checking

  • 3.00% APY
  • $100 minimum
  • $10,000 maximum
  • Available nationwide

The First National Bank of Jeanerette is a small community bank located in Louisiana, but they’ll let anybody open a free Kasasa Cash Checking account with them. Paying a decent 3.00% APY on balances up to $10,000, the bank will also refund up to $25 in third-party ATM fees. All you need is to agree to receive electronic banking statements, and every month make at least 12 debit card purchases and complete at least one ACH deposit or bill pay transaction.

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on The First National Bank Of Jeanerette’s secure website

Member FDIC

First Security Bank & Trust

  • 2.01% APY
  • $100 minimum opening deposit
  • No maxmium
  • Available nationwide

Based out of Charles City, Iowa, First Security Bank & Trust offers a bank account that anyone in the country is eligible to open. It was founded in 1903 and only operates a few branches within Iowa, but you can still open an account and manage it online from anywhere. To qualify for the high rate you’ll need to keep your email address current with the bank, sign up for e-statements, have at least one ACH deposit, and use your debit card 18 times. If you don’t meet those requirements you’ll earn a smaller rate of 0.05% APY. In addition, if you do meet the requirements you can have up to $25 per month in ATM fees refunded.

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on First Security Bank & Trust’s secure website

Member FDIC

The bottom line: Are Kasasa checking accounts worth it?

Kasasa accounts can offer great benefits to customers who qualify. If you’re already making the required transactions, such as 12 debit card purchases per month, Kasasa accounts are something of a no-brainer, as they offer rewards, carry no monthly fees and reimburse domestic ATM withdrawals.

However, for those who might have to stretch to qualify for a Kasasa account, it might pay to shop around, as there are plenty of competitor accounts that also charge no monthly fees. Each individual customer will have to weigh out the benefits of a high interest rate – or one of the other Kasasa rewards – against the transaction requirements.

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