Comerica bank review: Brick-and-mortar bank with solid interest rates on CDs, but poor mobile app ratings

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Overall bank rating

Feature	Insider rating (out of 5)
Savings	3.25
Checking	3.5
Money market account	3.75
CD	3.25
Trustworthiness	4
Total:	3.5

Pros and cons

Pros	Cons
Variety of CDs Possible to waive monthly service fees Free overdraft protection Check writing and ATM card included with money market account	Only available in AZ, CA, FL, MI, and TX Low interest rates on savings accounts Monthly service fees Poor mobile app ratings Limited ATM network

Savings

The Comerica Bank Statement Savings Account pays a low interest rate in comparison to online banks. It could be worth considering if you qualify to waive the $5 monthly service fee. Otherwise, you’ll find much stronger savings accounts on our best high-yield savings account guide.

Checking

 

The Comerica Access Checking Account has several bank fees to watch out for, including monthly service fees, overdraft fees, and out-of-network ATM fees.

You could consider a Comerica checking account if you qualify to waive the monthly service fee. If not, look at our no-fee checking account guide for more options.

CD

Comerica’s strongest bank product is its CDs. Terms range from seven days to 10 years. You’ll also get a decent interest rate, particularly when compared to other brick-and-mortar banks.

Money market account

You might like the Comerica Money Market Investment Account if you are searching for an account that provides easy access to your money through an ATM card and check writing. To waive the monthly service fee, you’ll need to maintain a high account balance daily or already own a specific Comerica checking account.

How Comerica works

Comerica has more than 400 banking centers and 600 ATMs in Arizona, California, Florida, Michigan, and Texas.

Call customer support from 8:00 a.m. to 9:00 p.m. ET on weekdays or 8:00 a.m. to 5:00 p.m. on Saturdays. 

Comerica may not be the most appealing choice if you frequently use mobile banking. The bank’s mobile app has 2.3 out of 5 stars in the Apple Store and 3.2 out of 5 stars in the Google Play store.

Comerica is FDIC insured, which means up to $250,000 is protected in an individual bank account.

Is Comerica trustworthy?

Comerica has been involved in one recent public controversy. In 2021, the US Central District of California required Comerica to pay over $54 million in a settlement that accused the bank of helping in an alleged Ponzi scheme by Woodbridge Group.

We also use ratings from the Better Business Bureau to help indicate how a bank is likely to interact with customers.

Comerica has an A+ rating from the BBB. A good BBB rating doesn’t necessarily guarantee your relationship with the bank will be ideal, though. It can also help to talk to current customers or read online customer reviews. 

How Comerica compares

We compared Comerica to two other national banks: PNC Bank and Wells Fargo. 

Savings APY Comerica Bank Statement Savings Account	Savings APY (Nearby branch) PNC Bank Standard Savings Account (Online) PNC High Yield Savings℠ Account	Savings APY Wells Fargo Savings Account
Standout feature CDs	Standout feature Interest rates on savings accounts	Standout feature ATM and branch network
Comerica Bank Statement Savings Account	PNC Bank Standard Savings Account	Wells Fargo Savings Account

If you live in Arizona, California, Florida, or Texas, you might be near a Comerica or Wells Fargo branch. PNC Bank has branches in Florida and Texas and offers online bank accounts to residents of states where there aren’t any PNC branches.

PNC Bank has the strongest options for savings and checking accounts. It offers the highest potential interest rates on savings accounts, especially if you live in an area without a branch. Its checking accounts also come with budgeting tools.

If you’d like to open a CD, you may favor Comerica. Comerica has CDs that ranging seven days to 10 years. It also offers the most competitive interest rates out of all three banks.

Wells Fargo might be appealing if you’d like a bank with a substantial branch and ATM network. Wells Fargo has more than 5,000 branches and 13,000 free ATMs across the US. 

Frequently asked questions (FAQ)

Is Comerica a real bank?

Comerica is an FDIC-insured financial institution, so if you open an individual bank account, up to $250,000 is secure.

Is Comerica a good bank? 

Comerica may a good choice if you prefer a traditional brick-and-mortar banking experience. It offers a variety of bank accounts and decent interest rates on CDs.

Like many brick-and-mortar banks, Comerica bank accounts have monthly service fees, out-of-network ATM fees, or overdraft fees unless you qualify to waive them. Online banks will likely be a stronger option if you’d like fee-free bank accounts.