Comerica Savings Account Review: Should You Open?
With your financial goals in mind, a savings account makes sense for your needs.
And, if you're located in some of biggest states in the South, Comerica Bank is one you might consider.
The bank offers a basic savings account -- called Statement Savings.
It is very much a standard option from what you'd expect from a brick-and-mortar bank.
Still, find out if it is enough for your needs. Then, remember to compare it to other savings accounts to see if they are a better fit.
Comerica Statement Savings Account Pros & Cons
Not a Great Interest Rate
When you open a savings account, you typically have two goals in mind:
- keep your money somewhere save
- help grow your savings
Comerica is a great place to keep your money if you want to keep it safe.
Like most American banks, Comerica is insured by the Federal Deposit Insurance Corporation. Insurance from the FDIC makes a bank as safe as it is possible to be.
The FDIC offers protection up to $250,000 per depositor, per account type at a bank.
If you make a deposit to Comerica or any other FDIC insured bank, you can rest easy knowing your money is safe.
If the bank later closes without returning your money, the FDIC will reimburse you for any amount lost, up to $250,000.
So long as your account balance does not exceed that amount, you cannot lose money that you’ve deposited.
Note that this insurance limit is based on the account ownership type and the bank.
If you need even more insurance, you’ll have to open accounts at a different bank.
Another major part of a savings account is the interest that you can earn. Interest payments help your savings account’s balance grow over time.
Comerica offers an incredibly low rate of interest.
It is far lower than the rates offered by online banks and lower even than the rates offered by most other brick and mortar banks.
If you’re looking to get the best interest rate, no matter what, you’ll have to open an online savings account.
The interest rate that your savings account pays is an important piece of keeping your money, or at least its spending power, safe.
Over time, inflation causes money to become less valuable. If you’ve seen your favorite products or groceries increase in price over the years, you’ve seen inflation at work.
Like interest, inflation is expressed as a percentage. If something costs $1 and the inflation rate is 3%, it will cost $1.03 one year from now.
Ideally, you want the interest rate you earn to be greater than or equal to the rate of inflation. In that scenario, your savings account will maintain or increase in value over time.
If the interest rate paid on the account is lower than the inflation rate, your savings are actually losing value as time goes on.
Multiple Ways to Avoid the Monthly Fee
Many banks have started charging monthly fees to customers who have even the most basic types of accounts.
There is a $5 monthly fee to keep your Comerica Savings Account open. You can avoid the fee by meeting any of these requirements:
- Maintain a $500 minimum daily balance
- Provide proof that you are under 18 years old
- Provide proof that you are 62 or older and receive direct deposit of your social security or pension
- Open a linked Comerica personal checking account
Monthly fees are the most common type of savings account fee, but they aren’t the only fees that you might face.
Though most of these fees are uncommon, it’s good to be familiar with the fees that you might be charged.
Comerica Savings Account Fees
|Type of Fee||Fee|
|Stop Payment Fee||$34|
|Returned Item Fee||$13|
|Domestic Incoming Wire Transfers||$14|
|Domestic Outgoing Wire Transfer||$29|
How It Compares
When you’re looking to open a new savings account, it’s easy to get overwhelmed by the number of options that are out there.
Still, it’s worth it to take the time to compare different accounts.
Finding the right one will make it that much easier to save money and avoid fees.
When you compare savings accounts, the first thing you should do is look at each accounts’ fee structure.
You never want to pay a fee to a bank if you can avoid it. Many banks offer fee-free savings accounts.
Online banks are especially known for this, so look to them for fee-free options.
If you must choose an account with a monthly fee, make sure it’s easy to avoid so you can avoid it each month.
After you compare the fees, look at each accounts’ interest rate.
Choose the higher rate where possible as higher rates mean faster growth in your savings account. Settling for a lower rate is like giving up free money.
Finally, consider the special features that each account offers. Some savings accounts offer perks like ATM withdrawals and fee reimbursement.
Others might give you discounts, rewards of meeting savings goals, or financial management software.
Regardless of the specific features, you need to think about the value of those features to you.
Some people will find overdraft protection very valuable.
People who never overdraft their checking account probably don’t care about whether that feature is available or not.
Account features are the most subjective thing to compare, but they can make what seems like an average account into the perfect account for you.
Should You Open a Comerica Money Market Account Instead?
If you want to open a savings account to help grow your money, you might consider opening a money market account instead.
Money market accounts combine the best aspects of savings and checking accounts.
You can access your money easily with a checkbook and debit card while continuing to earn interest. In fact, many money market accounts offer better rates than savings accounts do.
Unfortunately, money market accounts also tend to have higher minimum deposit requirements and higher fees.
You’re also limited to making six check and debit purchases each month. Otherwise, you’ll have to pay a fee.
Comerica offers two money market accounts.
Comerica Money Market Investment Account
This account has a higher interest rate but charges a $12 fee. This fee can be avoided by meeting any of the following requirements:
- Maintain a $2,500 minimum balance
- Maintain a $5,000 average ledger balance
- Have a Comerica Platinum Circle Checking Account
- Have a Premier Checking Account that is not linked to a Statement Savings Account
Comerica High Yield Money Market Investment Account
This account offers an increasing rate based on your balance.
The rate increases when your balance reaches $15,000 and again when it reaches $100,000.
The account carries a $17 monthly fee, which can only be waived with a $15,000 minimum daily balance.
The Final Verdict
The Comerica Savings Account is a poor choice for most people.
It pays a paltry rate and has a monthly fee that, while easy to avoid, can be a nuisance.
If you want to open a new savings account, consider an online bank. You’ll earn a higher rate of interest and won’t have to worry about fees.