Bank Reviews

Comerica Bank Reviews, Rates: CDs, Savings, Money Market, Mortgages

Established in 1849, Comerica bank has kept trudging forward in a positive manner. While the name has changed several different times, the customer relation department still remains focused on the clients. Comerica bank has been an historical icon in the history of the United States. Through the past hundred years, Comerica Bank has stood by its customers through the Civil War and the Great Depression.

Comerica has slowly added several different departments onto their bank such as investment. In 2010, Comerica Bank was realized to be one of the top banks by the CRA. This well-established bank is known to help low income families and also extend their services into a hurting community. The main focus of Comerica is on their customers and the community.

Review: Comerica Bank Services

One of the top departments of the Comerica Bank is the investment department. Comerica splits its investment opportunities into three different categories known as The Business Bank, The Retail Bank, and Wealth and Institutional Management. With three different areas of investment, they are able to market their target better and serve their customers with immense effort.

Comerica is all about personal finance and is a leading financial institution. This bank offers a checking account to those who qualify. Customers can choose from a basic account all the way to an extravagant banking account with multiple services. Comerica offers their customers no maintenance or activity fees if they use Access Checking. If a customer borrows a loan from Comerica through Access checking, then they are eligible for a rate discount.

A savings and money market account through Comerica is just as customer friendly. If you qualify for the Statement savings account, then you can slowly save overtime without any penalties. Comerica also offers their customers a health savings account so you are protected at even the most unexpected times.

[tab:CDs]

Comerica offers two different kinds of CDswhich are fixed rate and flexible rate. With the fixed rate, you know you are locking in a competitive interest rate. The flexible rates offer you to earn a higher rate of return on your savings with a short-term commitment.

Comerica: Fixed Rate CDs – Terms Under 1 year: $1,000 Minimum Opening Deposit – as of 8/14/11

    • 7-29 days
      • $0 – $2,499 – 0.05% APY
      • $2,500 – $9,999 – 0.05% APY
      • $10,000 – $24,999 – 0.05% APY
      • $25,000 – $49,999 – 0.05% APY
      • $50,000 – $99,999 – 0.05% APY
      • $100,000 – $249,999 – 0.05% APY
      • $250,000 – $499,999 – 0.05% APY
      • $500,000 & over – 0.05% APY
    • 30-59 days
      • $0 – $2,499 – 0.05% APY
      • $2,500 – $9,999 – 0.05% APY
      • $10,000 – $24,999 – 0.05% APY
      • $25,000 – $49,999 – 0.05% APY
      • $50,000 – $99,999 – 0.05% APY
      • $100,000 – $249,999 – 0.05% APY
      • $250,000 – $499,999 – 0.05% APY
      • $500,000 & over – 0.05% APY

 

  • 60-89 days
    • $0 – $2,499 – 0.05% APY
    • $2,500 – $9,999 – 0.05% APY
    • $10,000 – $24,999 – 0.05% APY
    • $25,000 – $49,999 – 0.05% APY
    • $50,000 – $99,999 – 0.05% APY
    • $100,000 – $249,999 – 0.05% APY
    • $250,000 – $499,999 – 0.05% APY
    • $500,000 & over – 0.05% APY
  • 90-179 days
    • $0 – $2,499 – 0.05% APY
    • $2,500 – $9,999 – 0.05% APY
    • $10,000 – $24,999 – 0.05% APY
    • $25,000 – $49,999 – 0.05% APY
    • $50,000 – $99,999 – 0.05% APY
    • $100,000 – $249,999 – 0.05% APY
    • $250,000 – $499,999 – 0.05% APY
    • $500,000 & over – 0.05% APY
  • 180-364 days
    • $0 – $2,499 – 0.15% APY
    • $2,500 – $9,999 – 0.15% APY
    • $10,000 – $24,999 – 0.15% APY
    • $25,000 – $49,999 – 0.15% APY
    • $50,000 – $99,999 – 0.15% APY
    • $100,000 – $249,999 – 0.15% APY
    • $250,000 – $499,999 – 0.15% APY
    • $500,000 & over – 0.15% APY

 

