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

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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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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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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 days0.01%$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 days0.02%$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 days0.02%$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 days0.03%$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 days0.04%$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 year0.10%$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 years0.15%$1
2 years0.15%$2,500
2 years0.15%$10,000
2 years0.15%$25,000
2 years0.15%$50,000
2 years0.15%$100,000
2 years0.15%$250,000
2 years0.15%$500,000
3 years0.20%$1
3 years0.20%$2,500
3 years0.20%$10,000
3 years0.20%$25,000
3 years0.20%$50,000
3 years0.20%$100,000
3 years0.20%$250,000
3 years0.20%$500,000
4 years0.25%$1
4 years0.25%$2,500
4 years0.25%$10,000
4 years0.25%$25,000
4 years0.25%$50,000
4 years0.25%$100,000
4 years0.25%$250,000
4 years0.25%$500,000
5 years0.35%$1
5 years0.35%$2,500
5 years0.35%$10,000
5 years0.35%$25,000
5 years0.35%$50,000
5 years0.35%$100,000
5 years0.35%$250,000
5 years0.35%$500,000
6 years0.35%$1
6 years0.35%$2,500
6 years0.35%$10,000
6 years0.35%$25,000
6 years0.35%$50,000
6 years0.35%$100,000
6 years0.35%$250,000
6 years0.35%$500,000
7-10 years0.40%$1
7-10 years0.40%$2,500
7-10 years0.40%$10,000
7-10 years0.40%$25,000
7-10 years0.40%$50,000
7-10 years0.40%$100,000
7-10 years0.40%$250,000
7-10 years0.40%$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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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 year0.05%$1
1 year0.05%$2,500
1 year0.07%$10,000
1 year0.07%$25,000
1 year0.07%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$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.

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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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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
0.04%$15,000
0.06%$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.

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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 days0.01%$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 days0.02%$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 days0.02%$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 days0.03%$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 days0.04%$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 year0.10%$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 years0.15%$1
2 years0.15%$2,500
2 years0.15%$10,000
2 years0.15%$25,000
2 years0.15%$50,000
2 years0.15%$100,000
2 years0.15%$250,000
2 years0.15%$500,000
3 years0.20%$1
3 years0.20%$2,500
3 years0.20%$10,000
3 years0.20%$25,000
3 years0.20%$50,000
3 years0.20%$100,000
3 years0.20%$250,000
3 years0.20%$500,000
4 years0.25%$1
4 years0.25%$2,500
4 years0.25%$10,000
4 years0.25%$25,000
4 years0.25%$50,000
4 years0.25%$100,000
4 years0.25%$250,000
4 years0.25%$500,000
5 years0.35%$1
5 years0.35%$2,500
5 years0.35%$10,000
5 years0.35%$25,000
5 years0.35%$50,000
5 years0.35%$100,000
5 years0.35%$250,000
5 years0.35%$500,000
6 years0.35%$1
6 years0.35%$2,500
6 years0.35%$10,000
6 years0.35%$25,000
6 years0.35%$50,000
6 years0.35%$100,000
6 years0.35%$250,000
6 years0.35%$500,000
7-10 years0.40%$1
7-10 years0.40%$2,500
7-10 years0.40%$10,000
7-10 years0.40%$25,000
7-10 years0.40%$50,000
7-10 years0.40%$100,000
7-10 years0.40%$250,000
7-10 years0.40%$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.

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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 year0.05%$1
1 year0.05%$2,500
1 year0.07%$10,000
1 year0.07%$25,000
1 year0.07%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$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.

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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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John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here