Comerica: Fixed Rate CDs – Terms Over 1 year & over: $1,000 Minimum Opening Deposit – as of 8/14/11

  • 1 Yr
    • $0 – $2,499 – 0.25% APY
    • $2,500 – $9,999 – 0.25% APY
    • $10,000 – $24,999 – 0.25% APY
    • $25,000 – $49,999 – 0.25% APY
    • $50,000 – $99,999 – 0.25% APY
    • $100,000 – $249,999 – 0.25% APY
    • $250,000 – $499,999 – 0.25% APY
    • $500,000 & over – 0.25% APY
  • 2 Yrs
    • $0 – $2,499 – 0.50% APY
    • $2,500 – $9,999 – 0.50% APY
    • $10,000 – $24,999 – 0.50% APY
    • $25,000 – $49,999 – 0.50% APY
    • $50,000 – $99,999 – 0.50% APY
    • $100,000 – $249,999 – 0.50% APY
    • $250,000 – $499,999 – 0.50% APY
    • $500,000 & over – 0.50% APY
  • 3 Yrs
    • $0 – $2,499 – 0.75% APY
    • $2,500 – $9,999 – 0.75% APY
    • $10,000 – $24,999 – 0.75% APY
    • $25,000 – $49,999 – 0.75% APY
    • $50,000 – $99,999 – 0.75% APY
    • $100,000 – $249,999 – 0.75% APY
    • $250,000 – $499,999 – 0.75% APY
    • $500,000 & over – 0.75% APY
  • 4 Yrs
    • $0 – $2,499 – 0.80% APY
    • $2,500 – $9,999 – 0.80% APY
    • $10,000 – $24,999 – 0.80% APY
    • $25,000 – $49,999 – 0.80% APY
    • $50,000 – $99,999 – 0.80% APY
    • $100,000 – $249,999 – 0.80% APY
    • $250,000 – $499,999 – 0.80% APY
    • $500,000 & over – 0.80% APY
  • 5 Yrs
    • $0 – $2,499 – 1.25% APY
    • $2,500 – $9,999 – 1.25% APY
    • $10,000 – $24,999 – 1.25% APY
    • $25,000 – $49,999 – 1.25% APY
    • $50,000 – $99,999 – 1.25% APY
    • $100,000 – $249,999 – 1.25% APY
    • $250,000 – $499,999 – 1.25% APY
    • $500,000 & over – 1.25% APY
  • 6 Yrs
    • $0 – $2,499 – 1.25% APY
    • $2,500 – $9,999 – 1.25% APY
    • $10,000 – $24,999 – 1.25% APY
    • $25,000 – $49,999 – 1.25% APY
    • $50,000 – $99,999 – 1.25% APY
    • $100,000 – $249,999 – 1.25% APY
    • $250,000 – $499,999 – 1.25% APY
    • $500,000 & over – 1.25% APY
  • 7-10 Yrs
    • $0 – $2,499 – 1.25% APY
    • $2,500 – $9,999 – 1.25% APY
    • $10,000 – $24,999 – 1.40% APY
    • $25,000 – $49,999 – 1.40% APY
    • $50,000 – $99,999 – 1.40% APY
    • $100,000 – $249,999 – 1.40% APY
    • $250,000 – $499,999 – 1.40% APY
    • $500,000 & over – 1.40% APY

Terms & Conditions: Minimum balance required to receive monthly interest payments by check is $5,000. No compounding will occur if interest is not paid into the CD. A penalty may be imposed for an early withdrawal.  Fees could reduce the earnings on the account. For account terms of less than 30 days, 3-day grace period to close the account; for account terms of 30 days or more, 10-day grace period to close account. Refer to the Personal Services and Charges Brochure. Interest on CD terms of 7-29 days is paid at maturity. A penalty may be imposed for early withdrawal. A penalty may be imposed for early withdrawal.

[tab:Savings Accounts]

Comerica understands the typical life challenges such as starting college, expanding your family, buying a house, or starting your retirement. They want to be there and help you and do so by providing their adaptable savings accounts.

One of the savings accounts they have is called Statement Savings Account. It has a low monthly fee of $4.00 that can be waived if you maintain a $500.00 daily ledger balance, are a minor under 18 years of age or you are 62 years of age and older with direct deposit of Social Security, pension or other Federal recurring payments. The minimum to open is a cool $50.00 and you are allowed up to 6 free withdrawals a month, otherwise they are $1.00 thereafter.

Comerica Bank also offers Comerica HealthReserveSM, specifically designed to help with healthcare expenses. It is tied to a high deductible health plan (HDHP) provided by your employer or that you purchase individually.

Comerica Bank: Statement Savings Account Rates – as of 8/14/11

  • $1.00 and over – 0.05% Interest Rate – 0.05% AP

Terms & ConditionsFees could reduce the earnings on the account.

[tab:Money Markets]

Money markets offered by Comerica are for those who want to solely higher their balance, while still receiving financial benefits. Both of the accounts have highly competitive rates that are tiered, so the higher the balance, the higher the rate will be.

Comerica Bank: Money Market Investment Account (MMIA) – as of 8/13/11

  • Minimum to open: $50.00
  • Monthly maintenance fee: $10.00 – waived if a $2,500.00 minimum ledger balance is maintained each day or a $5,000.00 average daily ledger balance.
  • Withdrawal fee: $3.00 per withdrawal (after 6 free per month)
  • $1.00 and over – 0.05% Interest Rate – 0.05% APY

Comerica Bank: High Yield Money Market Investment Account (HY MMIA) – as of 8/13/11

  • Minimum to open: $50
  • Monthly maintenance fee: $15.00 – waived if a $15,000.00 minimum ledger balance is maintained each day.
  • Withdrawal fee: $10.00 per withdrawal (after 6 free per month)
  • $1.00 – $14,999.99 – 0.10% Interest Rate – 0.10% APY
  • $15,000.00 – $499,999.99 – 0.15% Interest Rate – 0.15% APY
  • $500,000.00 and over – 0.20% Interest Rate – 0.20% APY

Terms & ConditionsFees may reduce balance.

[tab:Mortgages]

Comerica believes in that home ownership is something everyone aspires to and that it is something they can help you afford with the right mortgage solution from them. Comerica offers competitive interest rates, flexible terms, and quick approvals. The smartest investment you will make is owning a home, so trust Comerica in choosing the right financial solution for you.

Comerica offers the following types of mortgages:

  • Fixed-rate, long-term mortgages
  • Adjustable-rate mortgages (ARMs)
  • Balloon mortgages
  • Jumbo/Superjumbo loans
  • Combination “piggyback” loans
  • New construction loans
  • Interest-only loans
  • FHA/VA loans
  • Home Improvement/Renovation

Comerica Bank: Conforming & Fixed Rates – as of 8/13/11

  • 30 yr – 4.500% Interest Rate – 0.0 Points – 4.558% APR – $912.04 Monthly Payment
  • 20 yr – 4.250% Interest Rate – 0.0 Points – 4.328% APR – $1,114.63 Monthly Payment
  • 15 yr – 3.580% Interest Rate – 0.0 Points – 3.680% APR – $1,293.88 Monthly Payment

Comerica Bank: Conforming & ARMs Rates – as of 8/13/11

  • 10/1 – 3.700% Interest Rate – 0.0 Points – 3.485% APR – $828.51 Monthly Payment
  • 7/1 – 3.440% Interest Rate – 0.0 Points – 3.259% APR – $802.27 Monthly Payment
  • 5/1 – 3.125% Interest Rate – 0.0 Points – 3.098% APR – $771.08 Monthly Payment
  • 3/1 – 3.810% Interest Rate – 0.0 Points – 3.235% APR – $839.75 Monthly Payment

Terms & ConditionsThe APR and Monthly Payment calculation is based on a loan amount of $180,000.00 for the purchase of an owner occupied property, with 80% Loan-to-Value (LTV), closing costs of $1,300.00 plus points shown, 15 days of prepaid interest and a 60-day lock. The APR shown for Adjustable Rate Mortgages (ARMs) may be increased or decreased after consummation. Interest rates are subject to change at any time without notice and are also subject to credit and property approval based on secondary market guidelines.

[tab:END]

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